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.
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Browse in-depth TOC on “Satellite Data Services Market” 300 – Tables
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Satellite Data Services Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 9.3 billion |
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Estimated Value by 2028 |
$ 20.9 billion |
|
Growth Rate |
Poised to grow at a CAGR of 17.5% |
|
Market Size Available for |
2019–2028 |
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Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Vertical, End-Use, Service, Deployment and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Concern over space debris |
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Key Market Opportunities |
Increased government investment in space agencies |
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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.
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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.
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