Space Based IoT Service Market Size, Share, and COVID-19 Impact Analysis, By Deployment Type (On-Premises and Cloud), By Satellite Orbit (Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Earth Orbit (GEO)), By End User (Civil, Commercial, and Defense), and Regional Forecast, 2024-2032

Space based IOT services is a system that connect devices on Earth by using a network of satellites. This process involves collecting data from various sensors or devices, and transmitting it to a satellite. The satellite then sends this data to a ground station or other satellites in the network. IoT interconnects objects to communicate and relay orders without requiring human-to-human or human-to-computer intervention.

This services enables devices to communicate and share information, even in areas where traditional communication infrastructure is not available. Satellite IoT services cover a wide range of inaccessible locations to make it possible to track and monitor assets anywhere without regard to blind spots. This enables various devices and applications in  agriculture, transportation, environmental monitoring, and other industries to interconnect and communicate with each other.

Key Market Insights:

The growing adoption of machine-to-machine (M2M) technology is catalyzing the growth of the market. This technology enables connected devices to communicate with each other, exchange data, and make autonomous decisions. Moreover, the increasing investment in the development of satellite technology such as low Earth orbit (LEO) constellations, which will provide high-speed internet and other services. This investments are expected to boost the growth of the space-based IoT service market.

Addtionally, the rapid technological advancements of 5G satellite services is the key trend for space-based IOT services. The massive use of IOT services is accelerating due to ubiquitous connectivity and the enhanced capacity of 5G satellite communication which in turn propelling the market growth.

However, the high cost incurred to maintain and develop space-based IOT services is one of the hindrances to the growth of the market. Furthermore, the increasing number of IOT devices raises concerns about the cyber security provisions and regulatory challenges which are expected to restrain the market growth.

Impact of COVID-19 on the Global Space Based IoT Service Market:

The COVID-19 pandemic has a significant impact on global space based IoT service market due to economic crises and supply chain disruptions. The economic uncertainties caused by the pandemic leads to decreased financing and investment. Additionally, the global shortage of semiconductor chips resulted in reduced production and delayed delivery. But, during the pandemic period, the Space industry discovered different applications and increased adoption of IoT technology, in various sectors such as healthcare, transportation, and logistics, among others.

Key Insights:

The report will cover the following key insights:

• The report analyzes a detailed industry overview, including qualitative and quantitative information.


• It analyzes an overview and forecast of the global space based IoT service market based on various segments.


• The report also analyzes comprehensive PEST analysis for all five regions, i.e., North America, Europe, Asia-Pacific, and the rest of the world, after evaluating economic, political, and technological factors affecting the impact of the Global Space Based IoT Service Market in these regions.

Regional Analysis:

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North American region has captured the most significant market share in the global space based IoT service market. The growth is owing to the presence of prominent space solution manufacturers and increasing investment in space research activities due to the digitalization boom and surging demand for earth observation satellites with more prominent images and videos.

Asia Pacific is expected to be the fastest-growing region due to rising technological advancements in automation and machine learning.

Key Players Covered:

The report includes the profiles of key players, such as HiSky Ltd., Kepler Communications Inc., Lacuna Space, Myriota, Orbcomm Inc., Thuraya, Fleet Space Technologies, OQ Technology, Alen Space, Astrocast SA, Clyde Space Limited, Crest Astra, Starlink, Iridum Communication, and others.

Segmentation:

Key Industry Developments:

• In April 2023, Thuraya, a UAE-based regional mobile-satellite service provider, has agreed to invest USD 17.5 million in Astrocast, a Switzerland-based satellite communications company and a leading nanosatellite IoT network operator. The agreement with Astrocast aims to strengthen Thuraya's positioning in the IoT market and help expedite the execution of its strategy for satellite-enabled IoT.


• In March 2023, Wyld Networks AB, a Sweden-based company announced that the company ahd received an additional purchase order of approximately USD 1 million from a South-African company to deploy soil moisture IOT sensors for optimizing irrigation and automating scheduling systems for agriculture.


• In January 2023, Iridium Communication Inc.,  a U.S.-based satellite communications company collaborated with Qualcomm Technologies, Inc. to enable satellite messaging and emergency services in smartphones which is powered by Snapdragon® Mobile Platforms.


• In December 2022, Astrocast a Switzerland-based satellite communications company announced that company has signed a contract with ArrowSpot to manufacture ArrowSpot’s ArrowTrack SAT device in large quantities. The contract, which is valid for three years initially, involves integrating the hardware and Satellite IoT (SatIoT) connectivity between Astrocast and ArrowSpot.