IoT Satellite Applications
Key takeaways from the IoTUK Satellite Applications Insight Report
Connecting an IoT network to service backends via satellite is a new business focus.
The satellite based M2M/IoT market continues its steady climb.
New narrow band satellite communication tech will allow direct connection of IoT devices.
The projected growth in IoT connections has the potential to transform a number of markets. In the context of satellite communication technology choices, the global satellite Machine-to-Machine (M2M) and Internet of Things (IoT) market will reach 5.8 million in-service satellite M2M/IoT terminals by 2023. Right now, these terminals correspond to more than $1.5 billion in annual revenues. This is small compared to the scale of connections generally: current estimates point to over 6 billion connected things worldwide in 2016. These are forecast to grow to 25 billion by 2020. Cisco projects that the figure could be as high as 50 billion by 2020.
McKinsey highlights the importance of demonstrating the application and potential of IoT in the context of various settings – the environments within which systems are deployed. This allows the estimates of potential value of application beyond industry revenue because it includes the value captured by customers and consumers as well as the wider economic benefits.
The ultimate success of global IoT coverage will depend on the active support of satellite networks, such as the L-band (antenna) services. Satellite technology serves as a key enabler to transform IoT connectivity across industries and geographical borders. The applications range from oil and gas, to mining, consumers and transportation.
Read the IoTUK programme’s report into IoT Satellite Applications for insight into this market globally and here in the UK.