Meticulous Research®, a leading global market research firm, has released a new report titled “Satellite IoT Market by Service Type, Frequency Band, Organization Size, Sector (Military & Defense, Agriculture, Construction, Oil & Gas, Utilities, Transportation & Logistics, Maritime)—Global Forecast to 2031.”

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According to the report, the satellite IoT market is expected to reach $2.48 billion by 2031, growing at a CAGR of 18.2% from 2024 to 2031. This growth is primarily driven by the increasing demand for device interconnectivity in remote locations and the rising use of satellite IoT technology in agriculture. However, the high costs associated with satellite IoT implementation act as a barrier to market growth. Despite these challenges, expanding applications in the maritime sector offer significant growth opportunities for market players. Vulnerability to cyberattacks remains a key concern for the industry. Notably, trends such as low-earth orbit (LEO) satellite connectivity and increasing demand for environmental and weather monitoring solutions are expected to shape the future of the satellite IoT market.

Market Segmentation
By Service Type:
• Satellite IoT Backhaul Services
• Direct-to-Satellite Services
In 2024, the direct-to-satellite services segment is projected to dominate the market, accounting for over 71% of the total share. This segment’s growth is fueled by the rising demand for tracking and managing remote operations, particularly in smart agriculture and marine applications. Additionally, it is expected to exhibit the highest CAGR during the forecast period.

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By Frequency Band:
• L Band
• Ku Band
• Ka Band
• Other Frequency Bands
The Ku band segment is expected to hold the largest share of the market in 2024, with more than 40%, due to its lower spectrum costs and increasing use in short-range, high-resolution imaging and smart energy management applications. This segment is also anticipated to experience the highest growth rate.

By Organization Size:
• Large Enterprises
• Small & Medium-sized Enterprises (SMEs)
Large enterprises are expected to dominate the market in 2024 with a share of over 75%, driven by the adoption of satellite IoT technology to reduce operational costs, improve environmental sustainability, and support remote sensing and navigation. SMEs, however, are projected to grow at the highest CAGR, with increasing demand for asset tracking and operational efficiency.

By Sector:
• Military & Defense
• Agriculture
• Construction
• Utilities
• Oil & Gas
• Transportation & Logistics
• Maritime
• Other Sectors
The military & defense sector is expected to account for the largest market share in 2024, representing over 37%, driven by the need for improved connectivity in remote and harsh environments, as well as enhanced situational awareness. The agriculture sector is anticipated to register the highest CAGR, driven by the need for real-time data on environmental conditions and the use of satellite IoT services for irrigation management.

By Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
In 2024, North America is expected to lead the market with a share of over 49%, attributed to the presence of key satellite IoT providers, the launch of new solutions, and the growing adoption of satellite IoT in precision farming. The Asia-Pacific region is expected to register the highest CAGR, driven by rapid infrastructure development, growing awareness of satellite IoT technology among SMEs, and increased demand for direct-to-satellite services in agriculture and maritime applications.

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Key Players
Leading companies in the satellite IoT market include Iridium Communications Inc. (U.S.), Astrocast SA (Switzerland), Airbus SE (Netherlands), Globalstar, Inc. (U.S.), Thales (France), Eutelsat Communications S.A (Italy), Thuraya Telecommunications Company (UAE), Vodafone Group Plc (U.K.), Inmarsat Global Limited (U.K.), ORBCOMM Inc. (U.S.), Swarm Technologies Inc. (U.S.), Alén Space, S.L. (Spain), Fossa Systems, S.L. (Spain), SATELIO IOT SERVICES, S.L. (Spain), and OQ Technology (Luxembourg).

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