Satellite Data Services Market and the Growth of Space Industry
Tags: satellitedataservicesmarket, satellitedataservices
Published: 2024-05-31 11:52:59

Human-made satellites are responsible for delivering data and information about the Earth’s surface and also other planets. Using [remote sensing](https://dev.to/santoshkaranam/harnessing-the-power-of-remote-sensing-and-gis-for-sustainable-development-4j5f) technologies, these satellites can generate data regarding Earth’s surface and weather changes. In addition, it can provide analytics about land and water, as well as environmental situations.

![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/uqphoae07blq9gtfrno4.jpg)

Many governments also utilize satellites to observe settlement patterns and to make infrastructure policies. In addition, data from satellites can give insights when building cities and promote economic growth.

This cloud-based service delivers almost real-time data in every condition, whether it is at nighttime or in a cloudy condition.

Several companies that provide satellite data services include ICEYE, Airbus SE, DigitalGlobe, L3Harris Geospatial, LAND INFO Worldwide Mapping, Planet Labs, SATPALDA Geospatial Services, Ursa Space Systems, Inc, among others.

The [satellite data services market](https://www.gmiresearch.com/report/satellite-data-services-market/) has seen rapid growth, in which GMI Research estimated that the satellite data services market size reached USD 6.5 billion in 2021. The research firm predicted that the market would touch USD 30.5 billion in 2029.

The firm mentioned that based on service, the Data Analytics segment holds the largest share in the market. It is especially used for monitoring crops, coastal traffic, and floods. This leads to the agriculture segment leading the market based on vertical segment, as the satellite imagery hel``ps monitoring vegetation and land. Meanwhile, government and military dominate the market based on the end-use.

**What Drives This Market to Grow?
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As there is an increasing demand for earth observation satellites, privatization of space industry, and advancements in satellite technology, satellite data services market is undergoing rapid expansion.

**Increasing demand for earth observation satellites
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To be able to make a data-driven decision making across industries, there has been an increasing demand for earth observation satellites. With an electro-optical sensor, this satellite will work like a flying camera and record the Earth’s surface.

**Privatization of space industry
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Space industry has increasingly grown towards private sector. This demonstrates a substantial shift from the government-focused practice. Private enterprises have to compete to get the data needed, which increases the demand for satellite data.

**The adoption of AI and big data analytics in space industry
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Implementing big data analytics and adopting AI can further accelerate the growth of satellite data services market. There are also thriving advancements in satellite technology like miniaturization, innovative satellite design, and data processing capabilities, which boost the utilization of the data satellite services.

**Demand for real-time and high-resolution imagery
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As technology advances, there is a necessity to get a better quality of data and images collected by satellites. With high-resolution imagery and real-time data delivery, this market is seeing significant growth.

**Government investment
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Satellite data services are increasingly relevant to tackle problems that are happening in the world. Therefore, many governments make serious investments to possess and utilize satellites.

Despite the rapid growth of the satellite data services market, there are also challenges to be overcome. The first is related to the high cost to build, maintain, and operate the data satellite. To have and utilize this satellite, there should be a significant expenditure to spend. Furthermore, there are also stringent regulations to use the satellites that further hamper the market’s growth.