Core Insights - Satellite technology is increasingly becoming a vital complement to terrestrial networks, enhancing coverage and network resilience [1] - The global satellite IoT connections are expected to grow at a compound annual growth rate (CAGR) of 23.8% from 2023 to 2030, indicating significant market potential despite its smaller revenue scale compared to other sectors [1] - Advances in technology, standardization, and cost reductions are creating new opportunities for service providers in the consumer, enterprise, and IoT markets [1] Market Dynamics - Approximately 10% of IoT enterprises globally intend to adopt satellite connections, previously hindered by cost and integration challenges [3] - The decreasing costs of hardware components, such as gateways, and the emergence of new standards are making satellite communication for direct IoT devices increasingly feasible [3] - The satellite IoT market is poised for significant growth, and communication service providers (CSPs) should prioritize partnerships with satellite operators to enhance their connectivity capabilities [3]