Press release
Commercial Satellite Imaging Market to grow from a market value of USD 3.061 billion to USD 5.68 billion by 2023| Dominant Vendors - GALILEO GROUP, INC., PLANET LABS, INC., SPACEKNOW, INC., SKYLAB ANALYTICS, HARRIS CORPORATION, BLACKSKY GLOBAL LLC, amongs
Market Analysis:United States to hold the Largest Market Share
Being an early adopter and leader in space technology for imaging applications across various end-user verticals, the United States dominates the market. The country boasts of a highly advanced and developed market landscape buoyed by government organizations, such as NASA.
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The major market drivers have been the adoption of location-based services and the reduced costs of satellite imaging solutions. Further, the technological advancements, such as the launch of GPS satellites, remote sensing technology, cloud service, and high-resolution cameras, have created numerous opportunities for the growth of the commercial satellite imaging market. Geospatial data acquisition & mapping application accounted for the largest market share in the global CSI market. The growth of this application is attributed to the increased utilization of satellite imagery for the selection of construction sites, 3D modelling of excavation areas, route planning, and monitoring of infrastructural projects, among others. However, the provision of higher resolution images through aerial imaging, when compared to satellite imagery, is expected to restrict the market growth.
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Market Segments:
Commercial Satellite Imaging Market is segmented by:
1. Application: Geospatial Data Acquisition & Mapping, Natural Resource Management, Surveillance & Security, Conservation & Research, Construction & Development, Disaster Management, Defense & Intelligence, Others
2. End-user Vertical: Government, Construction, Transportation & Logistics, Military & Defense, Energy, Forestry and Agriculture, Others
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market
• October 2017 - DigitalGlobe Inc. migrated its entire 100-petabyte imagery library to Amazon Web Services (AWS). The acquisition is aimed at building machine learning models that extract data from satellite imagery library, in order to provide detailed business insights to their customers.
• October 2017 - DigitalGlobe was acquired by Maxar Technologies for about USD 2.4 billion.
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