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Market Research Report
A quick peek into the report
Market Report Coverage
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of the company's coverage, product portfolio, and market penetration.
The top segment players leading the market include established players of satellite-based IoT service, which constitutes 80% of the presence in the market. Other players include start-up entities that account for approximately 20% of the presence in the market.
Competitive Synopsis
Some prominent names established in this market are:
Company Type 1: Satellite-Based IoT Service Providers
- Airbus.
- Astrocast SA
- Boeing
- Iridium Communications
- Inmarsat
- Thales
- Others
Company Type 2: Primary and Secondary Manufacturers
• hiSky Ltd.
• Kepler Communications Inc.
• Lacuna Space
• Myriota
• Orbcomm Inc.
• Thuraya
• Fleet Space Technologies
• OQ Technology
Company Type 3: Others
• GomSpace
• HEAD Aerospace Group
Companies that are not a part of the previously mentioned pool have been well represented across different sections of the report (wherever applicable).
Satellite-Based IoT Service Industry and Technology Overview
The global satellite-based IoT service market was valued at $279.7 million in 2022, and it is expected to grow with a CAGR of 2.76% and reach $372.6 million by 2033. The satellite-based IoT service market companies have witnessed the demand from the growing commercial industry. The ecosystem of the satellite-based IoT service market comprises system manufacturers, original equipment manufacturers (OEMs), and end users.
Satellite-Based IoT Service Market Lifecycle Stage
In 1999, a scientist named Kevin Ashton, while working for Proctor & Gamble, proposed using radio-frequency identification (RFID) chips on products to track them through a supply chain. Since then, till 2022, IoT technologies and their implementation in satellite-based IoT services have come a long way in being cost-effective and efficient. Companies like Inmarsat and Iridium Communications have shown their capabilities in IoT technologies as well as their use in satellite-based IoT services.
Currently, many space agencies and commercial companies across the globe have been focusing on developing low Earth orbit (LEO) satellite constellations. This would drive the market for satellite-based IoT services. Moreover, rising research and development activities to develop cost-efficient IoT terminals and modules are other factors contributing to the growth of the satellite-based IoT service market. For instance, in December 2022, Astrocast SA signed a multi-million-dollar contract with ArrowSpot for the mass production of ArrowSpot's ArrowTrack SAT device for hardware integration and Satellite IoT (SatIoT) connectivity.
Global Satellite-Based IoT Service Market, by Service, $Million, 2022-2033
Global Satellite-Based IoT Service Market, by Terminal, $Million, 2022-2033
Impact
The expansion of the terrestrial IoT network, along with access to cheaper LEO-based satellite connectivity, has placed a high demand for the production of the satellite-based IoT service market during the forecast period.
Furthermore, there is a rise in research and development activities for the development of smaller and cheaper IoT hardware has increased the demand for satellite-based IoT services for satellites.
Market Segmentation:
Segmentation 1: By Service
• Commercial
o Transport and Logistics
o Aviation
o Agriculture
o Marine
o Energy and Utilities
o Oil and Gas
o Automotive
o Healthcare
o Retail
o Natural Resource Monitoring
o Others (Construction, Media, Plant Engineering, Disaster Management, Infrastructure, and NGO)
• Defence
o Land
o Airborne
o Naval
• Civil Government
Segmentation 2: by Terminal
• Commercial
• Defence
• Civil Government
Segmentation 3: by Region
• North America - U.S. and Canada
• Europe - France, Germany, Russia, U.K., and Rest-of-Europe
• Asia-Pacific - China, India, Japan, and Rest-of-Asia-Pacific
• Rest-of-the-World - Middle East and Africa and Latin America
Recent Developments in the Global Satellite-Based IoT Service Market
• In December 2022, Astrocast SA signed a multi-million-dollar contract with ArrowSpot to start the mass production of ArrowSpot's ArrowTrack SAT device. Hardware integration and Satellite IoT (SatIoT) connectivity are included in the contract between Astrocast and ArrowSpot for a first three-year period.
• In September 2022, hiSky and Network Innovations signed a collaboration agreement where hiSky’s unique satellite network, along with its low data rate (LDR) network, will enable Industrialized Internet of Things (IIoT) applications, thus enabling low-cost satellite solutions for end users.
• In August 2022, Inmarsat signed a contract of $578 million for the course of the next 10 years for the maintenance and operation of the global end-to-end commercial communications infrastructure. Under the contract, the company will also upgrade the existing band with their newly developed ELERA band for seamless connectivity.
• In July 2022, Astrocast and Soracom signed a partnership to integrate the Astrocast Satellite IoT (SatIoT) solution into the Soracom platform. Through this partnership, Soracom would provide integrators and end users with blended IoT connection solutions that include cellular and satellite connectivity.
Demand - Drivers and Limitations
Following are the drivers for the global satellite-based IoT service market:
• Expansion of Terrestrial IoT Network
• Access to Cheaper LEO-Based Satellite Connectivity
• Development of Smaller and Cheaper IoT Hardware
Following are the challenges for the global satellite-based IoT service market:
• Expensive GEO-Based Satellite Connectivity Services
• Conflict between Satellite Network Latency and Ground Network Latency Requirement
• Evolving Regulatory Framework
Following are the opportunities for the global satellite-based IoT service market:
• Need for Different Types of IoT Sensors Based on IoT Architecture
• Deployment of IoT across Different Verticals
Analyst Perspective
According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, "The IoT domain is in its growth phase despite delays caused by COVID-19. The expansion of IoT architectures and terrestrial connectivity infrastructure is driving the need for connecting remote units/sensors. Satellite-based remote connectivity has become a must-have as a consequence. Multiple satellite-based IoT service providers utilizing non-GSO constellations are developing their solutions to cater to this growing demand. The increasing partnership between the downstream IoT solution providers and non-GSO satellite operators will further drive the growth of this market. Evolving hybrid connectivity architecture will also deliver a similar impact. Overall, many new customers are going to enter the IoT domain as satellite-based IoT is expected to help them improve efficiencies and reduce operational costs.”
Global Satellite-Based IoT Service Market - A Global and Regional Analysis
Focus on Application, Product, and Country - Analysis and Forecast, 2023-2033
Some Faq's
Frequently Asked Questions
The key technological trends in the satellite-based fuel IoT service market include the integration of IoT technologies into satellites for satellite-based IoT service systems.
The global satellite-based IoT service market has seen major development by key players operating in the market, such as business expansion activities, contracts, partnerships, collaborations, mergers and acquisitions, and joint ventures. According to BIS Research analysis, the majority of the companies preferred collaborations, contracts, and agreements as a strategy to further increase their growth in the global satellite-based IoT service market. Companies such as Inmarsat, Astrocast SA, and Iridium Communications have adopted contract, collaboration, and agreement strategies.
New market participants can establish a niche with respect to small satellite/LEO mission requirements and develop a satellite-based IoT service market that can be scaled for diverse mass classes. Offering scalable solutions that can cover a wide range of mass classes will remain critical for sustainable growth opportunities.
The following can be seen as some of the USPs of the report:
• A dedicated section focusing on the futuristic trends adopted by the key players operating in the global satellite-based IoT service market.
• A dedicated section on growth opportunities and recommendations
• A qualitative and quantitative analysis of the global satellite-based IoT service market on mission application at the regional and country-level granularity by application segments
Companies manufacturing and commercializing satellite-based IoT services, including satellite operators, IoT service providers, IoT services market investors, and IoT terminal manufacturers, should buy this report.
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