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Global Satellite Data Services Market is Projected to Grow at a CAGR of 18.96% Over the Forecast Period of 2021-2028.

Infograph - Global Satellite Data Services Market

By Infinium Global Research Jan, 2024

The global satellite data services market was valued at USD 6,580.3 million in 2021 and is expected to reach USD 22,292.2 million by 2028 and grow at a CAGR of 19.31% over the forecast period. The increasing number for earth observation satellites is majorly driving the growth of satellite data services market. The satellite data is widely used for different applications in businesses, which help them to efficiently run their operations. For instance, the satellite data is observing growing demand for supply chain monitoring and in tracking the effects of climate change. The growing demand for Earth observation satellites has led many players to launch more satellites into the space. Moreover, growing use of geographical data and analytical tools is augmenting the adoption of satellite data services. Geographical analysis is used by people around the world to derive new information and make informed decisions. The organizations that use geographical analysis in their work include local and state governments, national agencies, businesses of all kinds, utility companies, colleges and universities, NGOs and many others. However, lack of standard space regulations poses a major threat for the growth of satellite data services market. Nonetheless, increasing use of Artificial Intelligence (AI) and Machine Learning (ML) in the space sector is anticipated to offer favorable opportunities to the market.

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