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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

·5 min read
ReportLinker
ReportLinker

The US government invests in every part of the smallsat ecosystem and is likely to continue investing, both at the upstream and downstream, which would positively impact the satellite data services market.

New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Satellite Data Services Market by Vertical, Service, End-Use, Region - Global Forecast to 2026" - https://www.reportlinker.com/p05821917/?utm_source=GNW
The more interesting development is in the increasing investments in smallsats by other governments around the world.

In the last few years, satellite data services market has evolved considerably.Especially, the supply side has seen new technologies and new systems being introduced into operation.

In addition to the impact of cloud, the satellite data services industry finds itself at the junction of two revolutions, the one being the Big Data/Artificial Intelligence (AI) and the other being the commercialization of space (through its main drivers, small and micro satellites).This market is expected to have exponential growth owing to the surge in the demand for satellite imagery data throughout various industries.

In recent years, the satellite market has been experiencing advances in technology and the response of the marketplace have led to smaller sensors, satellites, and launch vehicles competent of performing valuable space missions at relatively low price.This new approach has led to an increase in the number of satellites being launched.

CubeSats and Small Satellites are cheaper to manufacture in comparison to normal satellites and can be launched as a secondary payload on a rocket or larger launch vehicles that can deploy many satellites at a time into different orbits for specific verticals, such as energy & power, defense & security, agriculture, and forestry.
This research report categorizes the satellite data services market by vertical as Energy & Power, Engineering & Infrastructure, Defense & Security, Environmental, Agriculture, Maritime, Forestry, Transportation & Logistics, Insurance, Academic and Research, and Others.Based on vertical, Agriculture segment to exhibit highest CAGR in satellite data service market, from 2021-2026 forecast period.

It is because satellite imagery helps in assessing detailed estimation of crop conditions and yields, the health status of the crops, and quality of vegetation.

Based on service segment, the market is divided into Image Data and Data Analytics. By service,
Data Analytics sub-segment would grow highest with a CAGR during the forecast period. Rising demand for data analytics services namely image data processing, feature extraction, digital models, and classification, required for developing GIS maps and analyzing data presented in a satellite image would boost the market.

Based on end use segment, the market is sub-divided into Government & Military, Commercial, Service Providers segments.Based on end use, Government & Military sub-segment would grow highest market share during the forecast period.

Rising usage of high-quality satellite imagery in defense sector of various nations to boost the market.

By region, the market is segmented into by regions North America, Europe, Asia Pacific, Latin America and Middle East &Africa. 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 up-to dated infrastructure to undertake space programs, and the rapidest and maximum adoption of commercial satellite imaging throughout various industries in the region.

The break-up of profile of primary participants in the satellite data services market:
• By Company Type: Tier 1 – 49%, Tier 2 – 37%, and Tier 3 – 14%
• By Designation: C Level – 55%, Director Level – 27%, and Others – 18%
• By Region: North America – 55%, Europe – 27%, Asia Pacific – 9%, RoW – 9%

Key players of satellite data services market comprise Maxar Technologies (US), L3Harris Geospatial (US), Airbus (Netherlands), Planet Labs, Inc.(US) and Spire (US), ICEYE (Finland), Satellite Imaging Corporation (US0 and few others. These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East & Africa and Latin America.

Research Coverage:
This research report studies the satellite data services market by vertical (Energy & Power, Engineering & Infrastructure, Defense & Security, Environmental, Agriculture, Maritime, Forestry, Transportation & Logistics, Insurance, Academic and Research, Others )by end use (Government & Military, Commercial, Service Providers) by services (Image Data and Data Analytics), by Deployment (Public Cloud, Private Cloud, Hybrid Cloud) and by regions (North America, Europe, Asia Pacific, Latin America and Middle East &Africa).

The satellite data services market is segmented according to five key regions in this report, namely, North America, Europe, Asia Pacific, Middle East & Africa, Latin America, along with their key countries.The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the satellite data services market.

A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; agreements, collaborations, new product launches, contracts, expansion, acquisitions, and partnerships associated with the satellite data services market.

Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall satellite data services market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on satellite data services offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the satellite data services market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the satellite data services market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the satellite data services market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the satellite data services market
Read the full report: https://www.reportlinker.com/p05821917/?utm_source=GNW

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