The Satellite Data Services Market size is expected to reach $16.2 billion by 2026, rising at a market growth of 25% CAGR during the forecast period.
Satellite data services provide the supply of earth information and data which is generated and captured by man-made satellites that travel around the orbit of the earth.
The satellite data most commonly used for observing earth, providing information on the chemical, physical, and biological characteristics of the planet.
In an emerging economy, the global satellite data market is expected to grow at substantial rates over the forecast period.
Major progress in geospatial imagery analysis combined with the implementation of AI and big data, privatization of the space industry and growing demand of small earth observation satellites is driving the market.
The fourth industrial revolution also gives the satellite data services sector attractive growth prospects.
The launch of Industry 4.0, which is expected to promote disruption in traditional practices and to deliver better market growth prospects, offers development opportunities to many satellite firms, OEMs and applications developers.
In the design and manufacturing stages of satellite production, Industry 4.0 will also increase productivity in subsequent years with prediction for economic growth.
Satellite-as-a-Service (SataaS) is expected to provide consumers with faster and more reliable access to satellite imaging.
It is expected that a pay-as-you-go satellite model will deliver more resources and time management capabilities in commercial applications.
This will also allow companies to get their product closer to the customer by allowing them a certain period of time to own the satellite, so they can achieve sustainable market growth.
The growing number and overall cost of deploying small satellites is making SataaS a very economical choice, which makes it possible for medium businesses to embrace the entire industry.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix, L3Harris Technologies, Inc. and Trimble, Inc. are the forerunners in the Satellite Data Services Market.
Companies such as Spaceflight Industries, Inc., Planet Labs, Inc., Maxar Technologies, Inc., Ursa Space Systems, Inc., SpecTIR, LLC, ImageSat International N.V., and Airbus SE are some of the key innovators in the market.
- Airbus SE (Airbus Defence and Space SE)
- Maxar Technologies, Inc. (DigitalGlobe, Inc.)
- Trimble, Inc.
- L3Harris Technologies, Inc.
- ImageSat International N.V.
- Planet Labs, Inc.
- Spaceflight Industries, Inc. (BlackSky Global LLC)
- Ursa Space Systems, Inc.
- SpecTIR, LLC
- Satellite Imaging Corporation
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