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M2M satellite market set for highest ever growth
- February 15, 2023
- Steve Rogerson
The M2M satellite communications market is expected to grow at its highest ever CAGR from 2023 to 2032, according to Analytics Market Research.
The market was valued at $5.36bn in 2019 and is projected to reach $12.56bn by 2027, growing at a CAGR of 12.12% from 2020 to 2027.
M2M satellite communications allow both wired and wireless systems to communicate with other similar devices. In areas with sparse broadband networks, it is frequently used for communications to transport and regulate data.
M2M-based satellite communications have pushed businesses to increase their global market reach without experiencing any communication hiccoughs or delays. The installation of cloud-based services by satellite providers has increased the use of this technology. Industries employ this technology to manage and monitor their assets remotely.
This form of direct M2M communications doesn’t require human interaction. Numerous sectors, including industry, healthcare and transportation, use this technology as it enables swift and effective M2M communication that can increase productivity and efficiency.
Technology advancements in areas such as asset monitoring, fleet management and vehicle tracking are driving the M2M satellite communications market. Poor network conditions in some regions of the world are impeding corporate growth, thus those companies are turning more to satellites to penetrate and expand their markets.
The growing demand for richer data communications is one of the key reasons propelling market growth along with widespread M2M applications.
One of the difficulties this market is facing is escalating safety concerns. During the projection period, rising demand for products that aid in asset monitoring and vehicle tracking is anticipated to present profitable prospects for suppliers. However, a lack of market expertise and a lack of infrastructure facilities are the two main barriers to growth.
The market is segmented by technologies such as satellite telemetry, AIS and VSat. To convey information to the end user, it also makes use of numerous network devices. Due to their ability to send and receive data over satellite networks, satellite IP stations are essential. Market participants include satellite operators, satellite service providers, value-added service providers, communication network operators and satellite equipment manufacturers.
According to industry verticals, many firms that operate in remote locations are found in industries such as aviation, oil and gas. High-speed communication networks are also necessary for the efficient transfer of critical information among the staff.
Major players include KORE Telematics, Teliasonera, Iridium Communications, Rogers Communications, Hughes Network System, Orbcomm, Globalstar, Orange, Viasat and Inmarsat.
Applications can be found in retail, healthcare, government, public sector, agriculture, automotive and others.