The satellite enabled IoT software market 2020 could potentially reach a valuation of USD 2 BN by 2023-end, says Market Research Future (MRFR). It is also projected that the market can expand at a rate of 8% between 2017 and 2023 (assessment period). We will provide COVID-19 impact analysis with the report.
Primary Boosters and Key Barriers
Mounting demand for connections with remote locations has been instrumental in the development of the satellite enabled IoT market. Growth of connected IoT devices including smart devices all over the world has been a major trend in the market, which can lead to further business expansion in the near future. The satellite enabled IoT software market share also gets a boost from the increasing integration of 5G networks and satellite to facilitate connected environments, machine learning and blockchain and quantum Solutions for secure satellite IoT operations.
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The widespread consumer demand for reduced data connection rates is another reason for the massive growth of the satellite enabled IoT market. Despite the relentless growth, the path loss during satellite transmission of data because of long coverage distances can be a significant roadblock for the market in the following years. With that said, the soaring need for high speed, secure and cost effective wireless communication system can be a lucrative opportunity for the renowned companies and also induce considerable market growth.
COVID-19 has been a challenging event for all the industries across the globe, which also includes the ICT sector. Satellite enabled IoT software market however, holds the potential to bear the ramifications since more and more payers are doing everything in their capacity to cope with the collapsing supply chain network. Speaking of the long-term impact of COVID-19 on the revenue generation, trade experts assume that the satellite enabled IoT software market can achieve decent growth in the next several years, given the rising popularity of cloud computing within the IT industry. A number of businesses everywhere are moving from on-premise to cloud, since it aids in getting access to the data that is on the server. The impact analysis on COVID-19 also states that the work from home strategy adopted by the companies during the lockdown situation and the increasing consumption of content on digital platforms can work in favor of the satellite enabled IoT software market.
Technology and application are the primary segments based on which the Satellite Enabled IoT Software Industry has been assessed by MRFR analysts in the report.
The main technologies described in the market study are Ku-Band, Ka-Band and L Band.
Application-wise market segmentation includes transportation & logistics, telecommunication, military, aerospace, agriculture and healthcare, and more.
The geographical segregation of the satellite-enabled IoT market covers Europe, North America, Asia Pacific or APAC, and the rest of the world or RoW.
There is a strong possibility of Europe gaining the leading position in the global market during the appraisal period, primarily on account of the large number of esteemed vendors that have a strong grip on the region. Also, massive contribution of countries like the United Kingdom (U.K) and France towards revenue generation assists with the market growth. In terms of IoT connectivity, Europe stands as one of the most developed markets. Satellite-enabled IoT solutions are expected to aid multiple public sectors and enterprises to access remote location across the region, which could also push the market demand in the years ahead.
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Top players in the satellite-enabled IoT industry are NanoAvionics, Kepler Communications, Inc (Canada), Inmarsat Plc (U.K), Orbital ATK Inc (U.S.), SES S.A (Luxembourg), Eutelsat S.A (France), Thuraya Telecommunications Company (UAE), Thales Alenia Space (France), Maxar Technologies Ltd (Canada), Space Exploration Technologies Corp (U.S.), Lockheed Martin (U.S.), to mention a few.
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