The global satellite data services market size is expected to reach USD 20.73 billion by 2028 according to a new study by Polaris Market Research. The report “Satellite Data Services Market Share, Size, Trends, Industry Analysis Report, By Application (Scientific, Administrative, Commercial); By Industry Vertical (Defense & Security, Energy & Power, Agriculture, Environmental, Engineering & Infrastructure, Marine, Others); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Key factors esteeming the industry growth include the rise in trend and implementation of satellite data services across numerous industry verticals along with the ever-increasing rate of miniaturization of sensors and increased private investment in the development of new space startups.
In June 2021, OneWeb, a UK company, has uncashed funding of USD 500 million from Bharti Global. The deal defines that Bharti will now have a 39% share, thereby making it the largest shareholder in such a product provider. In addition, the surge in focus towards the demand for earth observation satellites and increasing advancements in geospatial imagery analytics are the few other integral factors accelerating the satellite statistics services industry growth during the forecasting years.
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However, strict government regulations for the adoption of the product and a dearth of committed launch vehicles for small satellites are expected to hamper the industry growth. Apart from this, the rise in the proliferation of machine learning and artificial intelligence technologies is spacer sector further paving the industry growth.
Based on application, the commercial data service segment accounted for the fastest CAGR in the global industry, owing to the wide-ranging usage of satellite imagery for multi-scale geological mapping. Whereas the administrative product data services segment contributes the maximum stake in the overall market. Factors such as integrating big data analytics with imagery allow organizations to rapidly map urban development, which may contribute significantly to segment growth.
Market participants include Birdi Ltd, Airbus S.A.S, Ceinsys Tech Ltd., BlackSky, Earth-i Ltd., DigitalGlobe, Geospatial Intelligence Pty Ltd., EAST VIEW GEOSPATIAL, INC., Harris Geospatial Solutions, Inc., Gisat S.R.O., ICEYE, LAND INFO Worldwide Mapping, LLC, ISI, Trimble Inc., Planet Labs, Inc., Planetobserver, SPECTIR, Satpalda Geospatial Services, and Ursa Space Systems, Inc. are some of the key players operating in the global market.
Several manufacturers are often backing to opt for varied marketing strategies to expand their business operations. In July 2021, Glasgow-based communications startup R3-IoT bags funding of USD 4.3 million (£3.1m), intending to expand its technology with end-to-end data services.
Polaris Market Research has segmented the satellite data services market report on the basis of application, industry vertical, and region:
Satellite Data Services, Application Outlook (Revenue-USD Million, 2016 - 2028)
Satellite Data Services, Industry Vertical Outlook (Revenue - USD Million, 2016 - 2028)
Satellite Data Services, Regional Outlook (Revenue - USD Million, 2016 - 2028)