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The increasing need for high-resolution satellite imagery for data analytics, geospatial analytics, and deriving business intelligence, among others, are expected to fuel the growth of the satellite data services market across the globe.
The satellite data services market size is projected to grow from USD 7.5 billion in 2019 to USD 23.4 billion by 2025, at a CAGR of 21.0% from 2019 to 2025. Some of the factors that are expected to fuel the growth of the market are the need for satellite imagery data to monitor business operations, use precision agriculture techniques, and understand environmental impact on a global scale, among others.
The environmental segment is estimated to grow at the highest CAGR during the forecast period due to the rising need for understanding the global impact of pollution on our environment.
Based on vertical, the environmental segment is estimated to grow at the highest CAGR during the forecast period due to the heavy investments made by countries governments and private organizations globally to stop global warming. In addition to providing updated near-real-time reports on the health status of the Earth, satellite imagery also helps understand the cause & effect, and the solutions needed to stop environmental degradation. Satellite imagery can be used to track oil spills, damage due to excessive deforestation & urbanization, the impact of harmful mining & mineral extraction techniques, air purity, water purity, soil contamination, among others, which has led to its wide adoption and fast growth rate.
The commercial segment is expected to lead the satellite data services market in 2019.
Based on end-use, the commercial segment is estimated to account for the largest share of the satellite data services market in 2019. Spatial analytics is beginning to gain more importance in the business world because of the data-driven decision-making capabilities it offers. Organizations in verticals such as energy & power, transport and shipping, insurance, and engineering & Infrastructure, among others, are using satellite obtained data to make information-driven decisions. Satellite data combined with data analytics and geospatial analytics is in high demand by commercial organizations for applications such as monitoring, project planning, and asset tracking, among others.
The data analytics segment is expected to grow at the highest CAGR during the forecast period
Based on service, the data analytics segment is estimated to grow at the highest CAGR during the forecast period. Data analytics is the core of this market; without it, companies would not be able to extract valuable insights from satellite imagery. Many private companies and government organizations have worked to develop platforms which use artificial intelligence, machine learning, and big data analytics to extract valuable information from satellite imagery. For example, machine learning can be used to identify crops, the stage of growth it is in, and the necessary environment and nutrients it requires at that stage in growth.
North America is estimated to account for the largest share of the Satellite Data services Market in 2019.
North America is expected to lead the Satellite data services Market by region in 2019. The market in the geography is highly competitive, owing to the presence of many satellite operators and satellite data service providers such as Satellite Imaging Corporation, Harris Geospatial Services, Planet Labs, Inc. DigitalGlobe, Inc., among others. Extensive use of satellite imagery data and data analytics for both, commercial and government & military organizations, is expected to drive the growth of the satellite data services market in North America during the forecast period.
The break-up of the profiles of primary participants in the Satellite data services Market is as follows:
- By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
- By Designation: C Level Executives–35%; Directors–25%; and Others–40%
- By Region: North America–45%; Europe–20%; Asia Pacific–30%; and Middle East & Africa, and South America–5%
Major players operating in the Satellite Data Services market include Airbus SE (Netherlands), Harris Geospatial Solutions, Inc (US), DigitalGlobe (US), Satellite Imaging Corporation (US), Planet Labs, Inc.(US), ICEYE (Finland), URSA Space Systems (US), SATPALDA Geospatial Services (India), Earth-i Ltd. (UK) and Land Info Worldwide Mapping (US) among others.
- This market study covers the Satellite data services Market across various segments and subsegments. It aims at estimating the market size and growth potential of this market across different segments based on vertical, end-use, service, and region.
- This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons To Buy this Report
- This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Satellite data services Market and its segments.
- This study is also expected to provide region wise information about the applications, wherein satellite data services are used.
- This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
- This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.