The global satellite data services market was valued at USD 8.29 Billion in 2022 and is anticipated to reach USD 73.82 Billion by 2031 , expanding at a CAGR of 4.9 % during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing use of satellite imagery data in various industries and growing need for free availability of satellite-based images.
Satellite data service is majorly used for providing data on physical, chemical, and biological features of Earth. Rising adoption of machine learning (ML) and artificial intelligence (AI) in the space sector has created several opportunities for service providers to offer ML and AI integrated solutions.
Satellite Data Services Market Trends, Drivers, Restraints, and Opportunities:
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Increasing demand for tools like Google Earth to access real-time satellite imagery feed on mobile phones is expected to fuel the market.
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Satellite data is extensively used in development of smart cities and upgradation of vehicles.
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Rising usage of remote-sensing technology for city infrastructure modeling and zoning has contributed to sustainable urban development.
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Integration of cloud computing system with satellite imagery helps researchers to access data from distant locations.
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Privatization of space has created high competition among companies to develop new technologies, which in turn, is estimated to drive the market.
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Opportunity to capture large areas using numerous small satellites is anticipated to propel the demand among imagery adopters, which in turn, drives the market.
Scope of Satellite Data Services Market Report
The report on the satellite data services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Satellite Data Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Administrative, Commercial, and Scientific), Industry Verticals (Environmental, Defense & Security, Marine, Energy & Power, Agriculture, Engineering & Infrastructure, and Others), and Regions
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Harris Geospatial Solutions, Inc., Airbus S.A.S, Planet Labs, Inc., ICEYE, DigitalGlobe, and Ursa Space Systems
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Satellite Data Services Market Segment Insights
The administrative segment is expected to expand at a rapid pace during the forecast period
Based on applications, the global satellite data services market is segregated as administrative, commercial, and scientific. The administrative segment held a major share of the satellite data service market in 2019. Government and non-government organizations use satellite-based insights and imagery for various managerial purposes such as land management, infrastructure monitoring, and cadastral surveying. Incorporation of big data analytics with satellite imagery helps organizations to smartly map urban development, forestry and agriculture, flow of resources, and take essential measures. Need to produce exact 3D geographic information system (GIS) maps to help planners plan effective construction, minimize the risk of disasters, and conduct defense operations is boosting the demand for satellite data service.
The commercial segment is expected to grow during the forecast period, due to increasing use of data service in marine navigation, broadcasting appliances, and designing pipeline systems. Many farming and agriculture companies have started referring to commercially available satellite imagery data to understand about vegetation post harvesting and increase the soil condition. Recognition of mutations such as cracks in dikes and dams, growth of trees in electrical lines, watching refugee movements, and ground movements below the pipelines are some of the uses of satellite data service in the commercial sector, which increases the demand for the segment.
The environmental segment held a major share of the total revenue in 2019
On the basis of industry verticals, the global satellite data services market is fragmented as environmental, defense & security, marine, energy & power, agriculture, engineering & infrastructure, and others.
The environmental segment is expected to expand at a robust CAGR during the forecast period. Need for high-resolution earth images to track wildlife population, detect deforestation, and track illegal mining is driving the market in the segment. Moreover, rising usage of satellite imagery among meteorologists to observe current climate change and take essential measures has propelled the market.
The defense and security segment is expected to expand at a substantial CAGR during the forecast period. Developments in satellite technology have assisted defense agencies and local governments to recognize and watch movement of people, identify secret bunkers, and estimate damage from natural disaster and attacks. Additionally, companies have started providing satellite imagery as a service and offer all elements regarding processing, exploitation, dissemination, and tasking.
The market in North America is expected to expand at a substantial CAGR during the forecast period
Based on regions, the global satellite data services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America held more than 33% share of the total revenue in 2019. Preparation of new space strategies allows the government to collaborate with companies in the commercial sector, so that they can address defense system threats from space-bound attacks. This factor is expected to propel the satellite data service market.
Europe has launched the Retro Assisted Landing Technologies (RETALT) project, which is a reusable, low-cost, and reliable technology. This technology is expected to fuel the satellite data services market.
Segments
The global satellite data services market has been segmented on the basis of
Industry Verticals
- Environmental
- Defense & Security
- Marine
- Energy & Power
- Agriculture
- Engineering & infrastructure
- Others
Applications
- Administrative
- Commercial
- Scientific
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global satellite data services market include Harris Geospatial Solutions, Inc., Airbus S.A.S, Planet Labs, Inc., ICEYE, DigitalGlobe, and Ursa Space Systems. Organizations all over the world are partnering with government and non-government agencies to offer satellites with high-resolution imagery.
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