Global connectivity demands are fuelling rapid growth of the satellite IoT market to $4bn by 2030, according to ABI Research.

The satellite IoT market is transforming remarkably, says the report, driven by technological advancements and an 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.

ABI forecasts the market to surge past the $4bn mark by 2030, signalling significant growth potential.

“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,” said Victor Xu, 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 such as Inmarsat, Iridium and Orbcomm driving the market.

North America, particularly the USA, 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,” said 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, a booming agricultural sector and rapid economic growth.

The standardised satellite communication technologies, multi-technology, orbit connectivity, and satellite IoT integration with terrestrial 5G networks are the key trends with significant opportunities for innovation and growth in the market.

“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,” said Xu.

More details of the report can be found at: www.abiresearch.com/market-research/product/market-data/MD-SATCI.