The earth observation satellite, data and service market has been witnessing a high growth rate owing to significant increase in earth observation satellite constellation. Owing to the demand of global coverage and excellent versatility, earth observation satellites have been witnessing improvement in the electronic technologies especially in cameras, data payloads, and sensors for better earth imaging. The inclination towards development of single functional sensors from multi cameras, hyperspectral imaging sensors, and imaging with sub meter resolution are few of the technological advances leading to tremendous growth in the earth observation satellites.

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The data is useful for applications such as disaster management, agriculture, cartography, and natural resources survey, among others. However, the data can also be used for other applications like retail, e-commerce, insurance, financial service, media, and entertainment, among others. Based on the information attained from EO satellites, improved decisions can be made to enhance operational efficiency. In order to cater to the wider applications, value added service providers are increasingly relying on advanced technologies such as artificial intelligence and machine learning, in order to process the raw data obtained through satellites. This is emerging as an opportunity for the market players.

The global earth observation satellite, data and service market was $7.73 billion in 2017 and is estimated to be $11.08 billion in 2023, growing at a CAGR of 9.10% during the forecast period, 2018-2023. The growth is expected to be driven by increasing funds and investments in developing advancements in satellite payload, data extraction, and data visualization.

The global earth observation satellite, data and service market is further divided into satellite manufacturing, EO data and EO VAS market. The report details over segmentation by subsystem based on EO satellite, and segmentation based on end user, application, technology, and region by EO data and service market.

Currently, payload has the highest share in the EO satellite market i.e., 25.50% of the overall market in 2017, as it facilitates the main objective of EO satellite. The segment generated $573.7 million in 2017 and is anticipated to witness slight reduction to $569.3 million during the forecast period 2018-2023. However, the payload segment is anticipated to witness the highest growth, at a CAGR of 10.24% during the forecast period, 2018-2023, owing to innovations and miniaturization in the payload subsystem. Moreover, the satellite manufacturers and subsystem providers are undertaking extensive research to enhance the precision of the payloads to attain high quality at minimal cost.

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Government and defense end user had the highest market penetration in 2017 due to high utilization of data and service in addressing surveillance, environmental, and sustainability issues. However, other (enterprises, insurance and financial service, travel, media and entertainment, retail and e-commerce) end user is expected to witness highest growth during the forecast period, driven by technologically advanced in earth observation data and service that can cater customized requirement of these industries. The segment contributed $343.9 million in 2017 and is expected to grow at a CAGR of 13.31% during the forecast period, 2018-2023, to reach $709.0 million by 2023.

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