According to a research report that is now available from ASDReports — "Small Satellite Services Market by Platform (CubeSat, Nanosatellite, Microsatellite, Minisatellite), Vertical (Government & Military, Non-Profit Organizations, Commercial), Application (Remote Sensing, Communication), and Region - Global Forecast to 2022" — the small satellite (smallsat) services market is projected to grow from an estimated US$14.88 billion in 2017 to US$53.22 billion by 2022, at a CAGR of 29.03 percent during the forecast period.

Key factors, such as increasing demand for Earth Observation (EO) and satellite broadband services, and satellite miniaturization technology are expected to fuel the growth of the small satellite services market.

Based on platform, the minisatellite (101 to 500 kg.) segment is estimated to account for the largest share of the smallsat services market in 2017, due to the increasing demand for services, such as remote sensing, disaster management, military intelligence, telecommunications, and other academic services globally.

Based on vertical, the commercial segment is projected to lead the smallsat services market during the forecast period. Small satellites have computational and communication capabilities, along with competencies in making decisions about the time the particular data is required to be sent.

North America is estimated to lead the smallsat services market in 2017. Increasing interest in smallsats due to their low cost, advanced mechanics, and ease of assembly and launch has led to a rise in venture capital-backed funding for smallsats in the region and is thus leading to the increasing scope for satellite services. The smallsats services market in the North American region is expected to witness high growth during the forecast period.

Singapore Telecommunications Limited (Singapore), Eutelsat Communications S.A. (France), EchoStar Corporation (US), Inmarsat plc (UK), and Viasat, Inc. (US), among others, are the major players in the small satellite services market.