The global Satellite-Based IoT Service market to reach $2,302.4 million by 2033
In 1999, a scientist named Kevin Ashton, while working for Proctor & Gamble, proposed using radio-frequency identification (RFID) chips on products to track them through a supply chain.Since then, till 2022, IoT technologies and their implementation in satellite-based IoT services have come a long way in being cost-effective and efficient.
Companies like Inmarsat and Iridium Communications have shown their capabilities in IoT technologies as well as their use in satellite-based IoT services.
Currently, many space agencies and commercial companies across the globe have been focusing on developing low Earth orbit (LEO) satellite constellations.This would drive the market for satellite-based IoT services.
Moreover, rising research and development activities to develop cost-efficient IoT terminals and modules are other factors contributing to the growth of the satellite-based IoT service market. For instance, in December 2022, Astrocast SA signed a multi-million-dollar contract with ArrowSpot for the mass production of ArrowSpot's ArrowTrack SAT device for hardware integration and Satellite IoT (SatIoT) connectivity.
The expansion of the terrestrial IoT network, along with access to cheaper LEO-based satellite connectivity, has placed a high demand for the production of the satellite-based IoT service market during the forecast period.
Furthermore, there is a rise in research and development activities for the development of smaller and cheaper IoT hardware has increased the demand for satellite-based IoT services for satellites.
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