The global Satellite Enabled IoT Software Market was valued at USD 7.63 billion in 2019 and is expected to reach USD 18.63 billion by the year 2026, at a CAGR of 7.63%.
The key Satellite Enabled IoT Software market developments that will gain momentum in this global market in the coming years will be the evolution of IoT. The Internet of Things (IoT) is a network of connected devices that capture and share data over the internet. IoT devices necessitate a network with increased bandwidth and data rates for communications and services. This will cause network fatigue, particularly in remote areas of the world, and will necessitate the use of satellites to provide higher bandwidth information.
One of the main factors driving the market's growth is the advancement of quantum Internet. Several developments in the creation of reliable communication networks have been made as a result of strategies for implementing IoT in satellite applications. A group of researchers has focused their efforts on developing a first-of-its-kind orbit technology for quantum network nodes based on satellites. Companies operating in this industry, however, face significant obstacles in satellite broadband, such as slow data delivery due to transmission loss caused by a vast distance from Earth.
The SpaceDataHighway, which includes Earth observation satellites and a range of low-Earth orbit satellites, has already been developed by the European Space Agency and Airbus Defense and Space and can be used for a variety of applications such as emergency response, Open Ocean monitoring, unmanned aerial systems communication, and weather prediction.
The Satellite Enabled IoT Software Market is segmented by Technology (L Band, Ku-Band, Ka-Band), by Application (Military, Aerospace, Telecommunication, Transportation & Logistics, Healthcare and Agriculture). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- The global market for Satellite Enabled IoT Software is projected to be dominated by Europe. Various main players dominate this business segment in Europe, with a firm hold on the market.
- Reduced electronic part size is one of the major drivers of economic viability in the Satellite Enabled IoT Software industry.
- With advancements in millimeter-wave phased array technology and 5G system enhancements, the space-based Internet-of-Space network will serve as a support framework for IoT.
Key Participants like Eutelsat S.A., Inmarsat Plc, Maxar Technologies Ltd, Orbital ATK Inc., SES S.A, Lockhead Martin, Space Exploration Technologies Corp.
For this report, Introspective Market Research have segmented the Satellite Enabled IoT Software market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM