The market for the Earth observation data and services is expanding and changing. While the government remains the primary buyer for satellite imaging, the market is expanding to include larger industries.
“You’ve got insurance, hedge funds, and agriculture.” “It’s in everything” for the AIS and geospatial intelligence, said Gabe Dominocielo, co-founder and president of Umbra, during a panel discussion at the Satellite Innovation event that was held in Mountain View, California on October 6.
“You open Uber and pull up a map.” If you buy a flood insurance policy, you can see an interferometric image of the flood zone to figure out how much your premium will be. You just don’t realize it,” Dominocielo says, stressing that he expects this trend to continue as data costs decline.
Greater knowledge of satellite imagery and access to it are creating new opportunities for companies involved in satellite ownership, operation, and servicing. However, this raises new issues in terms of data processing, handling, and storage, as well as other areas.
Rather than focusing on the technological side, Shay Har-Noy, who works as the general manager (GM) of aviation at the Spire firm, which is a space-centered flight as well as a weather data provider, believes that focusing on the consumer gives a road ahead. Space data is currently being used by companies in the economic analysis, shipping, insurance, and freight industries to better comprehend operational decision-making.
Euroconsult produced a report the same day as panel, predicting that the market for value-added services and Earth-observation data will reach $7.5 billion by 2030. According to James Crawford, who works as the chairman of Orbital Insight, the supply chain is another industry that is growing, especially with supply shocks resulting from COVID-19 pandemic. According to Crawford, being able to identify all of an entity’s suppliers has become a huge issue, with sustainability, traceability, and reducing supply shocks all becoming key considerations.
According to Crawford, the government is facing new issues as a result of the influx of data, as it currently has more imagery than personnel to look at it. “A lot of effort on the government end is on properly leveraging AI to automate a majority of the detection,” Crawford says, taking note that this function formerly required people to look at the photos, dating back to those days when the satellites dropped buckets of film down to Earth.
Developments in the deep learning domain are assisting and facilitating this transformation. According to Ryan Lewis, who works as the practice manager in charge of AI/ML at the Amazon Web Services, much of the early work focused on detecting things in photographs, such as cats, but it has since expanded to include all forms of data, from mapping to the climate research. “And it’s all happened in a matter of six or seven years.”