Mon Nov 04 22:47:48 UTC 2024: ## Satellite IoT to Generate $5.8 Billion by 2027, Driven by Remote Connectivity Demand

**London, UK – October 26, 2024** – Satellite internet of things (IoT) is set to become a major force in the space-based communications market, with global revenue projected to reach $5.8 billion by 2027, according to new research from Juniper Research. The market is driven by the increasing need for connectivity in remote locations and areas underserved by traditional terrestrial networks, particularly in sectors like mining and maritime.

The research report, “Global satellite IoT services market 2024-2030,” analyzes market trends and forecasts for 60 countries. It predicts the government and defense sector will be the largest contributor to satellite IoT revenue by 2030, accounting for over 20% of the total.

However, the report highlights security concerns as a key challenge for the growth of satellite IoT. The integration of terrestrial and satellite networks creates new vulnerabilities for network owners, requiring robust cybersecurity solutions to protect sensitive data.

“Service providers need to embed cyber security over all levels across their networks,” says Michelle Joynson, author of the report. “Reinvesting revenue into advanced network security solutions, such as QKD [quantum key distribution], is essential in attracting a key vertical expected to spend $3.5 billion over the next three years.”

The study also predicts a significant increase in the number of satellites dedicated to IoT connectivity, with the number expected to grow from 10,000 in 2024 to over 24,000 by 2029. The majority of these satellites will be in low Earth orbit due to declining launch costs.

This growth in satellite IoT is expected to have a major impact on businesses, particularly those operating in remote or challenging environments. The technology is expected to drive innovation and efficiency in various sectors, from mining and energy to agriculture and transportation.

Read More