Satellite-Based Cloud Computing Market Report Released
A new report showing the potential growth of the Satellite-Based Cloud Computing market through 2032 has been released by BIS Research. According to the report, the market is estimated to reach $472.6 million in 2032, up from $368.3 million in 2022 at a growth rate of 2.53% during the forecast period.
The global space economy has been growing, owing to the increasing requirement for satellite-based connectivity services across different applications such as communication, navigation, Earth observation, and internet connectivity, according to the report from BIS Reseach. The growing need for fast and accurate hybrid data protection solutions owing to the increase in the number of cyberattacks is propelling the demand for the satellite-based cloud computing market.
The market demand for satellite-based cloud computing is expected to propel over the forecast period 2022-2032, owing to an increase in the number of proposed communication satellites and secured data services among end-users. The application of small satellites, such as Earth observations, asset tracking, the Internet of Things (IoT), communications, and space exploration, is increasing the number of satellites launched per year.
Cloud computing has emerged as a significant component of digital technology and a pillar of the digital economy.End users are adopting cloud computing services to reduce their IT cost, which includes the cost of IT infrastructure, IT employee salary, and maintenance costs.
Benefits of Satellite-Based Cloud Computing
Satellite-Based Cloud Computing improves data privacy and security, reduces latency, and enhances resilience. Rapid digitization is supporting organizations to modernize their infrastructure landscape and application to drive business agility and cost efficiency. By adopting cloud solutions and services, organizations avoid the latency of the network, move business workloads to a cloud platform, and support their key business activities effectively.
Data privacy and security are the key concerns among enterprises wherein data storage and distribution are digitally protected. Satellite-based cloud computing mitigates the challenge of data security and privacy, which enables improved cybersecurity for its end users, prominently the banking, financial services, and insurance (BFSI) sector.
North America is a leading region in terms of satellite-based cloud computing manufacturing due to key satellite-based cloud computing providers, terrestrial-based cloud computing providers, satellite manufacturers, and data handling unit manufacturers. This is also aided by the overwhelming space budget of the U.S., rising to around $24 billion for the fiscal year 2022, a 3% increase from the fiscal year 2021. The cloud continues to be a critical resource across several sectors as enterprises are rapidly relying on on-demand IT resources, from accounting software to full-blown IaaS, PaaS, and SaaS solutions. Project Kuiper, Kuiper Systems LLC, a subsidiary of Amazon, is a coming low Earth orbit (LEO) satellite internet service provider that’s set to launch 1,500 satellites over the next five years (2023-2027). Kuiper plans to reach a total of 3,236 satellites to build out its constellation and offer satellite broadband internet across the globe.
(Source: Report Linker news release. Images from file)