With just three million subscribers and revenues of less than $300 million, the satellite Internet of Things (IoT) market will need to triple its growth over the next five years to support new startups competing for a larger piece of this terrestrially dominated industry. This according to a new report by Satellite & Space sector analysts at Quilty Analytics.
In the 43-page, comprehensive analysis of the IoT ecosystem, analysts explore how satellite IoT operators can carve out a larger niche in the broader IoT sector worth more than $1 trillion dollars. Satellite operators have a unique opportunity as the only true providers of consistent global connectivity on a planet with just 15% terrestrial coverage. The report explores the main barriers to satellite IoT implementation as well as growth factors affecting increased adoption rates.
“Satellite IoT has played a supporting role as an expensive backhaul in the IoT ecosystem up until about five years ago,” says Chris Quilty, Quilty Analytics partner. “But we are seeing a hockey-stick-like growth curve now that is driven by low-cost launch, component miniaturization, high-volume manufacturing, open wireless standards, and an insatiable thirst for truly global connectivity.”