Product ID: SQMIG45J2140
Global Satellite Data Services Market Size, Share, Growth Analysis, By Service(Data Analytics and Image Data), By End Use(Commercial and Military) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2140 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
59 |
Figures:
77
Global Satellite Data Services Market Insights
Global Satellite Data Services Market size was valued at USD 7.86 billion in 2022 and is poised to grow from USD 9.39 billion in 2023 to USD 39.06 billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031).
Earth photography is essential for a wide range of tasks, including topographical mapping, disaster management, green mapping, traffic control, and infrastructure planning and development. It is projected that factors including the rise in earth observation satellite need, the privatisation of the space industry, and the surge in satellite data demand from various business verticals would all contribute to the market expansion. Government organisations in the area have worked hard to roll out new satellite and navigation systems, which has helped the satellite communications sector flourish even more. For instance, the U.S. Space Force published a list of future standards for commercial satellite communications in October 2022 to help interested suppliers prepare for potential solicitations in the fiscal year 2023. The 11 planned contracts for procurement, according to the service, are expected to endure for the ensuing 11 months. The five-year contract is worth between USD 620 million and USD 630 million, according to estimates. Nevertheless, the market's growth is constrained by stringent governmental regulations governing satellite installation and a lack of specialised launchers for small satellites. Additional factors that are anticipated to provide lucrative growth opportunities for the satellite data services market include an increase in the adoption of artificial intelligence (AI), machine learning (ML).
Global Satellite Data Services Market Report Snapshots
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