According to the latest report by IMARC Group “Satellite Data Service Market Report: 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. Looking forward, IMARC Group expects the market to reach US$ 17.82 Billion by 2027, exhibiting a CAGR of 18.3% during 2022-2027.
Satellite data service refers to the satellite systems that collect information regarding the Earth via manmade satellites in orbit. It delivers high-speed wireless bandwidth data connections from space. Satellite data service utilizes radio waves to transmit, receive, and retrieve data through communication networks. It enables businesses to carry voice, video, or other data services. Additionally, satellite data services also assist in providing reliable and dedicated services for various applications, such as email, file sharing, web hosting, data backup, video, etc. As a result, they are used across numerous sectors, including energy, agriculture, engineering, etc.
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Note: 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.
Market Trends:
The rising usage of smartphones and the escalating demand for high-speed internet services are among the primary factors driving the satellite data service market. Moreover, the emerging trend of vlogging and the expanding travel and tourism sectors are inflating the need for satellite data services to obtain reliable internet coverage at affordable prices. Apart from this, the increasing concerns towards climatic changes, environmental degradation, and natural disasters are also augmenting the global market. Furthermore, owing to the growing geopolitical tensions between countries and the elevating national security concerns, several defense agencies are deploying commercial satellite imaging systems to procure information that strengthens security services and helps defense operations. This, in turn, is acting as another significant growth-inducing factor. Besides this, the integration of artificial intelligence (AI) and machine learning (ML) technologies with these satellite systems is anticipated to propel the satellite data service market in the coming years.
Breakup by Service:
- Data Analytics
- Image Data
Breakup by Application:
- Scientific
- Administrative
- Commercial
Breakup by Vertical:
- Defence and Security
- Energy and Power
- Agriculture
- Environmental
- Engineering and Infrastructure
- Marine
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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.
- Ursa Space Systems Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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