The Global Satellite Communication (SATCOM) Market is valued at USD 80.33 billion in 2022 and is projected to reach a value of USD 169.70 billion in 2030 expanding at a CAGR of 9.8% over the forecast period of 2022-2030.
The primary factors that have fuelled the market growth are the escalating demand for small satellites for earth observation services in various industries that includes, oil and gas, energy, agriculture, and defence, across the globe.
Global Satellite Communication (Satcom) Market: Key Trends
Rise In Increase Of Things (Iot) And Autonomous System
One of the major factor that has fuelled the market growth is the rise in IoT and autonomous system over the forecast period. This is because, the merging applications and business models and falling device costs have been instrumental in driving IoT adoption, which has consequently increased the number of connected devices and endpoints globally. This has fuelled the market growth.
Cybersecurity Acts As A Major Concern
The major concern to the global satellite communication market is the cybersecurity. This is because the entire process of launching a satellite to transmit data is highly sensitive. The major challenge lies in the negative impact that the cybersecurity threats can potentially make as the vulnerabilities are mission-critical.
Global Satellite Communication (Satcom) Market: Segmental Analysis
Based On Component:
• Equipment
• SATCOM Transmitter/Transponder
• SATCOM Antenna
• SATCOM Transceiver
• SATCOM Receiver
• SATCOM Modem/Router
• Others
• Services
The equipment segment has dominated the market growth over the forecast period.
Based On Application:
• Asset Tracking/Monitoring
• Airtime
• M2M
• Voice
• Data
• Drones Connectivity
• Data Backup and Recovery
• Navigation and Monitoring
• Tele-medicine
• Broadcasting
• Others
https://wemarketresearch.com/reports/satellite-communication-(satcom)-market/197/
