Space Practice Announced by Deloitte
A formal space practice has been announced by consulting firm Deloitte building on more than 15 years of experience helping commercial and government clients navigate space opportunities.
"The amount of investment pouring into space-related initiatives from governments, businesses and private investment is creating tremendous opportunities."
Nishita Henry.
Progress in space development can offer enormous scientific, technological, social and commercial benefits for people and businesses. Deloitte Space, formally launched today, builds on the organization's 15 years of experience advising clients on coordinating, integrating and executing their space-related aspirations and includes access to a global network of advisors, technologists and scientists dedicated to helping organizations connect the unconnected and embrace the infinite opportunities space has to offer.
The space economy has become one of the fastest-growing sectors. Valued at roughly $400 billion today, the space economy has grown by over 60% in the last decade and is forecasted to grow to more than $1 trillion by 2040. This opportunity is being fueled by the maturing commercial launch industry and the proliferation of satellite services in low-Earth orbit (LEO) — a market expected to grow from $40 billion today to as much as $312 billion by 2035, according to Deloitte. These advancements appear to be lowering barriers-to-entry and creating new business models, unlocking further innovation that is driving additional social and economic benefits.
"The pace of innovation that we're seeing in space is staggering. The amount of investment pouring into space-related initiatives from governments, businesses and private investment is creating tremendous opportunities for companies approaching space as a mission, a business of today or a future business opportunity," said Nishita Henry (pictured, below), chief innovation officer, and principal, Deloitte Consulting LLP. "Deloitte is marshaling the full breadth of global resources to help these organizations achieve their space ambitions."
"Growing the ecosystem of space demands tremendous precision, a core trait in Deloitte's DNA. Our commercial and government clients rely every day on this signature capability, which we deliver across all our practices to our clients' advantage," said Brett Loubert, Deloitte Space leader for the government and public sector, and principal, Deloitte Consulting LLP.
Deloitte Space Practice Spans Multiple Areas of the Space Economy
Deloitte's space practice spans multiple areas and is dedicated to advising organizations, whether those organizations view space as a mission, their business of today or a future growth opportunity.
Space as a mission: From cybersecurity threats to space assets to ensuring the modernization of critical information technology systems (both terrestrially and in-orbit) to processing immense volumes of complex data, government organizations leveraging space capabilities face unique operational challenges requiring tremendous precision. Deloitte can help create end-to-end solutions and services to help modernize and secure systems and networks, enhance and connect data platforms, streamline and secure supply chains and envision and execute innovative organizational strategies.
Space as a business: Space-focused companies face a specific set of challenges, including rapidly changing regulatory and competitive environments, complex technology requirements, and evolving supply chains and ecosystems. Deloitte provides a variety of services to established and emerging organizations in the business of space, with a focus on aerospace, defense, technology, media, and telecommunications, helping them identify market opportunities, define and execute transformation initiatives, deploy modern platforms and digital capabilities, optimize supply chains to create resilience, embed next generation manufacturing capabilities and develop the capabilities needed to thrive and grow, whether it be organically or inorganically via M&A. Deloitte also provides a broad portfolio of cyber, tax, financial advisory and assurance services to help organizations manage, improve and report on the performance of their space-related endeavors.
Space as a growth opportunity: Space, and the data and services it enables, presents opportunities to governments and private sector companies around the world in nearly every industry — for example: energy and resources, telecommunications, life sciences and defense. Deloitte's cross-industry team of advisors, technologists and scientists can help organizations identify, assess and approach space innovation, space-related data and commercialization opportunities with confidence and precision. Also, as an increasing number of assets are deployed into orbit, Deloitte is helping companies respond to the growing need for in-space servicing, assembling and manufacturing (ISAM) by implementing applications supporting robotics, digital engineering and digital twin capabilities and necessary standards.
In the coming years, Deloitte plans to invest in enhancing existing capabilities and developing new capabilities to assist companies in the business of space to redefine what and how they operate in space and unlock more possibilities.
(Source: Deloitte news release. Image provided)