Technological advancements and growing dynamism within the NewSpace sector are changing consumer behavior and supporting the move from a space-to-space paradigm to a space-for-earth ecosystem. Macroeconomic shifts and more investment in high-risk ventures have accelerated innovation, increased competition, and augmented business strategies driven by the growing demand from downstream actors.
Information volume upsurge is forecast to generate more than 52 Exabytes (EB) of data during the next decade, requiring cloud solutions to circumvent software and hardware ownership and a market for turnkey solutions. Industry 4.0, and more specifically, Space 4.0, the adjunct to the fourth industrial revolution, has incorporated advanced digital technologies, including 5G connectivity stack, artificial intelligence, the Internet of Things, machine learning, Big Data analytics, digital twins, and robotics. Industry 4.0 is transforming the global value chain from a hyperconnected sphere to one of digital economies, with interwoven and complex ecosystems.
The success of the space sector necessitates growth and scalability to drive the solutions delivered to industries on the ground. Earth observation and science, space science and environment, IoT and satellite communications, security, defense, and national space, and positioning, navigation, and timing have attracted perceptible business use cases for small satellites across several commercial, civil, government, and military applications.