SpaceTech to Become Table Stakes for Future Business Strategies
The first of several reports in the upcoming "xTech Futures" series from Deloitte positions SpaceTech as one of many "xTech" domains — exponential technologies that may seem inapplicable to businesses today but prove to become table stakes for future business strategies.
"The space industry is entering a renaissance. Space has never been more accessible, and the potential for breakthrough discoveries has never been greater."
Mike Bechtel, Deloitte
Space is no longer the exclusive domain of government agencies and private space companies. That means organizations across a wide range of industries — transportation, finance, manufacturing, pharmaceutical, research and communications, among others — that have never been viewed as space pioneers, are teed up for opportunities and disruption. Just within low Earth orbit (LEO) alone we could see an eightfold increase in today's economic value by 2035 with the right investment and incentivization, according to Deloitte research. In the same way that information technology has powered business growth for decades, space technology and other xTech domains promise to propel the next generation of business value. Simply put, billions have been made by 20th century-pioneers who helped their customers realize value from InfoTech; 21st century-pioneers will help their customers realize trillions in value from xTech.
SpaceTech Report is the First of a Series
Deloitte's SpaceTech report is the inaugural issue of its "xTech Futures" series, which focuses on new and exponential technologies. The report spotlights the untapped potential for companies in all industries to play a role in the space economy, while cautioning that ethics must be a core tenet of innovation to avoid the exploration pitfalls of Earth's past. For business leaders, it begs the question "how will my organization leverage space technology" rather than "will my organization leverage space technology?"
To help organizations understand potential business opportunities, the SpaceTech report is structured into three approachable chapters:
HERE (on Earth) highlights how developments in launch vehicles and spaceports are lowering barriers to entry and democratizing access to space.
NEAR (in Earth's major orbits) considers the flourishing ecosystem of satellites, space stations, and services in Earth's major orbits that is primed for future expansion.
THERE (in deep space) explores the far frontiers of deep space and its potential for significant scientific advances, economic activity and natural resources.
"The space industry is entering a renaissance. Space has never been more accessible, and the potential for breakthrough discoveries has never been greater," said Mike Bechtel, chief futurist and managing director, Deloitte Consulting LLP. "As exploration gives way to economics, it will be important for companies in all sectors — not just those traditionally associated with space — to begin planning for their role in what figures to be the ultimate emerging market."
"Throughout history, space has captured the human imagination," said Brett Loubert, Deloitte space leader and principal. "And as space becomes more accessible to more types of businesses than ever before, we're at the cusp of a profound transformation — one that promises businesses in all industries an extraordinary market opportunity."
(Source: Deloitte news release. Images provided and from file)