The Future of IoT Connectivity: Explosive Growth in the Satellite IoT Market
In a recent report from esteemed analyst firm Berg Insight, the global satellite IoT market is poised for a period of incredible growth and innovation.
According to Berg Insight’s research, the global satellite IoT subscriber base has already surpassed 5.1 million in 2023 and is projected to skyrocket to 26.7 million units by 2028, indicating a remarkable compound annual growth rate (CAGR) of 39.2 percent.
The potential for satellite IoT communications is immense, especially considering that only approximately 10 percent of the Earth’s surface is covered by terrestrial connectivity services. Satellite connectivity plays a critical role in filling the gaps in remote areas where traditional networks struggle to reach. This technology is particularly valuable in industries such as agriculture, asset tracking, maritime and transportation, oil and gas exploration, utilities, construction, and government sectors.
The satellite IoT market is rapidly evolving, with both established satellite operators and numerous new initiatives entering the arena to capitalize on the growing demand for IoT connectivity. Berg Insight’s study identifies 40 satellite IoT operators, showcasing the industry’s increasing diversity.
Johan Fagerberg, Principal Analyst at Berg Insight, notes that major players in the market currently include Iridium, Orbcomm, Viasat (Inmarsat), and Globalstar, with Iridium leading the way with a 17 percent growth in subscribers over the past year, reaching 1.8 million subscribers.
Alongside these industry giants, newcomers such as Astrocast, AST SpaceMobile, CASC/CASIC, and others are introducing innovative solutions using low-earth orbit nano satellite technology.
An interesting trend emerging in the satellite IoT landscape is the development of hybrid satellite-terrestrial connectivity solutions. Collaborations between satellite and mobile operators are on the rise, opening up new possibilities for seamless connectivity.
Fagerberg explains that companies like Skylo are at the forefront of hybrid offerings, working with top mobile operators to integrate satellite and cellular technologies for enhanced connectivity.
With the convergence of terrestrial and satellite technologies, as well as the promise of global connectivity, the future of IoT communications looks incredibly promising and boundless.
(Image Credit: Viasat)
Explore the Future of IoT at Industry-Leading Events
Interested in learning more about IoT trends and advancements? Attend the IoT Tech Expo in Amsterdam, California, or London. This comprehensive event is co-located with other leading expos, including Cyber Security & Cloud Expo, AI & Big Data Expo, Intelligent Automation Conference, Edge Computing Expo, and Digital Transformation Week.
Discover upcoming enterprise technology events and webinars hosted by TechForge here.