Satellite Data Services Market Opportunities and Challenges

Northbrook, USA, 2020-Jan-16 — /EPR Network/ —

The report on the satellite data services market provides an analysis of the market from 2017 to 2025. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. 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. The market in North America and Asia Pacific are expected to witness substantial growth during the forecast period due to the adoption of satellite imagery for environmental, agricultural, oil and gas operations and defense applications among others.

Based on vertical, the defense & security segment of the satellite data services market is estimated to have the largest market share during the forecast period. The growth of this segment can be attributed to the increasing need for 24/7 monitoring of borders, protected sites, critical infrastructure. Additionally, satellite imagery data is used to access remote locations and assist in route planning, mission planning, and plays a vital role in supporting missions, providing real-time information to commanders about on the ground scenarios, and enabling them to make informed decisions.

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Based on service, the data analytics segment of the market is projected to grow at the highest CAGR during the forecast period. The growth in this segment can be attributed to the adoption of artificial intelligence-driven platforms to analyze satellite data and provide actionable, data-driven insights to commercial organizations. Satellite imagery is used in conjunction with data analytics to gain insights. Processes such as pan-sharpening, orthorectification, cloud patching, and mosaicing, among others are prerequisites for satellite imagery to be used as an intelligence tool. Demand for such services is expected to increase due to the increased requirement for satellite imagery-based intelligence.

The commercial satellite data services market is estimated to have the largest share of the market during the forecast period. The commercial segment includes geological companies, mapping & cartographic companies, mining, oil & gas companies, transport, construction & infrastructure companies, satellite operators/owners, and media & entertainment, among others. Growth in this segment is due to multiple factors, each unique to the type of company. For example, mining, oil & gas companies have started demanding satellite-based monitoring of pipelines, and assessment of infrastructure, to ensure there are no leakages, blocks, or damage to infrastructure. Additionally, it provides security so that parties trying to damage or steal gas can be apprehended effectively.

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