According to the research report titled ‘Global Satellite Communication Market Size study, by Component (Equipment and Services), by Application (Voice Communication, Broadcasting and Data Communication), by End-Use Industry (Maritime, Aerospace & Defense, Industrial, Transportation & Logistics, Agriculture, Media, Government & Public Safety, Enterprises and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global satellite communication market was worth USD 62.19 billion in 2019 and is expected to record 9.2% CAGR over 2020-2027 to be remunerated at USD 1257 billion by the end of the assessment period.
 

Mounting demand for high throughput satellite services and uninterrupted communication from several industries are primarily propelling global satellite communication market growth.
 

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For those unversed, telecommunication or satellite communication is the transmission, receiving, and processing of data, which uses a transponder to transmit and amplify radio telecommunication signals.
 

Increasing fleet of autonomous and connected vehicles, coupled with growing usage of Internet of Things (IoT) technology are augmenting worldwide satellite communication industry share. Increasing expenditure on IoT devices, and surging demand for wireless distributed control system are also adding to the industry expansion.
 

As per Statista, China led the Asia Pacific region in IoT expenditure in 2019 with approximately USD 168 billion spending in 2019. 
 

Furthermore, the launch of products and services by key market players, as well as other strategic alliances are further creating lucrative prospects for global satellite communication market outlook. Citing an instance, Viasat Inc. signed an agreement with SpaceX on October 25, 2018 to launch its ViaSat-3 satellite missions from NASA's Kennedy Space Center in Florida's Launch Complex 39A (LC-39A) during 2020-2022. This mission intends to deliver terabits of data from space orbit to fulfill soaring demand for broadband globally.
 

Based on the regional landscape, North America holds significant portion of global satellite communication market share presently, attributable to escalating demand for constant communication by defense sector and for SATCOM equipment by US defense department.
 

Top companies in global satellite communication industry sphere are Cobham Limited, Gilat Satellite Networks Ltd., SKY Perfect JSAT Group, Thuraya Telecommunications Company, L3 Technologies Inc., EchoStar Corporation, Telesat, Intelsat Corporation, Viasat Inc., and SES S.A.