According to a report by Juniper Research, total global satellite internet of things (IoT) revenue will grow from $2.9 billion in 2024 to $5.8 billion in 2027.
The report stated that this substantial growth is due to the increasing need for IoT connectivity in remote locations and wide-spread areas that cannot be easily served by traditional terrestrial networks, such as mining and the maritime industry.
The report identified 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.
To realise the full benefits of satellite IoT, mobile network operators (MNOs) and satellite network operators (SNOs) 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.
As per the report, the government and defence will be the market vertical generating the most satellite IoT revenue globally by 2030, accounting for over 20 per cent of revenue.
Commenting on the report, Michelle Joynson, research author, Juniper Research, said, “Service providers need to embed cybersecurity over all levels across their networks to safeguard the highly sensitive traffic associated with government and defence. Reinvesting this revenue into advanced network security solutions, such as quantum key distribution (QkD), is essential in attracting a key vertical expected to spend $3.5 billion over the next three years.”
