Mobile Satellite Services Market to Grow at 5.8% CAGR by 2030
The increase in demand for portability and advancement of digital technology are some of the factors driving the mobile satellite service market growth.
Global Mobile Satellite Services (MSS) Market is forecasted to grow at a rate of 5.8% from USD 4.06 Billion in 2019 to USD 7.55 Billion in 2030.
Mobile Satellite Services (MSS) are telecom services that offers a two-way voice and data communication to global users who are located in remote places with the help of satellite technology.
The rising demand for communication services in remote areas and industries such as military & defense, oil and gas, and aviation, among others are factors driving the growth of mobile satellite services market. However, factors such as high cost, low available bandwidth and poor quality of data and voice in bad signal conditions are expected to restraint the growth of MSS market globally.
The global mobile satellite services market is segmented by service, application, industry vertical, and region. Based on service, it is divided into video, voice, and data service. By application is classified into land, air, and maritime access. Based on industry vertical, it is categorized into banking, financial, and insurance (BFSI); aerospace & defense; healthcare; public sector; IT & telecom; retail; and others. Based on geography, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world (RoW).
North America holds lion share in the mobile satellite services market due to the adoption of advanced technologies, growing consumer’s preference towards smart devices, and improved network connectivity in this region.
However, Asia-Pacific is also expected to show a steady rise in the growth of MSS market due to the increasing population and need for high-speed connectivity owing to expansion of industrial and non-industrial sectors in this region.
Browse key industry insights from report,” Mobile Satellite Services Market by Service (Video Service, Data Service, Voice Service), By Application (Land, Air, Maritime), By Industry Verticals (Banking, Financial Services, and Insurance, Aerospace & Defense, Healthcare, Public Sector, IT & Telecom, Retail, Other) – Global Opportunities Analysis and Industry Forecast, 2020-2030.”
Comprehensive mobile satellite services market analysis and profiles of the major market players profiled in the report include Ericsson Inc., Globalstar, Inc., Inmarsat Holdings Limited., Iridium Communications, Inc., Orbcomm Inc., Echostar Corporation., Intelsat General Corporation., Singtel Ltd., VirSat Inc., and Telstra Corporation Limited.
Key Insights from the mobile satellite market report:
Current emerging trends and opportunities are extensively analysed in the mobile satellite market report.
The forecast of the mobile satellite market comes along with additional information associated with opportunities, restrains and key drivers in the market.
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