The global satellite internet market is estimated to grow at a CAGR of ~20% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for high-speed internet services, backed by digitalization of all government and private procedures globally. Satellite internet access is provided by communication satellites, which offers relatively higher speed of data. Moreover, satellites provide much broader signal than cable internet, as satellites are not fixed in one place. Advantages of satellite internet, such as, high speed, larger area of coverage, and broader signal, are estimated to boost the market growth.
The increasing penetration of internet, especially in developed countries, is also anticipated to be accountable to surge the demand for internet. According to the data by the World Bank, in 2019, 56.727% of the total global population has access to internet. The growing number of internet users is expected to propel the market growth.
The market is segmented by end-user into commercial, and non-commercial, out of which, the commercial segment is anticipated to hold the notable share in the global satellite internet market over the forecast period on account of increasing digitalization of all commercial activities, which makes internet access mandatory for commercial spaces. The adoption of cloud storage in the commercial sector, including, hotels, banks, and private offices, is also a major factor estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global satellite internet market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising demand for internet access across the region, along with increasing adoption of advanced technologies. The population in the developed countries, such as, the US, and Canada is extensively tech-savvy, and highly dependent on online services. This surges the demand for high-speed internet, which, in turn, is estimated to boost the market growth. Moreover, government expenditure in the IT sector is increasing constantly, which is further anticipated to boost the regional market growth. The government IT expenditure in the U.S. crossed USD 86 billion in 2019, which is projected to cross USD 92 billion by the end of 2021.
The global satellite internet market is further classified on the basis of region as follows:
Our in-depth analysis of the global satellite internet market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing penetration of internet services to boost the market growth.
The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022 – 2030.
The increasing availability of low-cost alternatives is estimated to hamper the market growth.
The market in the North America region is estimated to provide most business opportunities over the forecast period, owing to the increasing demand for high-speed internet.
The major players in the market are Wireless Innovations, Ltd., Viasat, Inc., Hughes Network Systems, LLC, Eutelsat Communications SA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by band type, end-user, and by region.
The commercial segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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