Satellite Data Services Market Will Grow To A Market Value Of US$ 22 Billion By 2028
Global Satellite Data Services Market is a comprehensive market analysis that examines global satellite services on the basis of technology, application, end-user, and region. It also includes trend analysis and market forecasts. RationalStat offers market share analysis, product portfolio analysis and year-on-year and Covid-19 impact analyses. This analysis provides an overview of competition and market strategies and potential growth areas for target players.
Market Overview & Dynamics: Satellite Data Services Market
Increasing demand for data analytics services like image processing, feature extraction, digital models, and classification is augmenting the global market growth.
Global satellite data services are expected to grow at around 24% CAGR over the forecast period 2022-2028. Market growth has been fueled by the increasing use of satellite imagery for meteorologists to monitor climate changes and take corrective action. Satellite imagery can also be used to evaluate crop yields, crop health, and plant quality in great detail, which will act as the growth catalyst for the global satellite data services market.
Satellite technology has also helped local governments and defense agencies to better understand and access the movement of people, and equipment, assess the damage from natural disasters and locate hidden bunkers. The integration of image and big data analytics has allowed users to make better data-driven decisions, which is expected to lead to more opportunities in the marketplace in the future.
- Based on end use, the Aerospace & Defense sector holds a dominant share in the global satellite data services market whereas engineering & infrastructure holds a significant share in the global satellite data services market.
- Based on region, North America holds a prominent share of the global satellite data services market due to significant investments and lucrative growth opportunities in the region.
The emergence of AI and Machine Learning is creating opportunities for the satellite data services market to grow in the upcoming years. Due to the presence of many well-established companies in the global satellite data services market, there is intense competition in this market.
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.
Acquisitions, product launches, and partnerships are the identified industry trend in the global satellite data services market. Key market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
- 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.
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.
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
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