Satellite-based communication has been undergoing rapid innovations. With the growing need for different businesses to centralize their businesses, Satellite Machine-to-Machine (M2M) & the Internet of Things (IoT) networks are swiftly gaining traction to monitor & control assets across different locations while providing telematics to obtain data.
The M2M communication is to gather point-to-point data, monitor & control assets, either by using terrestrial or aerial networks. On the other hand, IoT technology in communication allows the user to gather data from different sensors & compile it into useful information. The IoT interface is one step forward and provides predictive maintenance & avoids malfunctions.
With the emergence of communication, sensing, and computing as a part of the technical revolution, the adoption of advanced technologies like M2M & IoT has risen dramatically to reduce human intervention & bring operational efficiency in communication. These technologies have built a working base on next-generation sensors, cloud platforms, & telematics, among various other technologies.
The Global Satellite M2M & IoT Network Market is projected to grow at a CAGR of around 30% during the forecast period, i.e., 2021-26. The market is driven primarily by the rapidly surging need for secure & high-speed communication networks while reducing communication problems & improving the network bandwidth.
Additionally, the mounting requirements worldwide for better network flexibility at lower operational costs are further generating the need for M2M & IoT networks and, as a result, boosting the global market. Besides, owing to the continuous demand for secure & wireless networks of communication across verticals like government & military, transportation & logistics, aerospace, & heavy industries, among various others for different applications like asset tracking, acquiring real-time updates, etc., are also projected to augment the market growth during the forecast period.
Moreover, satellite plays a prominent role in connecting remote devices, i.e., not possible using terrestrial connectivity mediums. With the capabilities to gather information from different assets, the demand for satellite M2M & IoT networks would rise substantially in the future. Furthermore, the active participation of market players through collaboration between satellite operators & IoT & connectivity developers to enhance end-to-end solutions is another crucial aspect likely to drive the market during 2021-26.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: UK, Germany, France, Italy, Spain, Russia, Switzerland|
|Asia-Pacific: China, Japan, South Korea, India|
|South America: Brazil, Argentina|
|Middle East & Africa: UAE, South Africa|
|Key Companies Profiled||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), etc|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Satellite M2M & IoT Network Market
The Covid-19 pandemic in 2020 had a decelerating effect on most industries. However, the Global Satellite M2M & IoT Network Market did not observe any negative impact of the crisis. The satellite industry made sure of broad connectivity & a consistent supply of services to both public & private users amidst the pandemic.
The satellite application has been majorly to provide communication mediums for workers, employees, teachers, friends, families, etc., from different locations using diverse communications & learning devices. Besides, the operations & service providers played a crucial role in creating a channel enabling telehealth solutions, exchanging data from hospitals, transmitting information associated with the pandemic, & connectivity to essential services.
Moreover, these services also allowed measuring the economic effects of the pandemic & recovery rates based on the movement of goods tracked by satellites. In the forecast years, with increasing technological innovations, the market is anticipated to grow substantially & display an opportunistic growth prospect for the leading players.