A new Research and Markets report foresees a $3.45-billion global mobile satellite services market growing into a $5.62 billion business in five years.
The increase represents a 10.2 percent compound annual growth rate from 2014 to 2019, Research and Markets said Wednesday.
The study identified emerging digital technologies and demands for an integrated satellite and terrestrial mobile technology service as drivers of growth for the sector.
It also stressed the challenge that regulatory issues and frequency band congestion pose for the market.
Media and entertainment, mining, and oil and gas are the main industries increasingly relying on the service to fulfil their high requirements in voice and data communication, Research and Markets added.