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Satellite Data Services Market Overview
Satellite Data Services Market Size was valued at USD 115.1 billion in 2022. The satellite data services market industry is projected to grow from USD 128.359 Billion in 2023 to USD 246.9133 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.52% during the forecast period (2023 – 2030).
Drivers
Increased Adoption of ML and AI in Satellite Data Services to Boost Market Growth
The increased adoption of machine learning & artificial intelligence will bolster market growth in the assessment period. The growing adoption of AI & ML in the space industry has opened up many possibilities for service providers to offer solutions that incorporate AI and ML. AI-powered platforms are providing understanding of previously hard to access factors like social, industrial, and economic processes. ML algorithms are being utilized more and more to process daily satellite images to categorize and identify objects, pinpoint geographic and topographical features, and keep track of small changes over time.
Opportunities
Increasing Demand in Smart Cities to offer Robust Opportunities
The increasing demand of satellite data services in smart cities & connected vehicles will offer lucrative opportunities for the satellite data services market in the forecast period. Satellite information is extensively utilized in the creation of smart cities and linked automobiles. Urban developers employ this data to grasp settlement patterns and guarantee effective infrastructure administration. Greater application of remote sensing tech for zoning and city infrastructure prototyping has assisted in satisfying the expanding requests from city inhabitants for enhanced management of maintainable urban expansion.
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Restraints and Challenges
Stringent Regulations to use Satellites to act as Market Restraint
The stringent regulations to use satellites and rising concerns related to space debris may act as market restraints over the forecast period.
Market Segmentation
The global satellite data services market is bifurcated based on application and type.
By type, image data will lead the market over the forecast period.
By application, environmental monitoring will domineer the market over the forecast period.
COVID-19 Analysis
The satellite data service industry witnessed a decline in 2020 due to the COVID-19 pandemic. The temporary closure of various design, development, and manufacturing facilities with restricted operational launch stations restricted the market growth during the pandemic.
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Regional Analysis
North America to Command Satellite Data Services Market
The satellite data services market in North America is expected to be the largest market segment. The new National Space Strategy allows the government to work with private companies to build a major defense system against attacks from space. Also, the U.S. freely shares photos taken by the Landsat satellite, giving users cost savings and economic benefits. North America should continue to lead the satellite data service market during the forecast period because of the high number of investments in NASA and ongoing research. Growing use of commercial satellite imaging across industries in the region, along with existing infrastructure from past space programs, is also boosting market growth.
Key Players
Prominent market players profiled in the satellite data services market report include Airbus SE (Netherlands), Black sky (US), Digitalglobe Inc (US), Earth-i Ltd (UK), Geospatial Intelligence Pty Ltd (Australia), Gisat SRO (Czech Republic), Harris Geospatial Solutions Inc (US), Imagesat International (Israel), Planet Labs Inc (US), and Trimble Inc (US).
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