USD 1.63 Billion
Satellite IoT Market Size, Share, and Growth Analysis
Satellite IoT Market By Service Type (Satellite IoT Backhaul, Direct-to-Satellite), By Organization Size (Large, SMEs), By Vertical (Maritime, Oil & Gas), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45A2340 |
Region:
Global |
Published Date: October, 2024
Pages:
198
|Tables:
91
|Figures:
73
Format -
Satellite IoT Market Insights
Satellite IoT Market size was valued at USD 1.63 Billion in 2023 and is poised to grow from USD 1.99 Billion in 2024 to USD 7.96 Billion by 2032, growing at a CAGR of 21.9% during the forecast period (2025-2032).
The increasing use of IoT in various sectors such as agriculture, transportation and energy are important drivers of market growth. These companies increasingly rely on IoT devices to monitor, manage and optimize operations. Satellite IoT provides connectivity in remote and underserved regions where terrestrial networks are unavailable or unreliable.
The integration of satellite IoT with 5G networks to create growth opportunities for the satellite IoT industry. 5G networks provide ultra-low frequency and high-bandwidth capabilities. In autonomous vehicles, smart cities, and defense and space launching programs integration is the leading responsible factor for market growth. Increasing Low Earth Orbit (LEO) Satellites technological advancement is expected to grow the potential applications and scalability of satellite IoT. Satellite orbits used for IoT/M2M services.
Furthermore, the market benefits immensely from the technological advancements in satellite communications, such as the development of low-altitude (LEO) satellites, etc. LEO satellites provide communications with high bandwidth and low latency if compared to conventional geostationary satellites. The use of satellite–based IoT technology has the potential to enhance various industries’ efficiency and productivity, and the pandemic has accelerated the need for such solutions, resulting in a surge in investments and global satellite IoT market growth.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Large Enterprises
Fastest Growth
Small & Medium Sized Enterprises
Growth Rate
21.9% CAGR
Global Satellite IoT Market ($ Bn)
Country Share for North America Region (%)
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Satellite IoT Market Segments Analysis
Global Satellite IoT Market is segmented by Service Type, Frequency Band, Organization Size, Vertical and region. Based on Service Type, the market is segmented into Satellite IoT Backhaul, and Direct-to-Satellite. Based on Frequency Band, the market is segmented into L-Band, Ku-and Ka-Band, S-Band, and Other Bands. Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Sized Enterprises. Based on Vertical, the market is segmented into Maritime, Oil & Gas, Transportation & Logistics, Energy & Utilities, Agriculture, Healthcare, Military & Defense, and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Organization Size
As per the global satellite IoT market forecast, the large enterprises segment dominated the market in 2023 with a market share of around 68% due to rising demand for global connectivity, remote monitoring solutions and asset tracking. These enterprises leverage satellite IoT for real-time data collection and analysis, improving operational efficiency and decision-making. The expanding use of satellite IoT in industries such as agriculture, logistics and energy are driving this growth. Additionally, advancements in satellite technology and reduced costs are making it more accessible for large enterprises to adopt and integrate IoT solutions, thereby driving segment growth.
The small & medium enterprises segment is expected to record the highest CAGR of 16.8% from 2024 to 2031. The segment growth is due to the increasing accessibility and affordability of satellite technology. These enterprises leverage satellite IoT solutions for asset tracking, remote monitoring, and agricultural management applications. The advancements in satellite technology have reduced costs, making it feasible for SMEs to adopt and integrate these solutions. This trend is further propelled by the rising demand for efficient, real-time data across various sectors, enhancing operational efficiencies and competitive advantage for SMEs, further driving the segment growth.
Analysis by Service Type
As per the global satellite IoT market analysis, the direct-to-satellite segment is dominating. The direct-to-satellite segment held the highest revenue share in 2023, attributed to advancements in satellite technology and increasing demand for global connectivity. Companies are leveraging low Earth orbit (LEO) satellites to provide reliable, low-latency connections directly to IoT devices, bypassing traditional ground-based infrastructure. This expansion is driven by the need for seamless communication in remote and underserved areas, enhancing applications in industries such as logistics, agriculture and environmental monitoring. Subsequently, the market is witnessing increased investment and innovation, fueling the market expansion.
The IoT satellite backhaul segment is estimated to register the highest growth rate from 2024 to 2031 due to the increasing need for reliable and widespread connectivity in remote and underserved regions. The demand for efficient data transmission and real-time communication for various applications, including agriculture, environmental monitoring, and asset tracking, drives this growth. Advancements in satellite technology and LEO satellite deployment enhance coverage and reduce latency, further boosting the segment. There is a growing need for satellite connectivity to support the transmission of large amounts of data from remote devices or those in hard-to-reach locations with the rising IoT device penetration. Satellite IoT backhaul is a cost-effective solution for businesses and organizations to transmit this data over satellite networks. These solutions offer reliable & secure connectivity, enabling businesses and organizations to efficiently manage their IoT devices and assets from anywhere in the world.
Global Satellite IoT Market By Organization Size (%)
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Satellite IoT Market Regional Insights
North America region is dominating in the market accounted for the highest revenue share of nearly 40% in 2023, driven by increased investment in technological infrastructure by both the public and private sectors. The region benefits from a strong ecosystem of tech innovators and startups focusing on integrating IoT with satellite communication to address the need for remote area connectivity and advanced defense and security systems. Furthermore, the growing demand for IoT applications in agriculture, logistics, and environmental monitoring propels market expansion. The U.S. is leading the market with its robust aerospace and defense sectors, driving demand for advanced satellite communications and IoT integration. Significant investments in R&D and a strong push for connectivity in remote and rural areas further bolster the market's growth.
The satellite IoT market in Asia Pacific is anticipated to grow at the highest CAGR of 17.9% from 2024 to 2031, fueled by the rural expanses and the urgent need for remote connectivity solutions. Governments across the region are heavily investing in space and satellite technologies, aiming to improve telecommunications infrastructure, which is pivotal for rural development, disaster management and enhancing broadband coverage. The government's focus on enhancing telecommunications infrastructure and ambitious space exploration missions propel India's market growth. The need for agricultural productivity and rural connectivity also plays a significant role in adopting satellite IoT technologies.
Global Satellite IoT Market By Geography
- Largest
- Fastest
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Satellite IoT Market Dynamics
Drivers
Rise in Demand for Interconnectivity Between Devices
-
The demand for interconnectivity between devices has increased in remote areas. This is attributed to satellite IoT because it enables devices to communicate and exchange data over long distances, even in remote areas where traditional communication networks are unreliable. Additionally, satellite IoT allows devices to connect to the internet and other devices through satellite networks, which use low-power, low-bandwidth communication protocols to transmit data. As a result, satellite IoT enables a wide range of devices, such as sensors, trackers, and other Internet of Things (IoT) devices, to operate in areas where cellular or other terrestrial networks are not available.
Increase in Use of Satellite IoT to Automate Routine Processes
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The use of satellite IoT to automate routine processes in the agriculture industry increased as satellite IoT allows farmers to remotely monitor their crops and livestock in real-time. This is attributed to satellite IoT services as it allows early detection of issues such as pest infestations, diseases, or irrigation problems, which can be quickly addressed before they escalate.
Restraints
Rise in IoT Security Concerns to Restrain the Market Growth
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IoT devices often have a limited power supply and need to last for years in the field on a single charge. As a result, they need to transmit and receive data with little power. Adding encryption, authentication, and security protocols can significantly increase the power consumption of basic transmissions, so many IoT devices don’t have these capabilities. IoT devices are distributed for manufacturers to perform on-site updates and directly access the device.
High Cost of Deploying Satellite IoT Networks
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The high cost of deploying and maintaining satellite IoT networks is expected to create a major challenge for market growth. Launching and maintaining a satellite is an expensive endeavor, and the cost of the equipment and services needed to operate a satellite IoT network can be prohibitive for many businesses. Companies are developing more cost-effective solutions such as low-cost satellites and small-scale networks to address this issue. The latency of the signal due to the delay in the data transmission and reliability of the satellite IoT network is another restraining factor for the satellite IoT market growth.
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Satellite IoT Market Competitive Landscape
The global satellite IoT industry is highly competitive, with key players focusing on innovation, strategic partnerships, and expanding their service portfolios to cater to the growing demand for reliable, global IoT connectivity. The competitive landscape is characterized by collaboration between satellite operators, IoT solution providers and telecom companies, fostering a more dynamic and innovative ecosystem. Collaboration between satellite communications provider and IoT platform is the strategy followed by key players.
Top Players in Satellite IoT Market
- Orbcomm (US)
- Iridium Communication (US)
- Globalstar (US)
- Astrocast (Switzerland)
- Inmarsat Global (UK)
- Airbus (Netherlands)
- Intelsat (US)
- Thales (France)
- Eutelsat (France)
- Northrop Grumman (US)
- Thuraya (Singapore)
- Vodafone (UK)
- Surrey Satellite Technology (UK)
- Head Aerospace (China)
- I.M.T. SRL (Italy)
- Fleetspace Technologies (Australia)
- Swarm Technologies (US)
- Alenspace (Spain)
- OQ Technology (Luxembourg)
- Fossa Systems (Spain)
Recent Developments
- In July 2024, Azerbaijan's National Space Agency Azarkosmos collaborated with technology company Dynasys Networks, integrating its satellite network with the Dynasys IoT ecosystem in a move to streamline the IoT application process.
- In January 2024, EMnify GmbH, a specialist in cloud-based IoT networks, announced the integration of this new cellular and satellite IoT network in a single emnify IoT eSIM, called SuperNetwork SatPlus, which it integrates in an emnify SuperNetwork.
- In March 2023, Internet-based mobile network provider Monogoto partnered with terrestrial network services company Skylo Technologies to provide low-cost satellite links for asset management. This partnership aims to connect developers Monogoto Cloud via public and private networks together and enable satellite communications.
Satellite IoT Key Market Trends
- Technology Development in Satellite IoT Services and Wireless Technology: Satellite IoT is the integration of Internet of Things devices and applications with satellite networks. IoT devices are small, low-power devices equipped with sensors and connectivity capabilities to gather data and communicate with other devices or systems. The Internet of Things (IoT) and Machine-to-machine (M2M) communication are responsible factors for the growth of revenue strategies of the satellite IoT Market.
- Evolution of Satellite IoT Devices and Connectivity: Satellite IoT devices are smaller, cheaper, more powerful, and smarter, with the ability to compute the least cost routing with dual-mode cellular satellite connectivity, which automatically chooses the most cost-effective messaging option at the time. Research and development innovation activities have driven improvements in efficiency, power optimization and satellite message delivery. Most satellite IoT services use packet data, an extremely efficient data exchange method that has none of the overhead an IP transaction would, particularly for simple reporting such as GPS location.
Satellite IoT Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the satellite IoT market is growing exponentially, driven by increasing demand for global connectivity in remote and underserved regions where terrestrial connectivity is insufficient. Satellite IoT solutions enable real-time data transmission across businesses such as agriculture, transportation, energy and marine. Key players such as Iridium Communications, Inmarsat, Globalstar dominate the market, expanding satellite constellations and increasing bandwidth capacity. IoT Emerging players and solution-focused startups providing and building strategic partnerships is supported by the supply of niche services and new technologies, especially in LEO satellite internal deployment applications.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.63 Billion |
| Market size value in 2032 | USD 7.96 Billion |
| Growth Rate | 21.9% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Satellite IoT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Satellite IoT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Satellite IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Satellite IoT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Satellite IoT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Satellite IoT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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