According to Verified Market Research, the global satellite communication (Satcom) market is expected to grow from $65.68 billion in 2020 to $131.68 billion in 2028, growing at a CAGR of 9.10 per cent from 2020-2028.
Satellites relay signals across the curvature of the Earth so that geographically isolated areas can receive broadband and other communication services. With the help of these satellites, a whole country or region may be provided with broadband from space.
Additionally, the adoption of artificial intelligence (AI) and the Internet of Things (IoT) has led to the coming in of Intelligent Transport System (ITS).
These systems allow customers to track cars and other vehicles as well as enable freight operators to share and receive real-time information from freight operators.
The report noted that the use of satellites in transportation networks will provide adequate growth opportunities for the market.
