Satellite IoT Market Projected to Witness a Growth of US $5.35 Billion by 2029 | The Business Research Company
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The Business Research Company’s Satellite IoT Global Market Report 2025 - Market Size, Trends, And Global Forecast 2025-2034
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Satellite IoT Market Growth Forecast: What To Expect By 2025?
The size of the satellite IoT market has seen tremendous growth recently, forecasting to expand from its current value of $1.93 billion in 2024 to $2.35 billion by 2025, with a CAGR of 21.4%. The historical growth of this market can be traced back to the demand for global connectivity, the need for asset tracking and management, environmental monitoring necessities, precision agriculture, safety concerns in maritime and aviation sectors, responsiveness to emergencies and disaster management, energy sector applications, scientific research and explorations, and efforts in optimizing supply chains.
Expectations are high for explosive growth in the satellite IoT market size over the coming years, with forecasts predicting it will reach a value of $5.23 billion by 2029. This represents a compound annual growth rate (CAGR) of 22.2%. The surge forecasted over this period is due to an increase in the use of LEO-based services, the ongoing digital revolution, a rise in cybersecurity threats, a thriving space industry, growing interconnectivity needs, and an upward trend in demand for connected devices that offer real-time monitoring capabilities. Key trends expected in the forecast period include advancements in wireless technology, the launch of numerous cubits and small satellites, increased interest in environmentally friendly satellite technologies, integration with 5G networks, and advances in laser optical communication.
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What Are Key Factors Driving The Demand In The Global Satellite IoT Market?
The burgeoning industry of space is anticipated to drive the expansion of the satellite IoT market in the future. The term 'space industry' signifies the economic operations associated with the creation of components designed for outer space, their delivery to the respective regions, and corresponding services. The satellite IoT enjoys benefits from the space industry as it delivers cost-efficient and scalable solutions, worldwide connectivity, upgraded technology, and caters to the unique requirements of IoT applications across diverse industries. For example, the United Kingdom Space Agency, a government agency based in the UK, reported in July 2024 that a gross of 175 new UK entities were recognized to be engaged in space-related operations, marking an 11% rise from 2022. Hence, the flourishing space industry is fuelling the advancement of the satellite IoT market.
Who Are The Leading Players In The Satellite IoT Market?
Major players in the Satellite IoT Global Market Report 2025 include:
• Airbus SE
• Northrop Grumman Corporation
• Space Exploration Technologies Corp.
• EchoStar Corporation
• Inmarsat Limited
• Iridium Communications Inc.
• Orbcomm
• Globalstar Inc.
• Spire Global Inc.
• Kepler Communications Inc.
What Are The Major Trends That Will Shape The Satellite IoT Market In The Future?
Prominent businesses in the satellite IoT market are concentrating their efforts on creating novel products using technologies, such as the TIGER-5 and TIGER-6 satellites, to enhance their financial standing in the market. These satellites are further expanding the reach of 5G connectivity by incorporating the 5G NTN IoT satellite constellation. For example, in November 2023, OQ Technology, a satellite telecom provider based in Luxembourg, successfully launched the TIGER-5 and TIGER-6 satellites on SpaceX's Falcon 9 during the Transporter-9 rideshare mission. These 6U nanosatellites, equipped with NB-IoT cell tower payloads, were sent into the Low Earth Orbit. The satellites were detached and ushered into orbit 75 minutes post-launch, and communication was established on the launch day itself.
Analysis Of Major Segments Driving The Satellite IoT Market Growth
The satellite iot market covered in this report is segmented –
1) By Service Type: Direct-To-Satellite, Satellite IoT Backhaul
2) By Frequency Band: L-Band, Ku And Ka-Band, S-Band, Other Band Frequency
3) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
4) By Industry Vertical: Oil And Gas, Transportation And Logistics, Energy And Utilities, Agriculture, Maritime, Healthcare, Military And Defense, Other Industry Verticals
Subsegments:
1) By Direct-To-Satellite: Low-Power Wide Area Network (LPWAN), Global Tracking And Monitoring, Remote Asset Management
2) By Satellite IoT Backhaul: Data Offloading Services, Connectivity Solutions For Remote Areas, Integration With Terrestrial Networks
View the full satellite iot market report:
https://www.thebusinessresearchcompany.com/report/satellite-iot-global-market-report
Which Region Is Expected To Lead The Satellite IoT Market By 2025?
In the Satellite IoT Global Market Report 2025, North America emerged as the most dominant region as of the year 2024. It is predicted that Asia-Pacific will be experiencing the most rapid growth during the forecasted period. The report encompasses several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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