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 data quality is constantly improving.
These developments allow us to customize data depending on the type of user and the specific data application, which may be:
- Infrastructure protection
- Management and protection of natural resources
- Financial assessments
- Study of demographic patterns
- 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 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.
- LEO market
Creating a market in low Earth orbit
Creating new materials and building structures in orbit.
- Global connectivity
Building Earth's communication infrastructure from space.
- Access to space
Democratization of access to space
- Data leveraging
Capitalizing on data collected in space.
- LEO market