Chicago, July 14, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™ research report "Satellite Data Services Market by Vertical (Energy & Power, Engineering & Infrastructure, Environmental & Weather, Agriculture, Transportation & Logistics, Insurance), Service (Image Data, Data Analytics), End-Use, Region - Global Forecast to 2026", The satellite data services market is valued at USD 5.9 billion in 2021 and is projected to reach USD 16.7 billion by 2026, at a CAGR of 23.0% from 2021 to 2026. Satellite data or satellite imagery is recognized as information about Earth and other planets in space, gathered by man-made satellites in their orbits.
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Satellite data or imagery is the information about the Earth and other planets in space, gathered by man-made satellites in their orbits. This report is mainly focused on satellite data services for Earth. Satellite data having a wealth of available authentic information about Earth's surface, weather, and other incidents are created via remote sensing technologies.
Key players operating in satellite data services market are:
- Maxar Technologies (US),
- L3Harris Geospatial (US),
- Airbus (Netherlands),
- Planet Labs, Inc.(US)
- Spire (US)
North America is projected to be the fastest-growing satellite data services market from 2022 to 2027.
The US government invests in every part of the smallsat ecosystem and is likely to continue investing, both upstream and downstream, which would positively impact the satellite data services market. The more interesting development is in the increasing investments in smallsats by other governments around the world. The key stakeholders in the satellite data services market ecosystem are the Satellite Operators, Ground Station Operators, Data resellers, Value-Adding Service operators, GI Service operators, Consultancy firms, End Users, Integrated End Users, Geo-Information Products, and On-Line Services.
Browse in-depth TOC on “Satellite Data Market”
258 - Tables
49 - Figures
287 – Pages
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"The data analytics segment of the satellite data services market, by service, is projected to have the highest growth from USD 4,320 million in 2021 to USD 11,297 million by 2026, at a CAGR of 22.2 % during the forecast period"
The data analytics segment is further sub segmented into image data processing, feature extraction, digital models, and classification. Processing higher-resolution imagery often generates considerable challenges for data analysis. The complication in turning raw remote sensing data into post-processing imagery (or significant insights) often has numerous requirements such as data science expertise, computer time required for processing, computing processing power, and the required budget. The mutual synergy of developments in satellite imagery resolution, facial recognition technology (and other image recognition software), real-time imaging, and big data analytical software permits end users to witness industrial activity and environment in detail, which aids in making more informed business decisions. Demand for these services, namely image data processing, feature extraction, digital models, and classification, is expected to grow during the forecast period. A combination of them is required for developing GIS maps and analyzing data presented in a satellite image.
"North America is estimated to account for the largest share of 45% of the satellite data services market in 2020"
North America is estimated to account for 45% of the satellite data services market in 2021. North America is expected to dominate the market studied during the forecast period due to the maximum number of ongoing research studies and investments in this market, the existence of updated infrastructure to undertake space programs, and the most rapid and maximum adoption of commercial satellite imaging throughout various industries in the region. The US has many satellite operators providing satellite imagery and numerous companies offering data analytics. The defense sector relies heavily on satellite data for planning its operations. The US has been an innovator in data analytics, with many private players in the country catering to verticals such as energy & power, engineering & infrastructure, defense & security, maritime, and transportation & logistics.
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