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. The value-added services provided by the various VSAT vendors are once again helping the businesses to increase their adoption of VSAT. These factors stimulate growth of global enterprise VSAT industry revenues.
However, emerging technologies such as high-performance satellite (HTS) technology are among the prime constraints that impede the growth of the VSAT market for global enterprise. Furthermore it can be difficult to access financial services in remote or rural areas with limited network infrastructure. Banks wishing to provide services at remote locations are facing network access challenges. To curb these problems, the banking and finance industries in an isolated region require a secure communication infrastructure that delivers better productivity, with lower operating costs.
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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. Some of the factors responsible for this region’s market growth include the the number of SMEs and developments in digital technology such as Machine-to – Machine (M2 M) and IoT technology.
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