The global satellite data services market is estimated to grow at a CAGR of around 24% during the forecast period. The increasing number of smart cities, lifestyle changes, urbanization, technological advancements (with the integration of cloud computing, AI, and machine learning), and rising demand from industry verticals are some of the factors driving the growth of the satellite data services market.
Increased adoption of AI and machine learning in the space landscape has created enormous opportunities for service providers. The AI-based platforms offer insights into previously inaccessible factors such as social, industrial, and economic processes. Machine Learning algorithms are used for processing daily satellite imagery in order to classify and detect objects, locate geographic and topographic features, and monitor minute changes over a span of time.
Further, remote sensing technology has become more widely used for zoning and municipal infrastructure modeling. The use of satellite imagery is also being boosted by growing urban agglomeration and it is also used for monitoring the urbanization of neighboring regions to assist the development and implementation of smart cities.
The data analytics segment is expected to dominate the market
The data analytics segment is dominating the market in 2021 and is further expected to continue the same trend over the forecast period. Rising demand for data analytics services such as image processing, feature extraction, digital models, and classification that are necessary to create GIS maps and evaluate the information contained in satellite images propel market growth. Additionally, image data is witnessing significant growth in the market.
The growing use of satellite imagery by meteorologists to carefully monitor recent climatic changes and implement required remedial actions has fueled market growth. Satellite imagery aids in the detailed assessment of agricultural conditions and yields, crop health, and vegetation quality. Advancements in satellite technology have helped local governments and defense organizations to better comprehend and access the movement of people and equipment, assess the damage caused by natural catastrophes and assaults, and locate disguised bunkers. The combination of big data analytics and image data has helped users make more thoughtful data-driven decisions.
North America is witnessing rapid growth in the satellite data services market owing to huge investments and the presence of many satellite operators
North America is dominating the global satellite data services market due to significant investments in this field and lucrative market growth opportunities in the US. Numerous satellite operators in the US supply satellite images and many businesses provide data analytics which aid in the regional market growth. Europe is anticipated to witness significant growth over the forecast period on account of increasing industry players’ activities.
The European Union has collaborated with other international institutions to introduce several initiatives such as the Common Agriculture Policy (CAP), the UN Convention for Combating Desertification and Land Degradation, and the Soil Framework Directive. These institutions leverage data provided by the Copernicus Hyperspectral Imaging Mission for the Environment (CHIME) mission for customers. The growing advancements in the military and defense sector in countries like Russia and Ukraine are also boosting the market demand of the global market across the European region.
Market Structure and Competitive Landscape
Some of the prominent players that contribute significantly to the growth of the global satellite data services market include ImageStat International, Planet Labs Inc., Orbital Insight, Descartes Labs, Satellogic, Spire Global, Satellite Imaging Corporation, Trimble Inc., L3Harris Technologies, Inc., Airbus S.A.S., Ursa Space Systems Inc., East View Geospatial Inc., and others. These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global satellite data services market include,
- In July 2022, Trimble introduced the new Trimble X12 scanning system to its line of geospatial scanning products. The X12 combines the know-how of two industry leaders into a single solution by integrating Trimble software for accurate data gathering and in-field registration with 3D laser scanning and imaging hardware technology from Zoller+Fröhlich (Z+F).
- In June 2022, Orbital Insight announced its launch of a site intelligence solution to aid financial services, travel, entertainment, and other sectors to make data driven decisions.
- In July 2021, ISI (ImageSat International) announced its partnership with two global leaders in Geospatial and Earth Observation data and services, e-GEOS and Telespazio company, to form the world’s most capable commercial Electro Optical-SAR earth observation satellite constellation.
Key Market Segmentation
RationalStat has segmented the global satellite data services market on the basis of technology, application, end user, and region.
- By Technology
- Optical Satellite Imaging
- Synthetic-Aperture Radar (SAR) Imaging
- By Application
- Government & Military
- By End Use
- Energy & Power
- Aerospace & Defense
- Oil & Gas
- Engineering & Infrastructure
- Environmental & Weather Forecasting
- Others (Maritime, Insurance, etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the Service of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for satellite data services providers, government organizations, educational organizations, research institutes, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global satellite data services market is expected to grow at a CAGR of approximately 24% during the forecast period 2022-2028.
North America holds a prominent share of the global satellite data services market.
The global market for satellite data services was US$ 6.8 Billion in 2021.
The increased adoption of AI and machine learning and the growing demand from government and defense organizations are the major factors to influence the growth of the global satellite data services market.
Major companies operating in the global satellite data services market are ImageStat International, Planet Labs Inc., Orbital Insight, Descartes Labs, Satellogic, Spire Global, Satellite Imaging Corporation, Trimble Inc., L3Harris Technologies, Inc., Airbus S.A.S., Ursa Space Systems Inc., East View Geospatial Inc., and others.