M2M Satellite Communication Market Growth Analysis 2022-28
The global m2m satellite communication market size was valued at USD 3,359 billion in 2021 and is poised to grow at a significant CAGR of 9.4% during the forecast period 2022-28. Machine to machine, or M2M, satellite communication is defined as the transmission of data from remote locations via satellite networks and delivery to the user, who can then respond to the information received. M2M satellite communication can help with distant asset communication. The service makes use of a sensor network and is extremely dependable and cost-effective while also providing widespread coverage.
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The M2M satellite communication industry is growing rapidly because it ensures a quick and higher return on investment in M2M applications. Increased M2M applications and solutions, as well as increased demand for data transmission, are the primary drivers of this market, whereas lack of industry awareness and infrastructural facilities are the primary limitations. Moreover, the customer desire for sophisticated communication solutions is propelling the market forward. With addition, market demand is increasing due to the low-cost needs for integration in current M2M satellite communication services. Furthermore, the emergence of customized solutions for a wide range industry also including telematics and automotive has resulted in a rise in M2M satellite communication utilization. Progressive technical advancements in agribusiness, logistic tracking, remote monitoring, and the security sector are driving the market in the current environment. Lack of awareness and infrastructure, on the other hand, are limiting the growth of the M2M satellite communication market.
The global m2m satellite communication market segmentation:
- By Technologies: Satellite Telemetry, VSAT, AIS) By New Devices (Satellite IP Terminals, Satellite Modems, Gateways, Others
- By Services: Managed Service, Data Service, Voice Service, Business Service, Other Service
- By End User: Government and Public sector, Transportation and logistics, Security and Surveillance and Others
China and India are largely to blame for the Asia-Pacific region's quick expansion of the satellite communication business in the defence sector. These countries' governments have implemented deliberate initiatives to strengthen their respective marine, aeronautical, and military industries. Effective communication channels are an important aspect of this approach, which could boost market for mobile satellite services in the future. Furthermore, India and China, the world's two emerging economic giants, are increasing their military spending on a consistent basis, adding to global military spending rise.
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There are several industry players working in the M2M Satellite Communication Market, which include ORBCOMM, Inmarsat, Iridium, Globalstar, ViaSat, Teliasonera, Kore Telematics, Hughes Network Systems
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