Satellite-based cloud computing refers to the cloud computing services provided from space. The services include secured data storage, space-based cloud infrastructure, and data distribution. Actionable plans of end-user vertical enterprises, along with growing demand for data security and privacy, is proliferating demand for space-based cloud infrastructure.
The global space economy has been rapidly growing owing to the increasing requirement for satellite-based connectivity services across different applications such as communication, navigation, Earth observation, and internet connectivity. 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 prominent restraint for space-based cloud computing services is to ensure the security of data.The major concern is the resiliency of the satellite cloud infrastructure to recover from malicious acts along with the protection of a satellite’s operation and control from malicious actors. At the same time, there is confidence in existing terrestrial cloud computing services, along with the emergence of new technologies such as quantum key distribution, which offers an enhanced level of robustness that is necessary for isolation from direct human intervention to mitigate or resolve any malicious attacks. Space-based cloud services have the potential to address this increasing and evolving demand.
Cost-competitive launch services, flexible satellite assembly lines, and software-defined satellites, along with an ecosystem that provides rapid time to market, are anticipated to strengthen the market revenue for global satellite-based cloud computing. The market innovators throughout the supply chain are emerging to support the transformation and are mitigating the emerging challenges in the roadway of successful market establishment.
The following figure depicts the estimated global satellite-based cloud computing market values for the forecast period 2022-2032 and the base year 2021.
The preceding figure illustrates the revenue of the global satellite-based cloud computing market contributed by different applications. The secured data services segment was valued at $92.4 million in 2021, and it is expected to reach $78.8 million by the end of 2032, registering a CAGR of 2.81% during the forecast period 2022-2032.
The preceding figure illustrates the revenue of the global satellite-based cloud computing market contributed by product. The data handling unit segment was valued at $427.0 million in 2021, and it is expected to reach $468.4 million by the end of 2032, registering a CAGR of 4.97% during the forecast period 2022-2032.
In 2021, the contribution of the North America region to the global satellite-based cloud computing market was valued at $384.1 million. The market in the region is expected to reach $426.1 million by the end of 2032. The market growth is attributed to the presence of key satellite operators, terrestrial cloud service providers, and satellite-based cloud service providers. The region is an early adopter of technology, and industry vertical enterprises are expected to shift into satellite-based cloud computing.
The competitive landscape of the satellite-based cloud computing material market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
Some of the key players in the global satellite-based cloud computing market include LEOcloud, Inc., Ramon.Space, Cloud Constellation Corporation, Starlink, Eutelsat, Intelsat, BlackSky, Astrocast, Capella Space, OneWeb, Kuiper Systems LLC, and cloud service providers. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.
