Satellite data service market projected to reach US$ 17.82 billion by 2027

The global satellite data service market reached a value of US$ 6.5 billion in 2021. Looking forward, the market is projected to reach US$ 17.82 billion by 2027, exhibiting a CAGR of 18.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor, according to Research and Markets.

Satellite data service delivers high-speed wireless bandwidth data connection from space. It uses radio waves to transmit, receive, and retrieve data through a communication network. It is widely used in remote and small areas wherein high-speed Internet and data access are not easily available.

Nowadays, businesses worldwide rely on satellite data service solutions to provide reliable and dedicated services for remote satellite Internet access and other applications, including email, file sharing, web hosting, data backup, video, and virtual private network (VPN) access. It also enables businesses in to carry voice, video, or other data services around the world.

The increasing dependence on smartphones, in confluence with the escalating demand for high-speed Internet services, represents one of the key factors impelling the market growth. Moreover, the emerging trend of vlogging and travel and tourism in remote establishments is driving the need for satellite data services to obtain reliable Internet at affordable prices.

Apart from this, due to rising concerns about climatic changes, environmental degradation, and disaster monitoring, researchers are relying on satellite and airborne data to assess changing environmental impacts, which result from modified human behavior patterns.

Furthermore, with rising geopolitical tensions and increasing security concerns, defense agencies of numerous countries are deploying commercial satellite imaging to get information that strengthens defense operations and security services. Besides this, major market players are introducing commercial satellite data services that can detect ground conditions at night with radar imagery. This further assists in delivering unique, reliable monitoring capabilities to civil and defense organizations across the globe.

Additionally, these players are offering satellite data services incorporated with artificial intelligence (AI) and machine learning (ML) that can help in the development of smart cities and connected vehicles. These innovations are anticipated to create a positive market outlook.

CT Bureau