Advanced Television

Forecast: Satellite IoT market $4bn by 2030

April 19, 2024

The satellite Internet of Things (IoT) market is transforming remarkably, driven by technological advancements and an ever-increasing demand for global connectivity. As the world becomes more interconnected, the limitations of terrestrial networks become apparent, particularly in remote and underserved regions. This is where satellite IoT steps in, bridging the gap with its ability to provide widespread, reliable connectivity across the globe. Technology intelligence firm ABI Research forecasts the market to surge past the $4 billion (€3.76bn) mark by 2030, signalling significant growth potential in the market.

“The rapid growth of the satellite IoT market is fuelled by several factors, including the decreasing cost of satellite launches, advancements in satellite technology, such as low-earth orbit (LEO) constellations, CubeSats, and Nanosatellites, and increasing demand for untethered connectivity and remote asset management,” explains Victor Xu, Satellite Communications Research Analyst at ABI Research.

Technological advancements in IoT devices have made new use cases for satellite IoT emerge at an unprecedented rate, from precision agriculture to ocean monitoring and from connected mines to disaster prediction and response. While satellite IoT currently accounts for only a small portion of overall satellite connectivity revenue, it is growing positively with major players like such as, Iridium, and ORBCOMM driving the market.

North America, particularly the United States, will be the dominant region for satellite IoT. North America’s position as a main region for Satellite IoT can be attributed to several key factors that make it a highly attractive growth opportunity of this technology.

“North America’s leadership in the Satellite IoT market is attributable to its early adoption of space technologies, alongside the launch of major commercial space operators like SpaceX, Amazon Kuiper, and Globalstar driving down costs for satellite services,” advises Xu. “Furthermore, the region’s strong presence in key outdoor IoT industries such as agriculture and oil and gas, combined with a favourable regulatory environment, solidify its position.”

The Asia-Pacific region is projected to be the fastest-growing market due to several key factors, such as rapid urbanisation and industrialisation, increasing investments in space technology in China (G60 Starlink and China SatNet (Guowang) LEO mega-constellations), a booming agricultural sector, and rapid economic growth.

The standardised satellite communication technologies, multi-technology/orbit connectivity solutions, and satellite IoT integration with terrestrial 5G networks (NTN) are the key trends with significant opportunities for innovation and growth in the market. Xu concludes, “With the ongoing expansion of the satellite IoT market, the potential of this technology for innovative use cases is limitless, and the diverse applications of satellite IoT will drive the overall market.”

These findings are from ABI Research’s Satellite Communications: IoT Deployments & Subscriptions market data report.

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