Satellite IoT revenue to reach USD $5.8 billion by 2027

A recent study by Juniper Research anticipates a doubling in global satellite Internet of Things (IoT) revenue from USD $2.9 billion in 2024 to USD $5.8 billion in 2027.

The research attributes this predicted growth to a rising demand for IoT connectivity in remote areas that traditional terrestrial networks struggle to cover, such as the mining and maritime industries. The report highlights that integrating terrestrial and satellite networks introduces potential security vulnerabilities that service providers must address.

An extract from the "Global Satellite IoT Services Market 2024-2030" report is available for free download, offering insights into these findings.

On the topic of cybersecurity, the research emphasises that mobile network operators (MNOs) and satellite network operators (SNOs) need to prioritise robust security measures. The transition of network traffic between satellite and terrestrial technologies introduces complexities, thus increasing potential vulnerabilities. This heightened risk landscape necessitates the deployment of advanced cybersecurity strategies.

The study foresees the government and defence sector as a major contributor to satellite IoT revenue, accounting for over 20% of the total revenue by 2030. To address this, the report advises investment in advanced security, such as quantum key distribution (QKD), to protect sensitive government and defence-related data.

Michelle Joynson, the research author, 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."

The research provides an extensive evaluation of the satellite IoT market, offering forecasts for 60 countries and encompassing over 143,000 market statistics across a six-year timeframe. This includes a "Competitor Leaderboard" and a Country Readiness Index, which serve to identify current and upcoming opportunities within the market.