According to a new market research report, “M2M Satellite Communication Market by Technology (Satellite Telemetry, VSAT, AIS), Communication Network Device (Satellite IP Terminals, Satellite Modems, Gateways), Service (Managed Service, Data), Vertical, Region – Global Forecast to 2020”, published by MarketsandMarkets, the M2M Satellite Communication Market is estimated to grow from USD 3.36 Billion in 2015 to USD 5.91 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 11.9%.
The market report defines and segments the M2M satellite communication market into various sub segments with an in-depth analysis and forecasting of market sizes. The report also defines the driving factors for the market, restraints, and opportunities along with the current adoption trends in this market. The M2M Satellite Communication Market is expected to grow gradually owing to the enhancement and modernization of technology in this sector.
M2M technologies have been adopted extensively by enterprises across various industry verticals. These industry verticals such as oil and gas and aviation include many organizations that work at remote areas. These remote locations lack of proper communication facilities; employees working here also need high-speed communication networks for the swift transmission of important information. This has given rise to the need of M2M-based satellite communication among enterprises.
The rise in the demand for solutions that can help in vehicle tracking, asset monitoring, and fleet management is also influencing organizations to implement M2M satellite technology within their businesses. The problem of poor network facilities in some parts of the world affects the working of an organization in that area as it becomes less acquainted with current market situations and also faces difficulties in communicating with clients. This increases the usage of M2M Satellite Communication services among organizations for the smooth business operations.
With the changing technological scenario, enterprises are demanding advanced communication solutions so that they can achieve market expansion along with increased profit margin. Moreover, the development of expansive applications of M2M satellite communications by satellite service providers and the low cost involved in integration of satellite into an existing M2M system are driving the growth of the M2M Satellite Communication Market.
However, the lack of awareness among users and lack of infrastructure to support diverse devices available are acting as restraints in the growth of this market.
MarketsandMarkets broadly segments the M2M Satellite Communication Market by region as North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America; by technology as satellite telemetry, VSAT and AIS; by device as satellite IP terminals, satellite modems, gateways, and other devices; by service as managed service, data service, voice service, business service, and others service ; by industry vertical as automotive, maritime, oil and gas, energy and utilities, government and public sector, mining, transportation and logistics, healthcare, security and surveillance, agriculture, retail, and others.
MarketsandMarkets forecasts the M2m Satellite Communication Market to grow from USD 3.36 Billion in 2015 to USD 5.91 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 11.9%. North America is expected to be the largest market in terms of market size, while Europe and Asia-Pacific are expected to experience an increase in market traction during the forecast period.
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