The global market for non-terrestrial IoT gateway hardware and software is projected to experience significant growth, with estimates suggesting a compound annual growth rate (CAGR) of 8.95% from 2024 to 2031. According to a report by Market Research Intellect, the market is expected to expand from a valuation of approximately $13.66 billion in 2024 to around $22.85 billion by 2031. This growth is attributed to the increasing demand for connected devices, especially in remote areas where traditional connectivity is limited.
The rise of various non-terrestrial communication networks, including satellite systems and drones, has led to enhanced capabilities for IoT gateways. These technologies are essential for sectors such as agriculture, logistics, oil and gas, and defence, where they enable real-time data monitoring and collection in hard-to-reach locations. The report highlights that industries are increasingly integrating advanced solutions, driven by the need for seamless data transmission and improved operational efficiency. Specifically, the combination of 5G, artificial intelligence (AI), and edge computing technologies is facilitating the creation of more sophisticated non-terrestrial IoT solutions.
Market dynamics are strongly influenced by ongoing technological advancements which support the need for reliable connectivity in challenging environments. Companies are utilising non-terrestrial IoT gateway hardware and software to optimise operations, fuel innovation, and meet the growing demands for environmentally friendly solutions. In particular, the agricultural and logistics sectors are adopting these technologies to enhance product quality and operational sustainability.
The report outlines that strategic mergers and acquisitions (M&A) are common within this market, as businesses seek to broaden their capabilities and access emerging technologies. Major players such as Vodafone Group, Eutelsat Communications, ORBCOMM, Lacuna Space, and Kineis are actively involved in these activities to strengthen their market presence and consolidate their advancements in non-terrestrial IoT solutions.
Regionally, the North American market is expected to maintain a substantial share, bolstered by advanced technological infrastructure and significant investments in research and development. Europe is also projected to witness steady growth, supported by stringent regulatory standards and a heightened focus on sustainability. In contrast, the Asia-Pacific region is anticipated to be the fastest-growing area, fuelled by rapid industrialisation, urbanisation, and increasing investments in infrastructure.
Latin America and the Middle East & Africa are expected to see moderate growth, as efforts in infrastructure development and innovation in various sectors create new opportunities. Countries such as Brazil, Mexico, the UAE, and Saudi Arabia are highlighted as key contributors to this growth dynamic.
In summary, the market landscape for non-terrestrial IoT gateway hardware and software is positioned for continued expansion, driven by technological integration, increased adoption across a range of industries, and the emergence of new market players and solutions. The ongoing advancement in connectivity technologies and strategic investments in infrastructure are expected to further accelerate this growth trajectory.
Source: Noah Wire Services