Meticulous Research®, a global leader in market research, has released a report titled, “Satellite IoT Market by Service Type, Frequency Band, Organization Size, Sector (Military & Defense, Agriculture, Construction, Oil & Gas, Utilities, Transportation & Logistics, Maritime)—Global Forecast to 2031.”

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The satellite IoT market is projected to reach $2.48 billion by 2031, growing at a CAGR of 18.2% from 2024 to 2031. This growth is primarily driven by increasing demand for device interconnectivity in remote areas and the expanding adoption of satellite IoT technology in agriculture. However, the high costs of satellite IoT implementation are expected to restrain market growth. Despite these challenges, the growing use of satellite IoT in maritime applications presents significant opportunities for market players, though vulnerabilities to cyberattacks remain a key concern. Key trends include the rise of low earth orbit (LEO) satellite-based connectivity and the increasing demand for environmental and weather monitoring solutions.

Market Segmentation
By Service Type:
• Satellite IoT Backhaul Services
• Direct-to-Satellite Services
In 2024, the direct-to-satellite services segment is expected to hold the largest market share (above 71.0%), driven by the increasing need for tracking and managing remote operations, particularly in smart agriculture and marine applications. This segment is also expected to grow at the highest CAGR during the forecast period.

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By Frequency Band:
• L Band
• Ku Band
• Ka Band
• Other Frequency Bands
The Ku band segment is projected to account for over 40.0% of the market in 2024, driven by lower spectrum costs, short-range, high-resolution imaging capabilities, and increasing adoption in smart energy, water, and power applications. This segment is also expected to grow at the highest CAGR.

By Organization Size:
• Large Enterprises
• Small & Medium-sized Enterprises
In 2024, large enterprises are expected to dominate with over 75.0% of the market, fueled by the adoption of satellite IoT to reduce operational costs, environmental footprints, and the need for on-site maintenance. However, small and medium-sized enterprises (SMEs) are anticipated to register the highest CAGR, driven by the need to improve operational efficiency and asset management.

By Sector:
• Military & Defense
• Agriculture
• Construction
• Utilities
• Oil & Gas
• Transportation & Logistics
• Maritime
• Other Sectors
In 2024, the military & defense sector is expected to lead with over 37.0% market share, driven by the need for enhanced connectivity in remote environments and improved situational awareness. However, the agriculture sector is forecasted to grow at the highest CAGR, driven by the increasing need for real-time data on environmental conditions, irrigation management, and the efficient use of pesticides and fertilizers.

By Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
North America is expected to hold the largest market share (above 49.0%) in 2024, owing to the presence of leading satellite IoT providers, new product launches, and adoption in precision farming. However, Asia-Pacific is anticipated to experience the highest growth, with a CAGR exceeding 19.0%, driven by infrastructure growth, technological advancements, and increasing demand for direct-to-satellite services in agriculture and maritime sectors.

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Key Players:
Leading companies in the satellite IoT market include Iridium Communications Inc. (U.S.), Astrocast SA (Switzerland), Airbus SE (Netherlands), Globalstar, Inc. (U.S.), Thales (France), Eutelsat Communications S.A (Italy), Thuraya Telecommunications Company (UAE), Vodafone Group Plc (U.K.), Inmarsat Global Limited (U.K.), ORBCOMM Inc. (U.S.), Swarm Technologies Inc. (U.S.), Alén Space, S.L. (Spain), Fossa Systems, S.L. (Spain), SATELIO IOT SERVICES, S.L. (Spain), and OQ Technology (Luxembourg).

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