Meticulous Research®, a leading global market research firm, has published 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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According to the report, 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 fueled by the increasing need for device interconnectivity in remote areas and the rising adoption of satellite IoT technology in agriculture. However, high implementation costs pose a challenge for market expansion. On the other hand, the growing application of satellite IoT in maritime industries offers lucrative opportunities for market players, despite vulnerabilities to cyberattacks. Emerging trends include low earth orbit (LEO) satellite-based connectivity and increased demand for environmental and weather monitoring systems.

Market Segmentation
By Service Type:
• Satellite IoT Backhaul Services
• Direct-to-Satellite Services
In 2024, direct-to-satellite services are expected to hold the largest market share, accounting for over 71%, driven by rising demand for tracking and managing remote operations, particularly in smart agriculture and marine sectors. This segment is also expected to witness the highest growth rate 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 hold the largest market share in 2024, at over 40%, due to lower spectrum costs and its growing use in short-range, high-resolution imaging applications, as well as smart energy and water management. This segment is also anticipated to register the highest CAGR during the forecast period.

By Organization Size:
• Large Enterprises
• Small & Medium-sized Enterprises
Large enterprises are expected to dominate the market with over 75% market share in 2024, driven by the adoption of satellite IoT to reduce operational costs, improve environmental sustainability, and support remote sensing and navigation. Meanwhile, small and medium-sized enterprises (SMEs) are expected to exhibit the highest growth rate, fueled by the need to enhance operational efficiency and asset management.

By Sector:
• Military & Defense
• Agriculture
• Construction
• Utilities
• Oil & Gas
• Transportation & Logistics
• Maritime
• Other Sectors
The military & defense sector is expected to lead the market with a share of over 37% in 2024, driven by the demand for reliable connectivity in remote environments and the need for enhanced situational awareness. However, the agriculture sector is poised to grow at the highest CAGR, driven by the need for real-time data on environmental conditions, improved pesticide and fertilizer efficiency, and irrigation management.

By Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
North America is expected to hold the largest share of the market in 2024, accounting for over 49%, due to the presence of leading satellite IoT providers, product launches, and increasing adoption in precision farming. Asia-Pacific is forecasted to exhibit the highest growth rate, with a CAGR exceeding 19%, driven by infrastructural development, technological advancements, and rising 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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