Satellite IoT Market To Touch $5 Billion By 2032 By CIOTechOutlook Team

Satellite IoT Market To Touch $5 Billion By 2032

CIOTechOutlook Team | Monday, 05 June 2023, 07:00 IST

As per the research analysis by Global industry Insights Inc., the satellite IoT industry is projected to be worth USD 5 billion by 2032.

The market will develop as IoT device penetration increases and need for connectivity solutions to manage these devices rises. Satellite communication has become increasingly necessary in recent years as a result of the increasing adoption of remote monitoring for managing assets and resources. Another significant factor supporting the industry's rise is the growing need to provide safe and dependable connectivity across distant and difficult-to-reach regions.

The satellite IoT market size from the direct-to-satellite segment recorded above USD 500 million in 2022, according to the kind of service. The expansion can be ascribed to the rising acceptance of low-cost, energy-efficient satellite Internet of Things (IoT) devices that can connect to satellite networks directly without the need for additional terrestrial infrastructure. In order to make satellite IoT more available to a variety of sectors and applications, direct-to-satellite services also help to eliminate the need for complicated and expensive ground-based networks.

The transportation and logistics end-use segment of the satellite IoT market is anticipated to grow at a rate of over 20% between 2023 and 2032. For distant and global tracking, satellite IoT solutions offer dependable and high-performance communication. By improving supply chain visibility and route optimisation, this technology enables logistic providers to save operational expenses. Growing demand for real-time tracking and monitoring of shipments and assets in logistics and transportation will also help the market grow.

Due to the increasing number of satellite launches, it is anticipated that the Asia Pacific satellite IoT market size will surpass USD 1.4 billion by 2032. Several top business firms have been forced to expand their operations across regions as a result of the industrial IoT market's rapidly growing adoption of IoT devices.