How Satellites Are Changing The Way We Do Business?
Satellite imagery is used in many areas of human activity, including farming, environmental protection, monitoring of climate change, and natural disasters. What is happening in the satellite imagery market at this time? According to analysts, this segment will develop dynamically in the coming years. The reason for this is the development of technology and the ability to get the most up-to-date satellite images of high quality at an affordable price.
Allied Market Research has conducted an analysis that shows the explosive growth in the value of satellite imagery for commercial purposes. In addition, the interest of the state administration in satellite imagery has also increased. They buy solutions and services from private companies, making a significant contribution to the development of this market. In the next five years, the satellite imagery market is projected to grow by an average of 11.2% per year. According to forecasts, it will reach $5.25 billion.
Satellite imagery provides an opportunity to improve defense operations and improve security both globally and nationally. Satellite images also provide researchers with data on the planet’s chemical, physical and biological properties. Because of this fact, various companies are turning more and more attention to this data to create accurate and high-quality images of the Earth. Innovations in satellite imagery analysis, AI technologies using large datasets, and growing private sector participation drive the market.
The ways business use satellite monitoring
Satellite imagery is highly effective for a variety of commercial purposes. Moreover, with the advent of new technologies, the possibilities and ways of using satellite imagery is constantly growing.
Monitoring of human rights situations
Despite all the transformations that have taken place in the last century, human rights violations are still quite acute in the modern world. This form of violence thrives in the shadows and is directed against the powerless, the voiceless, and the impoverished. However, nothing can remain invisible forever. Satellite technology is one of those tools that can detect signals of abuse and human rights violations.
From space, you can find the works of people who work without any rights. These can be men, women, and even children. In addition, with the help of satellite technology, it is possible to record a part of the migration and detention of people who have lost their homes due to a conflict or crisis. The result of the actions of traffickers or hostile governments is also detectable. Human rights organizations and humanitarian communities are empowered by using Earth observation and analytics tools.
In military and defense, satellites are used for a variety of tasks. For example, using satellite imagery, you can learn about the movements of enemy forces, having received an earlier warning. Satellites also contribute significantly to intelligence operations, planning, and support for military operations. In addition, satellite technology is widely used to support security. They are used to verifying compliance with arms control treaties.
Monitoring for Investments and Hedge Funds
As satellite imagery becomes more readily available, the data acquisition process has been simplified. The number of satellites orbiting the Earth has grown significantly over the past five years, and their number continues to grow every year.
Satellite images are an alternative data source for fund managers. They provide a competitive advantage, as they can provide a large amount of valuable information. For example, with their help, you can track the location and movement of ships, scan oil rigs, and get information about their activities. Satellite imagery is also beneficial when it comes to measuring industrial production.
Hedge funds use satellite imagery to detect changes in important economic regions of the world. Some of the companies that hedge funds buy imagery from own many satellites and record economic changes in real-time, continually creating new images of the Earth. Satellite imagery is essential for investment decisions, as it can provide information about increasing or decreasing yields or mining operations.
Crop Monitoring and Sustainable Agriculture
Remote sensing has been closely associated with precision farming since the end of the last century. The emergence of new constellations of optical satellites makes it possible to create more and more new agricultural applications. In addition, they contribute to the advancement of various tillage methods, improved weed detection, yield measurement, crop mapping, plant health, and many other sectors.
However, it is not only optical satellites that play a role in agricultural monitoring. Aerial photography is also an essential part of promoting precision farming applications. High-resolution geospatial imagery provides the field survey data, and agriculture heavily relies on it. Geospatial imagery now provides an unimaginable amount of data. At the same time, processing and analysis tools that can cope with such a volume of data have yet to be developed and improved.
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How Satellites Are Changing The Way We do Business?