According to MRFR, the Global Enterprise VSAT Market 2020 is slated to expand at 8.8% CAGR to 10.6 billion in 2024 during the forecast period.
The rising adoption of VSAT networking systems in the BFSI sector is moving the market toward expansion. For many transactions taking place through various locations, it’s important to have a reliable communication network to hold confidential information. In addition, with the need for a versatile communication platform to adapt to the rapidly evolving banking industry, VSAT systems’ ability to respond to increasing data volumes and the need for safe connectivity in remote ATMs and branches has become significantly relevant. Increased use of satellite services for diverse vertical applications, Cost effective solutions provided and improved service quality delivered by VSAT allow businesses to opt for VSAT services.
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The global enterprise VSAT market was geographically segmented into Asia-Pacific, North America , Europe , Middle East & Africa and South America.
North America is the Business VSAT industry leading region in terms of market share. Market growth is accredited to the presence of a number of enterprise VSAT network service providers that support Enterprise VSAT devices through the network. The region’s leading players include Hughes Network Systems LLC, VT iDirect, Gigasat, and the region-wide operating Skycaster LLC.
In 2018, Asia-Pacific was the second-largest company VSAT market. The Asia-Pacific region was divided into China , India , Japan, South Korea, and South East Asia. China is projected to gain the largest market share followed by India, Japan, South-East Asia and South Korea, according to the MRFR report. The enterprise VSAT market in Asia Pacific except Japan is expected to register high CAGR in the forecast period due to the government initiative to encourage the adoption of VSAT services in the countries of this region.
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