The growth of the global satellite IoT market is driven by the increase in use of satellite IoT to automate routine processes in agriculture industry. However, the high cost of innovation, and budget constraints hamper the growth of the market. Furthermore, rapid changes in business model software due to the geographical expansion of the businesses is expected to provide lucrative growth opportunities for the market during the forecast period.

According to the report, the global generated $1.3 billion in 2022, and is estimated to reach $8.7 billion by 2032, witnessing a CAGR of 21.1% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Covid-19 Scenario:

➢ The COVID-19 pandemic boosted the growth of the global satellite IoT market, owing to the expansion of the range of IoT services and surge in demand for enhanced and reliable connectivity.

➢ During the wake of the COVID-19 pandemic, the importance of satellite IoT increased as it provided direct support, connectivity, and flexibility for workers regardless of the location they were working from.

➢ During the pandemic period, IoT services provided by satellites overcame the limitations of scalability by providing truly global connectivity that can even reach devices with limited or no access to terrestrial networks.

By frequency band, the L-band segment contributed to the highest share in 2022, accounting more than one-third of the global satellite IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. The Ku and Ka-band segment would also showcase the fastest CAGR of 23.6% throughout the forecast period, owing to the increasing frequency on Ka-band system can get more bandwidth, which means a higher data transfer rate.

By frequency band, the L-band segment contributed to the highest share in 2022, accounting more than one-third of the global satellite IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. The Ku and Ka-band segment would also showcase the fastest CAGR of 23.6% throughout the forecast period, owing to the increasing frequency on Ka-band system can get more bandwidth, which means a higher data transfer rate.

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Leading Market Players:

➢ORBCOMM

➢Iridium Communications Inc.

➢Inmarsat Global Limited

➢Airbus

➢Astrocast

➢Intelsat

➢Globalstar

➢Thales

➢OQ Technology

➢Eutelsat Communications S.A.

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