05 November 2024

A new report from Berg Insight - The Satellite IoT Communications Market - addresses a market growing at what the independent industry analyst and firm describes as ‘a good steady pace.’

Only 10% of the Earth’s surface has access to terrestrial connectivity services, which leaves a massive opportunity for satellite IoT communications. Satellite connectivity provides a complement to terrestrial cellular and non-cellular networks in remote locations, especially useful for applications in agriculture, asset tracking, maritime and intermodal transportation, oil and gas industry exploration, utilities, construction and governments.

Both incumbent satellite operators and more than two dozen new initiatives are now betting on the IoT connectivity market. The global satellite IoT subscriber base grew to surpass 5.1 million in 2023. The number of satellite IoT subscribers will increase at a compound annual growth rate (CAGR) of 39.2% to reach 26.7 million units in 2028. Satellite IoT connectivity revenues are forecasted to grow from Euro302.9 million in 2023 to approximately Euro1.35 billion in 2028. However, the monthly ARPU is expected to drop to Euro4.20 by 2028.