M2M Satellite Communication Market to cross USD 46.6 billion by 2032, Says Global Market Insights inc.
M2M Satellite Communication Industry size is expected to register 13% CAGR between 2024 and 2032 propelled by growing global connectivity needs.
Selbyville, Delaware , Sept. 05, 2024 (GLOBE NEWSWIRE) — M2M Satellite Communication Market value could reach USD 46.6 billion by 2032, as per a recent study by Global Market Insights Inc.
The market growth is propelled by the increasing demand for reliable and secure communication networks, particularly in remote and underserved regions. M2M satellite communication plays a critical role in enabling connectivity across diverse industries, including transportation, agriculture, energy, and defense. Rising product launches from leading companies support growth.
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For instance, in April 2024, the Quectel BG95-S5 module was introduced by Quectel Wireless Solutions, a leading global provider of IoT solutions. The technology was designed for 3GPP non-terrestrial network (NTN) satellite communications. As the Internet of Things (IoT) continues to expand, the need for seamless and robust communication solutions is expected to drive significant market expansion over the forecast period.
Software to Lead Market Growth
The software segment will experience substantial growth from 2024 to 2032, driven by its pivotal role in managing, monitoring, and optimizing M2M satellite communication networks. As industries increasingly rely on satellite communication for critical operations, the need for advanced software solutions that can ensure seamless data transmission, network security, and real-time analytics is growing. These software solutions are integral in enabling efficient and reliable communication across vast and remote areas, making them indispensable for industries such as energy, transportation, and agriculture. The rising adoption of IoT and the growing complexity of M2M networks are expected to further accelerate the demand for sophisticated software solutions, solidifying the segment position in the M2M satellite communication market.
Data Transmission to Dominate Technology Segment
The data transmission segment will register significant growth by 2032, driven by the increasing volume of data generated by IoT devices and the growing need for reliable and secure communication channels. M2M satellite communication is crucial for transmitting data between devices, particularly in remote and challenging environments where traditional communication infrastructure may be lacking. The rising deployment of IoT devices across various industries, including agriculture, logistics, and environmental monitoring, is fueling the demand for efficient data transmission solutions. As industries continue to adopt digitalization and automation, the need for robust satellite-based data transmission is expected to surge, positioning this segment as a key driver of growth within the M2M satellite communication industry.
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Europe to Establish a Strong Market Presence
Europe M2M satellite communication market will register a remarkable market CAGR from 2024 to 2032, driven by the region’s strong focus on innovation and the widespread adoption of IoT across various industries. Countries such as Germany, France, and the United Kingdom are leading the implementation of M2M satellite communication solutions, supported by robust regulatory frameworks and significant investments in advanced technologies. Additionally, Europe’s emphasis on sustainability and smart city initiatives is fostering the development of cutting-edge M2M communication networks, including satellite-based solutions, to support efficient resource management and environmental monitoring. As the region continues to prioritize technological advancements and digital transformation, the demand for M2M satellite communication is expected to rise significantly, reinforcing Europe’s pivotal role in the global market.
M2M Satellite Communication Market Players
Key players in the M2M satellite communication industry include Globalstar, Marlink, Rogers Communication, Thales Group, EchoStar Corporation, Viasat, ORBCOMM, Honeywell International Inc., Gilat Satellite Networks, and Orange S.A.
The M2M satellite communication market is driven by companies’ advancements in technology and services. For example, Viasat’s expanded satellite network and EchoStar’s innovations enhance connectivity and data transfer efficiency. These efforts support various industries, from logistics to remote monitoring, by offering robust, reliable communication solutions. Such investments in M2M technology are fueling market growth and improving global connectivity.
In October 2023, M2M Connectivity teamed up with communications provider Hypha to integrate technology from Starlink and Peplink, enhancing emergency satellite connectivity solutions.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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