Satellite IoT: Introduction
- Satellite IoT is commonly referred to as internet over satellite connections. Satellite IoT is a complex network and connects physical things such as sensors and actuators to the internet. Satellite IoT is the backbone to drive secure connection of different devices to the internet across sectors such as automobile, energy & utilities, oil & gas, agriculture, and forestry.
- Satellite IoT is a complete system that uses edge and cloud computing to create a secure connection with remote assets, inaccessible assets, and critical assets.
- Satellite communication supports IoT applications in various areas, including deep sea, remote sites, and mining locations, where cellular connectivity is unavailable.
- The global satellite IoT market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies across the globe.
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Global Satellite IoT Market: Dynamics
Global Satellite IoT Market: Key Drivers & Restraints
- Surge in adoption of robust and dynamic business models, and a growing shift in investments and research from the public to private organizations is a major factor likely to accelerate the satellite IoT market in the next few years.
- Rise in demand for better communication and interaction with the physical environment to accomplish a broad range of activities in a more efficient and informed manner across the globe is estimated to boost the growth of the satellite IoT market during the forecast period.
- Additionally, rise in adoption of satellite IoT among various sectors such as oil & gas, and agriculture, to increase connectivity is projected to boost the demand for satellite IoT across the globe.
- Rising demand to fill the gap in tracking issues related to pipeline leakages is also expected to propel the satellite IoT market during the forecast period.
- Increase in adoption of smart technologies, and applications such as autonomous vehicles and autonomous vessels is anticipated to boost the market.
- At present, various sectors are focused on wireless technologies, and on increasing productivity and reducing losses which is expected to create new opportunities for the satellite IoT market during the forecast period.
- However, technology fragmentation and strong competition from terrestrial infrastructure is the major factor projected to hinder the global satellite IoT market in the next few years.
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Impact of COVID-19 on the Global Satellite IoT Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Most manufacturing or production of goods has been temporarily suspended all over the world. Businesses have been adversely impacted in most countries due to partial or full lockdown. This in turn is projected to indirectly hamper the global satellite IoT market in the next few years. Lack of industrial activity is expected to result in low cash flows, further hampering the funding of projects.
North America to Hold Major Share of the Global Satellite IoT Market
- In terms of region, the global satellite IoT market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global satellite IoT market in 2019. The U.S. is the key market in the region due to the increasing adoption of satellite IoT connectivity in various sectors such as oil & gas, transport & logistics, and energy & utilities.
- The satellite IoT market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing digitalization & infrastructure spending across countries such as China, Japan, and India in the region.
Global Satellite IoT Market: Competition Landscape
Several local, regional, and global players are active in the satellite IoT market with a strong presence. Rapid technological advancements have created significant opportunities in the global satellite IoT market. Satellite operators are increasingly focusing on collaboration, and mergers and acquisition to bring forth such services and hardware that can unleash the full potential of IoT. For instance, OQ Technology, a Luxembourg based company, introduced satellite IoT solutions primarily focused on the oil & gas sector.
Key Players Operating in the Global Satellite IoT Market
- OQ Technology
- Iridium Communications Inc.
- Inmarsat plc
- Eutelsat Corporation
- Vodafone Group plc
- Intelsat Corporation
- Globalstar, Inc.
- ORBCOMM Inc.
- Cisco System Inc.
- Microsoft Corporation
- Verizon Communications
Global Satellite IoT Market: Research Scope
Global Satellite IoT Market, by Component
Global Satellite IoT Market, by End-user
- Oil & Gas
- Transportation & Logistics
- Energy & Utilities
Global Satellite IoT Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.