Global Satellite-enabled IoT Market to Grow at a CAGR of 6.9% by 2021

Research and Markets has announced the addition of the "Global Satellite-enabled IoT Market 2017-2021" report to their offering. 

The global satellite enabled IoT market to grow at a CAGR of 6.91% during the period 2017-2021.

This report, Global Satellite Enabled IoT Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion operating in this market.

One trend in the market is evolution of IoT. IoT is represented as a network of cyber physical devices that consist of embedded electronics, sensors or actuators, software, and network connectivity. These devices collect and exchange data over the Internet. 

According to the report, one driver in the market is miniaturization to drive economic viability. One of the major challenges of satellite broadband was associated with slower data transfer due to the transmission losses pertaining to the long distance from Earth. One of the workable solutions has depicted the placement of satellites in low-Earth orbit. Due to the cost-effective manufacturing and deployment of smaller satellites, launching extra satellites has become financially viable and ensures uninterrupted data transmission in case of failure or breakdown of a few satellites.

Further, the report states that one challenge in the market is delivery of two-way communication by basic radio-enabled systems. Stakeholders of satellite-enabled IoT may face challenges due to location constraints. The challenges are mainly associated with the transmission of signals that are dependent directly on the position of the satellite from the surface of Earth. This can induce a shift of going back to basic, standardized communication technologies from up-to-the-minute technologies.