Satellites, Sensors, and the Next $4 Billion Boom: Inside the 2025–2031 IoT Space Race
By 2030, satellite-connected IoT devices are projected to exceed 26 million and the market is expected to reach about $4 billion. The 3GPP Release-17 NTN standards were finalized in 2022, enabling a single IoT module to operate on both cellular and satellite networks. By 2027, 5G NR-NTN standards under 3GPP Releases 18 and 19 will standardize high-speed satellite IoT links. Low-Earth orbit constellations reduce latency to under 50 ms round-trip, versus geostationary satellites at around 600 ms. Launch costs have fallen due to reusable rockets and rideshare launches, enabling IoT nanosatellite constellations. In 2020 there were about 3.6 million satellite