The Global Satellite M2M & IoT Network Market is projected to grow at a CAGR of 30% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The market is driven mainly by technological advancements & growth in the Internet of Things (IoT) & Machine to Machine (M2M) networks, coupled with the launch of new satellite constellations for better IoT & M2M connectivity.
In addition, the rapid adoption of technology in transportation & logistics companies entwined with the mounting investments by the governments of different countries worldwide & prominent market players in numerous satellite IoT start-ups are also driving the market.
Besides, the mounting demand for greater higher flexibility at low operational costs, soaring number of cellular IoT users, the surging use of different applications by fleet management companies for purposes like asset tracking, keeping check of the pipelines, etc., are also augmenting the overall market growth, further states the research report, “Global Satellite M2M & IoT Network Market Analysis, 2021.”
Burgeoning Need for Satellite M2M & IoT Networks in the Transportation & Logistics Sector for Enhanced Operational Efficiency to Boost the Global Market
The market dominance of the transportation & logistics sector owes to its swift expansion worldwide and the mounting need for operational efficiency in fleet managing organizations, i.e., soaring the demand for better network systems. It is also why the demand for Satellite M2M & IoT networks is likely to witness the fastest growth in the coming years.
Fleet managers are increasingly adopting satellite M2M & IoT networks for better management of their vehicles with services like malfunction detection, gathering reliable & secure vehicle data, tracking vehicles, etc., thereby reducing the operational cost. Hence, based on these aspects, the global market around the transportation & logistics sector is anticipated to grow substantially during the forecast period.
With Escalating Focus on Technological Advancements in M2M & IoT, North America dominates the Market
Geographically, among all regions, North America dominated the Satellite M2M & IoT Network Market with the largest share. It owes principally to the rising demand for satellite M2M & IoT networks across countries like the US & Canada. In fact, North America is home to some of the most prominent satellite manufacturers & service providers. Besides, the rapidly escalating application of M2M & IoT networks across the aviation sector in the region entwined with massive investments in building smart cities also drive the regional market.
Moreover, several space programs by NASA & entrepreneurs from countries like the USA are actively participating in the market and transforming the satellite industry by testing & practicing the potentials of M2M networks in space. Additionally, with a keen desire to expand the IoT connectivity, regional operators are focusing immensely on bringing innovations in the sector for enhancing access to space, reveals MarkNtel Advisors in their research report, "Global Satellite M2M & IoT Network Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Satellite M2M & IoT Network Market are Airbus S.A.S., Gomspace A/S, Helios Wire Corporation, Globalstar, Inc., ORBCOMM Inc., Eutelsat S.A., OHB SE, Inmarsat plc., Intelsat Corporation, The Boeing Company, KORE Wireless Group, Inc., Vodafone Limited, Thales Group, Iridium Communications Inc., Space Exploration Technologies Corp. (SpaceX).
Key questions answered in the study: