Global satellite IoT revenue will double between 2024 and 2027, according to a study from Juniper Research.

It predicts that total global satellite IoT revenue will grow from $2.9bn in 2024 to $5.8bn in 2027.

The market watcher attributed this growth to the increasing need for IoT connectivity in remote locations and wide-spread areas that cannot be easily served by traditional terrestrial networks, such as mining and the maritime industry.

The report identified the security of satellite networks as a key concern that must be addressed by service providers. It predicts that network architectures arising from the integration of terrestrial and satellite networks will create attack vectors and opportunities for fraudulent players.

To realise the full benefits of satellite IoT, MNOs (mobile network operators) and SNOs (satellite network operators) must invest in robust cyber security that protects network traffic when in transit between satellite and terrestrial technologies. Satellite communications add another layer of complexity to IoT with more widely-spread access points to protect, resulting in increased vulnerabilities for network owners.

The study predicts that government and defence will be the market vertical generating the most satellite IoT revenue globally by 2030, accounting for over 20% of revenue.

“Service providers need to embed cyber security over all levels across their networks to safeguard the highly sensitive traffic associated with government and defence,” said research author Michelle Joynson. “Reinvesting this revenue into advanced network security, such as QKD [quantum key distribution], is essential in attracting a ksey vertical expected to spend $3.5bn over the next three years.”

An extract from the report is available as a free download from www.juniperresearch.com/resources/whitepapers/whitepapersquantum-of-satellite-securing-global-connectivity.