The "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" report has now been added to ResearchAndMarkets.com's offerings.
The increasing need for high-resolution satellite imagery for data analytics, geospatial analytics, and deriving business intelligence, among others, are expected to fuel the growth of the satellite data services market across the globe. Some of the factors that are expected to fuel the growth of the market are the need for satellite imagery data to monitor business operations, use precision agriculture techniques, and understand environmental impact on a global scale, among others.
Based on vertical, the environmental segment is estimated to grow at the highest CAGR during the forecast period due to the heavy investments made by countries' governments and private organizations globally to stop global warming. In addition to providing updated near-real-time reports on the health status of the Earth, satellite imagery also helps understand the cause and effect, and the solutions needed to stop environmental degradation. Satellite imagery can be used to track oil spills, damage due to excessive deforestation & urbanization, the impact of harmful mining & mineral extraction techniques, air purity, water purity, soil contamination, among others, which has led to its wide adoption and fast growth rate.
Based on end-use, the commercial segment is estimated to account for the largest share of the satellite data services market in 2019. Spatial analytics is beginning to gain more importance in the business world because of the data-driven decision-making capabilities it offers. Organizations in verticals such as energy and& power, transport and shipping, insurance, and engineering and Infrastructure, among others, are using satellite obtained data to make information-driven decisions. Satellite data combined with data analytics and geospatial analytics is in high demand by commercial organizations for applications such as monitoring, project planning, and asset tracking, among others.
Based on service, the data analytics segment is estimated to grow at the highest CAGR during the forecast period. Data analytics is the core of this market; without it, companies would not be able to extract valuable insights from satellite imagery. Many private companies and government organizations have worked to develop platforms that use artificial intelligence, machine learning, and big data analytics to extract valuable information from satellite imagery. For example, machine learning can be used to identify crops, the stage of growth it is in, and the necessary environment and nutrients it requires at that stage in growth.
North America is expected to lead the Satellite data services Market by region in 2019. The market in the geography is highly competitive, owing to the presence of many satellite operators and satellite data service providers such as Satellite Imaging Corporation, Harris Geospatial Services, Planet Labs, Inc. DigitalGlobe, Inc., among others. Extensive use of satellite imagery data and data analytics for both, commercial and government and military organizations, is expected to drive the growth of the satellite data services market in North America during the forecast period.