Satellite Data Services Global Market Opportunities And Strategies To 2034

This report describes and explains the satellite data services market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global satellite data services market reached a value of nearly $10.57 billion in 2024, having grown at a compound annual growth rate (CAGR) of 14.99% since 2019. The market is expected to grow from $10.57 billion in 2024 to $26.64 billion in 2029 at a rate of 20.30%. The market is then expected to grow at a CAGR of 20.58% from 2029 and reach $67.9 billion in 2034.

Growth in the historic period resulted from the rising smart city initiatives, integration with 5G networks, growing demand for precision agriculture and focus on climate monitoring and environmental sustainability. Factors that negatively affected growth in the historic period were high initial costs and cybersecurity threats.

Going forward, the rising military and defense industry, rising demand for internet of things (IoT) connectivity, growth in disaster management and rising demand for geospatial analytics will drive the growth. Factors that could hinder the growth of the satellite data services market in the future include limited launch vehicles for small satellites, regulatory complexity and trade war and tariffs.

The satellite data services market is segmented by type into administrative, commercial and scientific. The commercial market was the largest segment of the satellite data services market segmented by type, accounting for 59.52% or $6.29 billion of the total in 2024. Going forward, the commercial segment is expected to be the fastest growing segment in the satellite data services market segmented by type, at a CAGR of 21.46% during 2024-2029.

The satellite data services market is segmented by service into data analytics, image data and other services. The image data market was the largest segment of the satellite data services market segmented by service, accounting for 50.13% or $5.3 billion of the total in 2024. Going forward, the data analytics segment is expected to be the fastest growing segment in the satellite data services market segmented by service, at a CAGR of 22.19% during 2024-2029.

The satellite data services market is segmented by application into energy and power, defense and intelligence, engineering and infrastructure, transportation and logistics, agriculture and other applications. The defense and intelligence market was the largest segment of the satellite data services market segmented by application, accounting for 23.10% or $2.44 billion of the total in 2024. Going forward, the agriculture segment is expected to be the fastest growing segment in the satellite data services market segmented by application, at a CAGR of 22.78% during 2024-2029.

Asia Pacific was the largest region in the satellite data services market, accounting for 32.36% or $3.42 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the satellite data services market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 23.34% and 23.33% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 20.72% and 19.93% respectively.

The global satellite data services market is fragmented, with large number of small players operating in the market. The top 10 competitors in the market made up 12.73% of the total market in 2024 Maxar Technologies Holdings Inc. (DigitalGlobe) was the largest competitor with 2.72% share of the market, followed by Airbus S. A. S. with 2.47%, Planet Labs Inc. with 1.62%, L3Harris Technologies Inc. with 1.30%, ICEYE Ltd. with 1.02%, RMSI with 0.96%, Spire Global Inc. with 0.73%, BlackSky Technology Inc. with 0.66%, EUMETSAT with 0.63% and EOS Data Analytics, Inc. with 0.61%.

The top opportunities in the satellite data services market segmented by type will arise in the commercial segment, which will gain $10.34 billion of global annual sales by 2029. The top opportunities in the satellite data services market segmented by service will arise in the image data segment, which will gain $7.73 billion of global annual sales by 2029. The top opportunities in the satellite data services market segmented by application will arise in the defense and intelligence segment, which will gain $3.9 billion of global annual sales by 2029. The satellite data services market size will gain the most in the USA at $3.59 billion.

Market-trend-based strategies for the satellite data services market include focus on developing advanced Earth observation satellites, leveraging multi-frequency radar technologies and forming strategic partnerships, focus on integrating artificial intelligence (AI) with multi-source satellite data, focus on launching advanced hyperspectral satellite constellations with higher resolution and broader spectral coverage for climate monitoring, resource management and sustainability applications, focus on providing diverse, high-resolution satellite imagery across multiple sensing technologies, enabling on-demand access, focus on launching small, high-resolution SAR satellite constellations and focus on deploying high-resolution multispectral satellites.

Player-adopted strategies in the satellite data services market include focus on expanding business capabilities through innovative product launch, focus on strengthening business operations through securing new contracts and focus on enhancing business operations through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the satellite data services market companies to Focus On AI-Driven Geospatial Intelligence, Focus On Hyperspectral Satellite Constellations, Focus on Multi-Sensor, On-Demand Satellite Imagery, Focus on Small, High-Resolution SAR Satellite Constellations, Focus on High-Resolution Multispectral Satellite Deployments, Focus On Commercial Satellite Data Services, Focus On Data Analytics In Satellite Services, Expand In Emerging Markets, Continue To Focus On Developed Markets, Focus On Advanced Earth Observation And Strategic Partnerships, Focus On Value-Based And Tiered Pricing Strategies, Focus On Strategic Partnerships And Industry Showcases, Focus On Digital Marketing And Data-Driven Campaigns, Focus on Agriculture and Infrastructure Applications.

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