The market is expected to increase at CAGR of 2.76% during the forecast period 2022-2033
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Satellite-Based IoT Service – A Global and Regional Analysis.
According to this study, the global satellite-based IoT service market was valued at $279.7 million in 2022 and is projected to reach $372.6 million by 2033.
The following factors are responsible for the increase in demand for satellite-based IoT services:
The detailed study is a compilation of 91 market data tables and 19 figures spread through 191 pages.
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Analyst’s Take on the Market Projection
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.”
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Major Existing Industry Leaders in the Satellite-Based IoT Service Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
Recent Developments in the Global Satellite-Based IoT Service Market
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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