The global enterprises VSAT market is expected to witness a growth rate of 8.8% during the forecast period, as per the experts at Market Research Future (MRFR). All the factors mentioned above are contributing in some way or another to this growth over the forecast period. The global enterprise VSAT market is estimated to garner a market revenue valuation of USD 10,617.5 million by the end of the estimate period.
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Very small aperture terminal (VSAT) refers to a two-way satellite communication system that transfers and receives data from satellites. A VSAT satellite system has small dish antennas of less than 3 meters in diameter and other hardware components, which include antennas and modems. The global enterprise VSAT market is expected to witness growth owing to the growing adoption of VSAT networking systems in the BFSI sector. Owing to several transactions that are taking place across different branches and a need for a secure communication platform for carrying sensitive information is essential.
Market Segmentation
The global enterprise VSAT market is studied for various segments that are based on type, organization size, and region. Based on type, the global enterprise VSAT market is segmented into hardware and services. Among these segments, the service segment was observed to hold the largest share of the enterprise VSAT market at the beginning of the forecast period. Further, the report has suggested that the global enterprise VSAT market is expected to register a 9.1% CAGR during the forecast period.
Based on organization size, the enterprise VSAT market is segmented into small and medium enterprises, and large enterprises. The global enterprise VSAT market is dictated by the large enterprises segment at the beginning of the forecast period. However, the analysis conducted by MRFR has suggested that the small and medium enterprises segment of the global enterprise VAST market is expected to witness the highest CAGR of 9.8% during the forecast period.
Applications of Enterprise VSAT
Enterprise VSAT satellite communication has been observing an increase in applications across industry verticals such as defense, oil & gas, BFSI, etc. The BFSI application mainly comprises of mobile banking services. It is utilized to assure that banks are well equipped with technology to support increasing volumes of data services. In fact, the education sector has also entered the league and is expected to capitalize on the growing popularity and sophistication of enterprise VSAT.
The widening aspect of applications of enterprise VSAT is driven by the need for reliable connectivity and high-speed broadband services for the smooth operations of a business. An NGO requires enterprise VSAT to enhance the e-health services being offered in remote regions. Also, it has been witnessed that connectivity on the move has become quintessential to customers. Thus, the reason for the proliferating applications of VSAT is umpteen. This ensures that the opportunities resonated are immense. The growth trajectory of the enterprise VSAT system market is projected to remain extensively lucrative in the years to come.
Regional Assessment of the Enterprise VSAT and its Adoption
If we consider the major regions of the world for an assessment of the popularity of enterprise VSAT, North America is expected to earn a high amount of revenues in the nearby future. The region exhibits exceptional advancements in terms of technological upgradations. This is one of the key factors that has boosted the satellite communications infrastructure in the region. Also, the presence of the U.S. is a major influencer of the growth of the enterprise VSAT market in the region. Quite a large fraction of the prominent vendors of enterprise VSAT services hail from North America, particularly the U.S. thus, the adoption of new technologies is immensely feasible. It is supposed to accelerate the growth process of the technology in the region.
Asia Pacific has been witnessing disruptive potential with the developments in the VSAT satellite communications systems. China is undoubtedly a leader in the region. Southeast Asia, on the other hand, is also observed to resonate growth potential in the years to come. The region has been attracting investments from global leaders and has also been witnessing an expansion of offerings. Thus, in the upcoming years, the region tends to make huge gains using the enterprise VSAT satellite system in different industry domains.
Key Players
Some prominent players present in the global enterprise VSAT market include Hughes Network Systems LLC (US), Gilat Satellite Networks (Israel), Singtel (Singapore), VT iDirect (US), Newtec (Belgium), Viasat Inc (US), Global Eagle (US), Comtech Telecommunications Corporation (US), Gigasat. (US), Skycaster LLC (US), and Omniaccess (Spain).
Industry Update
May 2019: Hughes Communications India Ltd, formed a joint venture with Bharti Airtel Limited which would enable both companies to expand their VSAT operations in India.
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