The report "Satellite Data Services Market by Vertical (Energy & Power, Engineering & Infrastructure, Environmental, Agriculture, Maritime, Transportation & Logistics, Insurance), Service (Image Data, Data Analytics), End-Use, Region - Global Forecast to 2025", 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 growth of the global market can be attributed to the significant advancements in geospatial imagery analytics with the introduction of AI and big data, privatization of the space industry, and the growth of cloud computing.
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Based on vertical, the defense & security segment is projected to lead the satellite data services market during the forecast period.
Based on vertical, the satellite data services industry is projected to be led by the defense & security segment from 2019 to 2025. This segment is expected to grow significantly during the forecast period due to the extensive use of satellite imagery by governments globally for defense & security applications such as maritime & land surveillance activities, critical infrastructure protection, crime mapping, and monitoring of airfields.
Based on end-use, the commercial segment is projected to lead the satellite data services market during the forecast period.
Based on end-use, the market is projected to be led by the commercial segment from 2019 to 2025. Broad adoption of satellite imagery for commercial applications such as oil & gas operations, pipeline monitoring, precision monitoring, and environmental, among others are expected to drive the satellite data services for the commercial sector.
Based on service, the data analytics segment is projected to lead the satellite data services market from 2019 to 2025.
Based on the service, the data analytics segment is projected to grow at the highest CAGR during the forecast period. The demand for high-resolution color images for feature extraction, the need for orthorectification services for various industries, and the requirement for land cover and change detection techniques are major factors expected to drive the demand for data analytics as a service in satellite data services market.
North America and Asia Pacific are projected to be high growth potential markets for satellite data services during the forecast period.
The satellite data services market in North America is expected to witness substantial growth during the forecast period due to increase in the use of satellite imagery for energy & power, defense & security, and extensive use of satellite imagery for the agriculture sector. Also, the demand for satellite imagery for environmental monitoring is expected to increase exponentially in North America and Asia Pacific during the forecast period.
In the US, technologies such as Big Data, AI, and 5G are integrated with geospatial technologies opening new opportunities for market growth. Because of this favorable condition, many new ventures are being undertaken in this country. For instance, Planet Labs, Inc, founded in 2017, is now a key player and an industry leader in this market. It is one of the companies which owns and operates its own fleet. DigitalGlobe and Harris Geospatial Solutions are key providers of defense and security satellite imagery to the US government.
Major players in the satellite data services market are Airbus SE (Netherlands), Harris Geospatial Solutions, Inc (US), DigitalGlobe (US), Satellite Imaging Corporation (US), Planet Labs, Inc.(US), ICEYE (Finland), URSA Space Systems (US), SATPALDA Geospatial Services (India), Earth-i Ltd. (UK) and Land Info Worldwide Mapping (US) among others.
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