According to the latest report by IMARC Group, titled "Satellite Data ServiceMarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global satellite data service market reached a value of US$ 6.5 Billion in 2021. Satellite data service is an internet service that is generally provided to individual users and multiple businesses via geostationary satellites. It involves the utilization of radio waves for transmitting high-speed wireless data connections. Additionally, it is also used for capturing earth images, which is extensively utilized for disaster and traffic management, earth observation, and mapping constructional projects. As a result, it aids in offering global coverage, enhanced speed, reliability, and instant installation in a cost-efficient manner. Rapid urbanization and the increasing initiatives for smart cities development are continually offering lucrative opportunities for market growth.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Satellite Data Service Market Trends:
The global market is primarily driven by the rising demand for high-speed internet connectivity among the masses. This is supported by rapid digitization and the increasing adoption of smartphones among individuals. In line with this, the escalating need for reliable internet connection at affordable prices across geographically extended and rural locations is further propelling the market growth. Along with this, the widespread utilization of satellite data services for environmental monitoring and management due to the growing concerns about environmental degradation is providing a boost to the market growth. Moreover, the increasing adoption of the service solution for monitoring border areas and energy resources is positively influencing the market growth. Furthermore, the rising investments by private and public firms in infrastructural development projects across the globe is also favoring market growth. In addition to this, continual technological advancements across the space industry, such as the growing adoption of machine learning (ML), artificial intelligence (AI), and cloud computing, are also providing an impetus to market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17.82 Billion by 2027, expanding at a CAGR of 18.16% during 2022-2027.
- On the basis of the service, the market has been bifurcated into data analytics and image data.
- Based on the application, the market has been segmented into scientific, administrative and commercial.
- On the basis of the vertical, the market has been segregated into defense and security, energy and power, agriculture, environmental, engineering and infrastructure, marine and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Airbus SE, Ceinsys Tech Limited, Geospatial Intelligence Pyt. Ltd., Gisat S.R.O., ICEYE, L3harris Technologies Inc., Maxar Technologies Inc., Planet Labs Inc., Satellite Imaging Corporation, Telstra Corporation Limited, Trimble Inc. and Ursa Space Systems Inc.
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