The global satellite data services market was worth USD 5.3 billion in 2019 and is expected to reach a valuation of USD 73.47 billion by 2030, registering a CAGR of 27% over 2022-2030.
What are the growth determinants and restraints of this industry vertical?
The escalating demand for satellite data from a wide array of industries along with the privatization of the space sector are the primary factors augmenting the outlook of this business sphere. Alongside, rapid evolution in earth observation imagery and analytics is adding momentum to the market development.
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Furthermore, the growing adoption of advanced technologies such as machine learning, AI, and cloud computing in the space segment is creating lucrative opportunities for the industry sphere to prosper.
Also, increase in the utilization of satellite based information to facilitate the efficient development of connected vehicles and smart cities is fueling the market expansion. Besides, rising R&D investments in the field along with surge in space exploration activities are positively swaying the dynamics of this business sphere.
Moreover, the elevating demand to obtain real time satellite images on smart devices owing to the emergence of advanced features like google earth is stimulating the overall industry outlook.
On the contrary, dearth of skilled professionals in the field coupled with the lack of inadequate infrastructure in emerging regions are limiting the remuneration scope of the market.
Segmental analysis of global satellite data services market
Based on vertical, the marketplace is split into energy & power, defense & intelligence, environment, transportation & logistics, engineering & infrastructure, maritime, insurance, and agriculture. The agriculture segment is poised to amass notable gains over 2022-2030 owing to the growing utilization of satellite images for the evaluation of crop conditions and yields.
In terms of service, the industry is bifurcated into data analytics and image data. The data analytics segment is expected to generate significant returns over the estimated timeline due the growing demand for data analytics services to cater to the development of GIS maps.
On the basis of end use, the business vertical is fragmented into commercial and government & military. The government & military segment is anticipated to dominate the market in terms of volume share. This is credited to the increasing utilization of high-quality satellite imagery for border monitoring and surveillance purposes.
Which is the fastest growing region in the industry?
North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the major regions constituting the geographical terrain of the business sphere. Among these, North America is projected to capture a high revenue share over 2022-2030. This is attributable to the increasing space exploration activities, availability of adequate infrastructure, and rising R&D investments in the field.
Expounding the competitive ambit of the market
The prominent players defining the competitive gamut of global satellite data services industry are Airbus S.A.S., East View Geospatial Inc., ImageSat International (ISI), L3Harris Technologies, Inc., Maxar Technologies, Planet Labs Inc., Satellite Imaging Corporation, SpecTIR LLC, Trimble Inc., and Ursa Space Systems Inc.
Notably, in June 2021, the UK Royal Navy offered a 12- month contract to Airbus to provide satellite-based surveillance services for one of its security centers.
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