Space Data is about to get big. Thanks to the growing sophistication and falling cost of satellites, more businesses than ever are looking to the “final frontier” for insights which can be put to use here on Earth.
That’s the conclusion of a report that has just been published by Sparks & Honey. The trend forecasters surveyed thought leaders from around the globe on what the billions of dollars’ worth of private investment pouring into space projects would mean for industry on this planet.
They found that thanks to the ever-growing number of increasingly affordable satellite services, new uses for “space data” are opening up across many industries. In farming, satellite data can be used to monitor factors which influence crop yield. In real estate, areas prone to flooding or sinkholes can be more accurately identified, impacting property developments and prices. In retail, foot traffic around shopping centers can be monitored in real-time, giving an increased overview of how customers behave.