Satellite IoT Market Set To Quintuple By 2028
IoTnews, Monday, October 14th, 2024
The global satellite IoT market is set for explosive growth, according to a report from specialist analyst firm Berg Insight.
Berg Insight's research finds the global satellite IoT subscriber base surpassed 5.1 million in 2023 and is projected to skyrocket to 26.7 million units by 2028, representing a compound annual growth rate (CAGR) of 39.2 percent.
With only about 10 percent of the Earth's surface covered by terrestrial connectivity services, the opportunity for satellite IoT communications is vast. Satellite connectivity serves as a crucial complement to terrestrial cellular and non-cellular networks in remote locations, proving particularly valuable for applications in agriculture, asset tracking, maritime and intermodal transportation, oil and gas industry exploration, utilities, construction, and government sectors.