AI-generated summary
Satellites and various sensors are generating an increasing volume of data with improved quality and more frequent revisits to specific areas, enabling effective tracking of changes over time. This advancement allows data customization tailored to different users and applications such as infrastructure protection, natural resource management, financial assessments, demographic studies, insurance, and space monitoring for both civilian and military purposes. The data serves not only as a product for end-users but also as a foundation for value-adding applications. Experts currently value the market for this data segment at approximately $3.8 billion annually, with projections suggesting growth to $7 billion within the next five to ten years.
Javier Ventura, Head of the Galileo Navigation Science Office at the European Space Agency, emphasizes the critical need for space regulation to foster innovation and unlock new opportunities for data application. According to him, regulation must progress alongside technological advancements to enable the expansion of potential uses and customer bases. The primary challenge lies in discovering novel data processing methods and applications to broaden the market. Properly regulated space activities will thus be crucial to maximizing the potential of satellite data in various commercial and scientific fields.
The space industry creates a wealth of data that enables great business opportunities.
Satellites and different types of sensors are now providing a growing amount of data. They revisit areas of interest more frequently, which allows us to track change. It is also of note that quality is constantly improving.
These developments allow us to customize data depending on the type of user and the specific application, which may be:
– Infrastructure protection
– Management and protection of natural resources
– Financial assessments
– Study of demographic patterns
– Insurance
– Monitoring space, both from a civil and military point of view.
This data, in turn, can be leveraged as a product for users or as the foundation for applications that create added value. Experts estimate that the current market for this segment is worth around $3.8 billion annually, but it could easily reach $7 billion in a not-so-distant future (5 to 10 years).
According to experts, the greatest challenge is to identify new possibilities for data processing or new, possible uses for data to expand the database of potential customers.
Space must be regulated so it can offer great opportunities of data application
Interview to Javier Ventura, Head of the Galileo Navigation Science Office and Advisor to the Director of ESAC at the European Space Agency, at the XXXI Future Trends Forum about the Commercialization of Space.
Javier explains why space regulation is necessary in order to offer new application opportunities. In Javier’s opinion, it is important that regulation goes along with innovation.
Head of the Galileo Scientific Office at ESA