Satellite Data Analytics Services Market Outlook – 2027
The global satellite data analytics services market is experiencing a significant growth due to surge in investment in the space industry. Satellite data analytics services compromise providing big data geo-analytics, which uses proprietary algorithms and advanced machine learning techniques to deliver strategic insights for businesses using satellites revolving around the earth’s orbit. Satellite data analytics data services use earth observation data to aid in critical business decisions in fields such as infrastructure monitoring, commodity market, forestry management, and agriculture management. Moreover, satellite data services analyze data presented in a satellite image to provide data analytics to transform business landscape by bringing transparency and efficiency among different industries.
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COVID-19 scenario analysis:
COVID-19 pandemic has forced space industry companies to put their satellite launch and manufacturing operations on hold due to government regulations to contain the spread of virus.
Satellite data service companies are facing short term operational issues due to lack of site access restrictions imposed by authorities to contain the COVID-19.
Satellite data services are facing high server down time, since servers require constant maintenance for maximum up time.
Satellite data services are crunching their financial resources by server up keep and maintenance without consumers of data services. Since, COVID-19 has impacted all industries, the data services consumption has reduced significantly during the lockdown imposed by the government.
Space industry is witnessing a huge workforce shortage, since most companies or agencies rely on international workforce for their operations.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Surge in privatization of space industry, increase in demand for small earth observation satellites, and rise in adoption of cloud computing are the factors that drive the global satellite data services market. However, potential data breaches and expensive data access hinder the market growth. On the contrary, emergence of satellite as a service and increasing usage of AI in image & data processing present new pathways in the industry.
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The global satellite data services market trends are as follows:
Demand for small earth observation satellites
Launch of satellites by satellite manufacturers into lower and medium orbits to facilitate data services can be attributed to increase in demand for big data. Recently, in 2020, Planet Labs Inc. (private earth imaging company based in California, US) announced new service offerings such as higher resolution 50 cm imagery, Tasking Dashboard, and enhanced revisit capabilities, as part of their overall Tasking offerings. Tasking provides most agile constellation of high-resolution small earth observation satellites for geo-spatial data with real-time intelligence. New service offerings are aimed at enhancing the core imagery for analysis meanwhile reducing data acquisition hurdles such as limited revisiting capabilities. Moreover, usage of big data in satellite imagery is reducing data acquisition cost, data storage cost, and data processing cost. Big data is systematic extraction and analysis of large data sets that are too large for traditional data processing software. Hence, demand for small earth observation satellites is expected to fuel the growth global satellite data analytics services market.
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Key benefits of the report:
- This study presents the analytical depiction of the global satellite data analytics services industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global satellite data analytics services market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global satellite data analytics services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global satellite data analytics services market analysis based on competitive intensity and how the competition will take shape in coming years.
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