A study from Juniper Research, experts in the Internet of Things market, forecasts that total global satellite IoT revenue will grow from $2.9 billion (€2.6bn) in 2024 to $5.8 billion in 2027.
The study attributes this substantial growth to the increasing need for IoT connectivity in remote locations and areas that cannot be easily served by traditional terrestrial networks, such as mining and the maritime industry.
Juniper Research identifies the security of satellite networks as a key concern that must be addressed by service providers. It predicts that network architectures arising from the integration of terrestrial and satellite networks will create new attack vectors and opportunities for fraudulent players.
Cybersecurity Must Be a Priority
To realize the full benefits of satellite IoT, MNOs (mobile network operators) and SNOs (satellite network operators) must invest in robust cybersecurity solutions that protect network traffic when in transit between satellite and terrestrial technologies. Satellite communications add another layer of complexity to IoT solutions with more widely-spread access points to protect; resulting in increased vulnerabilities for network owners.
The study predicts that government and defense will be the market vertical generating the most satellite IoT revenue globally by 2030; accounting for over 20 per cent of revenue.
Research author, Michelle Joynson, commented “Service providers need to embed cybersecurity over all levels across their networks to safeguard the highly sensitive traffic associated with government and defense. Reinvesting this revenue into advanced network security solutions, such as QKD (quantum key distribution), is essential in attracting a key vertical expected to spend $3.5 billion over the next three years.”