The satellite enabled IoT software market is gaining considerable prominence. The market growth attributes to the penetration of cloud applications and IoT in the growing number of businesses. Besides, the rising demand for advanced IoT 5G satellite communications substantiates the growth of the market. Increasing deployments of satellite-enabled standard NB-IoT devices for commercial GEO satellites increase the market size.
In Geostationary Orbit (GEO) and standardization work on Non-Terrestrial Network (NTN) and increasing adoption of L-band satellite influences the market demand, overarching initiatives to establish 5G standards. With increasing breakthroughs for a truly global IoT coverage, hybrid satellite, and cellular networks that can enable new ubiquitous 5G IoT services at a global scale, the market is projected to garner significant traction in the years to come.
Growth in IoT connections, such as connected cars, smart home devices, and connected industrial equipment and non-IoT connections, such as smartphones, laptops, and computers, push the market. According to Market Research Future (MRFR), the value of the global satellite enabled IoT software market is expected to escalate to new heights by 2027, registering an impressive CAGR throughout the forecast period (2020 and 2027).
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Global Satellite Enabled IoT Software Market - Segmentations
The MRFR report is segmented into technology, application, and regions. The technology segment is sub-segmented into L Band, Ku-Band, and Ka-Band. The application segment is sub-segmented into military, aerospace, telecommunication, transportation & logistics, healthcare, and agriculture.
Global Satellite Enabled IoT Software Market - Geographical Analysis
Europe leads the global satellite enabled IoT software market. The region is already a mature market in terms of IoT connectivity. Besides, the market growth attributes to the need to expand the reach of remote areas in the region. Satellite-enabled IoT is likely to help various enterprises and public sectors to achieve their goals with the high adoption of cloud technology and IoT.
Germany, with the increasing demand for IoT, leads the regional market, creating a large revenue pocket. Furthermore, augmenting demand for edge data centers to ensure continuous delivery of operations and management services positively impacts the regional market's growth.
North America takes the second lead in the global satellite enabled IoT software market. The presence of major technology providers alongside the well-established infrastructure that enables rapid implementation of advanced technologies positively impacts the regional market growth. Moreover, increasing investments in edge computing & data centers, rapid advances in technologies, and increasing popularity of cloud platforms foster the regional market growth.
The Asia Pacific satellite enabled IoT software is rapidly emerging as a promising market globally. Augmenting demand for the highly efficient, edge data centers to replace server rooms in the increasing number of SMEs in the region fosters the market's growth. China, Japan, and India lead the regional market due to the increasing numbers of enterprises in these regions.
Global Satellite Enabled IoT Software Market - Competitive Analysis
Highly competitive, the satellite enabled IoT software market appears to be fragmented due to the presence of numerous large and small vendors. Matured technology providers increasingly focus on maximizing their market share while small players find it challenging to compete with them.
Major Players:
Players leading the satellite enabled IoT software market include Inmarsat Plc (U.K), Eutelsat S.A (France), Maxar Technologies Ltd (Canada), SES S.A (Luxembourg), Orbital ATK Inc (U.S.), Lockheed Martin (U.S.), Thales Alenia Space (France), Space Exploration Technologies Corp (U.S.), Thuraya Telecommunications Company (UAE), Kepler Communications, Inc (Canada), and NanoAvionics, among others.
Innovation/ Industry/Related News:
March 30, 2021 ---- Inmarsat launched an Application and Solution Provider (ASP) Programme accelerating the rollout of satellite-enabled IoT. Members would gain access to Inmarsat's global satellite connectivity and regional presence, allowing them to scale their solutions into new sectors and geographies. Inmarsat's ASP is described as an ecosystem for software, hardware and solutions providers and original equipment manufacturers (OEMs) in commercial land markets.
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