IMARC Group, a leading market research company, has released a report titled “Satellite Data Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global satellite data service market size reached US$ 7.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 21.2 Billion by 2028, exhibiting a growth rate (CAGR) of 17.6% during 2023-2028.

Satellite data service assists in gathering information on changes in events occurring on the earth's surface via man-made satellites. It uses a variety of remote sensing technologies, including real aperture radar (RAR) and synthetic aperture radar (SAR), to provide a consistent and timely data stream. It is useful in distant and tiny regions where high-speed internet and data connection are unavailable. Satellite data services allow for the efficient mapping and monitoring of resources, ecosystems, and events on the earth's surface and other planets orbiting in space.

It is also used in ice monitoring, iceberg tracking, and assessing and regulating port and marine traffic to ensure that vessels operate efficiently and safely. Satellite data service aids in security surveillance and monitoring of various remote places and territories devastated by disasters. It aids in evaluating land surface roughness, identifying pollution levels, and determining vegetation canopy penetration. It is used in construction mapping to simplify building project complications and track progress in real-time. Satellite data service is in high demand since it gives precise information.

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Satellite Data Service Market Trends and Drivers:

At the moment, one of the key factors influencing the market favorably is the growing need for satellite data services for the development of smart cities. Furthermore, the increasing use of satellite data services in the agriculture industry for crop harvest monitoring, field segmentation, and plant growth tracking is fueling market expansion. Furthermore, numerous countries' governments use satellite data services to maintain border security and limit terrorist operations. They are also employing satellite data services to forecast the occurrence of natural disasters such as floods and earthquakes in order to save lives and avoid grave catastrophes.

Aside from that, the expanding use of satellite data services in the automobile industry to create autonomous vehicles that can perceive their surroundings and operate with minimal human help is providing a positive market outlook. Furthermore, the growing need for satellite imaging in assessing the location of mineral reserves and monitoring oil pipelines for leaks or hydraulic failures is fueling market expansion. Furthermore, prominent market players are creating satellite data services that are coupled with artificial intelligence (AI) and machine learning (ML) to manage massive amounts of data and improve ground station operational efficiency. Furthermore, increased need for satellite data services in meteorology to evaluate and forecast weather is driving market expansion.

Report Segmentation:

The report has segmented the market into the following categories:

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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