The global satellite-based IoT Service Market was estimated to reach over US $356.43 million by 2031, exhibiting a CAGR of 2.53 percent during the forecast period, according to a report by InsightAce Analytic Pvt. Ltd.
It announced the release of a market assessment report on the “Global Satellite-Based IoT Service Market Size, Share & Trends Analysis Report By Service (Commercial (Transport & Logistics, Aviation, Agriculture, Marine, Energy And Utilities, Oil And Gas, Automotive, Healthcare, Retail, Natural Resource Monitoring), Defense (Land, Airborne, Naval)), Terminal (Commercial, Defense, And Civil Government)- Market Outlook And Industry Analysis 2031″
Companies covered in this study were Airbus, Astrocast SA, Boeing, Eutelsat Communications SA, Fleet Space Technologies, hiSky Ltd., Inmarsat, Iridium Communications Inc., Kepler Communications Inc., Lacuna Space, Myriota, Orbcomm Inc., OQ Technology, Thales, Thuraya.
Satellite IoT signifies the implementation of satellite communication networks and services to connect domestic IoT sensors and end nodes to a server in addition to terrestrial communication networks.
Factors such as increased digitalization and new technologies are positively driving market growth.
Furthermore, the increased implementation of satellite IoT in various industries such as utilities, maritime, defense & military, and others to improve productivity will likely fuel market expansion.
Also, increased investments in innovative technologies such as AI, ML, Cloud-based services, and IoT are expected to present the market with lucrative growth possibilities during the forecast period.
Furthermore, the integration of satellite with mainstream business intelligence technology has a favorable impact on industry growth.