Satellite Data Services Market worth $20.9 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 14, 2024 /PRNewswire/ — The Satellite Data Services Market is valued at USD 9.3 billion in 2023 and is projected to reach USD 20.9 billion by 2028, at a CAGR of 17.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The satellite data services market encompasses the provision of geospatial information and imagery through satellite-based platforms.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=55690321

Browse in-depth TOC on “Satellite Data Services Market” 300 – Tables

70 – Figures

350 – Pages

Satellite Data Services Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 9.3 billion

Estimated Value by 2028

$ 20.9 billion

Growth Rate

Poised to grow at a CAGR of 17.5%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Vertical, End-Use, Service, Deployment and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Concern over space debris

Key Market Opportunities

Increased government investment in space agencies

Key Market Drivers

Significant advancements in geospatial imagery analytics with the introduction of AI and big data vehicles

This market involves the collection, processing, analysis, and dissemination of data captured by satellites orbiting the Earth. The market is experiencing rapid growth driven by technological advancements, increasing demand for geospatial data, and expanding applications across diverse sectors. Satellite data services cater to a wide range of applications across various sectors, including agriculture, forestry, environmental monitoring, urban planning, infrastructure development, defense, and disaster management. Key drivers propelling market growth include continuous advancements in satellite technology, which enable higher resolution imagery and enhanced data analytics capabilities. Additionally, the rising demand for geospatial information for decision-making, resource management, and strategic planning fuels market expansion. Prominent players in the satellite data services market include industry leaders such as Maxar Technologies, Airbus, Planet Labs, and L3Harris Technologies, Inc, alongside emerging startups and innovative technology firms. However, despite the significant growth opportunities, the market faces challenges related to data privacy and security concerns. Ensuring the confidentiality, integrity, and availability of satellite data amidst increasing cybersecurity threats poses a notable challenge for industry stakeholders. Overcoming these challenges while capitalizing on the growing demand for satellite data services will be crucial for sustaining market growth and fostering innovation in the years ahead.

Based on the vertical, the Defense & Security segment by vertical is estimated to have the highest market share in 2023.

Based on the vertical, the Defense & Security segment is estimated to lead the Satellite Data Services Market from 2023 to 2028. The defense & security segment is further sub-segmented into maritime and land surveillance activities, critical infrastructure protection, crime mapping, and monitoring of airfields. Defense and security represent crucial sectors leveraging geospatial technologies in operational endeavors. Within these domains, tools such as Geographic Information Systems (GIS), Global Positioning System (GPS), Internet of Things (IoT), and remote sensing play integral roles. These technologies are instrumental in various defense operations, including command and control, force protection and security, intelligence gathering, surveillance, military engineering, mission planning, data modeling, simulation, training exercises, terrain analysis, visualization, and naval operations. Geospatial technologies enhance situational awareness, facilitate decision-making, and optimize resource allocation, thereby significantly contributing to the effectiveness and efficiency of defense and security operations. National security and defense organizations rely on monitoring human and geographic movement in near real-time for effective mission execution, maintaining national security, and fostering collaboration with other governments. Utilizing satellite data and imagery plays a crucial role in tracking movement patterns as they unfold. Satellite Imagery solutions on AWS provide a means to swiftly access evolving satellite data, empowering national security, defense, and law enforcement entities to enhance decision-making processes. This rapid access to information contributes to the safety and security of global populations.

Based on the end-use, commercial segment is estimated to have the highest market share in 2023.

In 2023, the commercial segment is anticipated to dominate the Satellite Data Services market, holding the largest market share. This segment encompasses geological, mapping, and cartographic companies; mining, oil, and gas companies; transport, construction, and infrastructure companies; satellite operators/owners; media and entertainment; and other entities. Others include insurance companies, utility companies, and emergency response companies. Commercial small satellite data is now accessible to all NASA-funded researchers through the Commercial Smallsat Data Acquisition (CSDA) program. Notably, data providers Planet and Spire have recently broadened their End User License Agreements with NASA, making their data freely available to all U.S. government-funded researchers.

Based on the service, the data analytics segment is estimated to have the highest market share in 2023.

The data analytics segment is further sub-segmented into image data processing, feature extraction, digital models, and classification. The proliferation of satellite constellations and advancements in sensor technology have led to a significant increase in the volume and variety of satellite data available. This abundance of data provides opportunities for data analytics companies to develop innovative solutions for extracting valuable insights and intelligence. Organizations across various sectors, including agriculture, urban planning, environmental monitoring, and disaster management, require actionable insights derived from satellite data to make informed decisions and solve complex challenges. Data analytics solutions enable users to extract meaningful information from raw satellite imagery, facilitating evidence-based decision-making. The growing recognition of the value of satellite data analytics for decision-making and innovation has led to increased market demand and competition.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=55690321

Based on regions, the North America market is estimated to have the highest market share during 2023.

The North America region is expected to have the highest market share in the Satellite Data Services Industry in 2023. North America is a hub for technological innovation, with leading satellite companies and startups continuously developing and deploying advanced satellite technologies. This includes high-resolution imaging sensors, small satellite constellations, and data analytics platforms, driving the growth of satellite data services in the region. Various industries in North America, including agriculture, defense & intelligence, energy, transportation, and environmental monitoring, are increasingly leveraging satellite data services to gain insights, improve decision-making, and drive efficiency. The demand for satellite imagery and analytics solutions across these sectors is fueling market growth. Initiatives such as NASA’s Earth Observation System and the National Geospatial-Intelligence Agency’s commercial imagery programs are driving the adoption of satellite data services in the region. Satellite companies in North America are forming strategic partnerships and collaborations with government agencies, research institutions, and private companies to expand their market reach, develop innovative solutions, and address emerging challenges. These partnerships enhance the capabilities and competitiveness of North American satellite data service providers in the global market.

Key Players

Prominent companies in the Satellite Data Services Companies include Airbus (France), Maxar Technologies (US), L3Harris Technologies, Inc (US), Planet Labs, PBC (US) and ICEYE (Finland). These industry leaders, headquartered in various countries, drive innovation and excellence in satellite data services globally.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=55690321

Browse Adjacent Market: Aerospace and Defence Market Research Reports & Consulting

Related Reports: 

Space Launch Services Market by Payload (Satellite, Human Spacecraft, Cargo, and Space Probes), Service Type, End User (Commercial, Military and Government), Orbit, Launch Vehicle, Launch type and Region – Global Forecast to 2027

Space Situational Awareness (SSA) Market Size, Share & Industry Growth Analysis Report by Solution (Services, Payload Systems, and Software), Orbital Range (Near-Earth and Deep Space), End Use (Commercial, and Government & Military), Object, Capability, and Geography- Global Growth Driver and Industry Forecast to 2026

Small Satellite Services Market by Platform (CubeSat, Nanosatellite, Microsatellite, Minisatellite), Vertical (Government & Military, Non-Profit Organizations, Commercial), Application (Remote Sensing, Communication), and Region – Global Forecast to 2022

Space Robotics Market by Solution, Services (Satellite Servicing, On-orbit Assembly & Manufacturing, De-orbiting Services, Re-supply, Surface Mobility, & Launch Support), Application, End-User, and region (2017-2023)

Remote Sensing Services Market by Application, Platform (Satellites, UAVs, Manned Aircraft, Ground), End Use, Resolution (Spatial, Spectral, Radiometric, Temporal), Type, Technology (Active, Passive) and Region – Global Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra


MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Visit Our Web Site: https://www.marketsandmarkets.com/

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/satellite-data-service-market.asp

Content Source: https://www.marketsandmarkets.com/PressReleases/satellite-data-service.asp

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg


Go to Source