New Standards Adoption Sets Pace for $22.1B Big Data Market Revenues Through 2030
NSR’s newly released Big Data Analytics via Satellite, 5th Edition (BDvS5) report sees EO and M2M/IoT Satcom Big Data applications driving Big Data market revenues to over $22.1B through next decade. As value chain evolution ramps up opportunity across the Big Data Market, nascent markets rapidly adapting to new standards propel Big Data adoption across multiple regions.
Primarily driven by Earth Observation based Geospatial Analytics solutions, satellite Big Data Analytics annual revenue opportunity will reach $3.7B by 2030. “In the wake of COP26, the recent UN conference calling for increased gathering of actionable data towards climate change mitigation, satellite-based Geospatial Analytics players are rising to meet upcoming regulatory requirements,” states report author Shivaprakash Muruganandham.
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“These companies are providing Big Data solutions across various markets, from oil and gas pipeline monitoring to carbon stocks assessment in forestry applications. With an already established ecosystem for M2M/IoT apps, there is high growth potential for EO Big Data applications,” adds Muruganandham.
As incumbents and startups alike, roll out newer applications, the Big Data market will consolidate further. The line between EO and M2M/IoT data applications is expected to blur, with increasing crossover in applications between these two legacy industries. Boosted by the growing virtualization of satellite networks, as software-defined systems become more prevalent, the applications crossover drives interoperability and smoother data pipelines development.
Muruganandham concludes, “With market evolution well underway, the opportunity profile for Big Data is broadening rapidly. Moving forward, adopting big data services across the value chain will not be a “nice to have” but rather a necessity for most players in the satellite sector.”
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