Hampshire, UK – 30th October 2024: A new study from Juniper Research, the foremost experts in the Internet of Things market, has found that total global satellite IoT revenue will grow from $2.9 billion in 2024 to $5.8 billion in 2027.
It attributed this substantial growth to the increasing need for IoT connectivity in remote locations and wide-spread areas that cannot be easily served by traditional terrestrial networks, such as mining and the maritime industry.
The report identified the security of satellite networks as a key concern that must be addressed by service providers. It predicts that network architectures arising from the integration of terrestrial and satellite networks will create new attack vectors and opportunities for fraudulent players.
An extract from the new report, Global Satellite IoT Services Market 2024-2030, is now available as a free download.
Cybersecurity Must Be a Priority
To realise the full benefits of satellite IoT, MNOs (mobile network operators) and SNOs (satellite network operators) must invest in robust cybersecurity solutions that protect network traffic when in transit between satellite and terrestrial technologies. Satellite communications add another layer of complexity to IoT solutions with more widely-spread access points to protect; resulting in increased vulnerabilities for network owners.
The study predicts that government and defence will be the market vertical generating the most satellite IoT revenue globally by 2030; accounting for over 20% of revenue.
Research author Michelle Joynson stated, “Service providers need to embed cybersecurity over all levels across their networks to safeguard the highly sensitive traffic associated with government and defence. Reinvesting this 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.”
About the Research
The research suite offers a comprehensive assessment of the satellite IoT market to date, including insightful market analysis and in-depth forecasts for 60 countries. The dataset contains over 143,000 market statistics within a six-year period. It includes a ‘Competitor Leaderboard’ and Country Readiness Index to examine current and future market opportunities.
Juniper Research has, for two decades, provided market intelligence and advisory services to the global telecommunications sector, and is retained by many of the world’s leading network operators and communications platforms.
For further details please contact Sam Smith, Press Relations
T: +44(0)1256 830002
E: sam.smith@juniperresearch.com
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