Global Satellite IoT Revenues Projected to Reach €1.58 Billion by 2029
The report highlights a substantial opportunity for satellite IoT communications, given that only about 10% of the Earth's surface has access to terrestrial connectivity.
Berg Insight, a leading IoT research firm, has released a report titled “The Satellite IoT Communications Market”, forecasting significant growth in the sector. The report, which covers 46 satellite IoT operators, projects that the number of satellite IoT subscribers will increase from over 5.8 million in 2024 to 32.5 million by 2029. This represents a compound annual growth rate (CAGR) of 41.1%.
The report highlights a substantial opportunity for satellite IoT communications, given that only about 10% of the Earth’s surface has access to terrestrial connectivity. Satellite connectivity serves as a complement to terrestrial networks, with applications in sectors such as agriculture, asset tracking, maritime transportation, and oil and gas.
In terms of market leadership, the report identifies Iridium, ORBCOMM, Viasat, and Globalstar as the largest network operators. Iridium holds the top spot, having reached 2.0 million subscribers. The study notes that ORBCOMM has transitioned from a dedicated satellite operator to an end-to-end solutions provider.
Satellite IoT connectivity revenues are also expected to see robust growth, with a forecasted CAGR of 36.4% from 2024 to 2029, reaching approximately €1.58 billion. This growth is occurring despite a projected drop in the monthly average revenue per user (ARPU) to €4.05 by 2029.
The study also observes an influx of new initiatives and over two dozen new operators entering the market, many of whom are utilizing low-earth orbit (LEO) nano satellites. These new players are increasingly leveraging terrestrial wireless IoT connectivity technologies to support their devices.
