Global Satellite IoT Revenue to Double by 2027

A new study from Juniper Research, a leading authority in the Internet of Things (IoT) market, forecasts that total global satellite IoT revenue will surge from $2.9 billion in 2024 to $5.8 billion by 2027. This significant growth is primarily driven by the rising demand for IoT connectivity in remote and underserved areas, particularly in sectors such as mining and maritime operations.

The report highlights the importance of addressing cybersecurity concerns within satellite networks. As terrestrial and satellite networks become increasingly integrated, new vulnerabilities may arise, presenting opportunities for cyberattacks and fraud.

To fully capitalize on the advantages of satellite IoT, Mobile Network Operators (MNOs) and Satellite Network Operators (SNOs) must prioritize robust cybersecurity solutions that protect data during transit between satellite and terrestrial systems. The complexity of satellite communications necessitates enhanced security measures to safeguard a wider array of access points, which in turn increases potential risks for network owners.

Looking ahead, Juniper’s research indicates that the government and defense sectors are expected to generate the highest satellite IoT revenue globally, contributing over 20% of total revenue by 2030. According to research author Michelle Joynson, “Service providers must integrate cybersecurity across all levels of their networks to protect the sensitive information associated with government and defense activities. Reinvesting revenue into advanced network security solutions, such as Quantum Key Distribution (QKD), is crucial for attracting a sector projected to spend $3.5 billion over the next three years.”