KSA Satellite Imagery Services Market Market Size

KSA Satellite Imagery Services Market Analysis

The KSA satellite imagery services market is valued at 64.2 million in the current year and is expected to reach a CAGR of 12.01% during the forecast period to become 113.2 million over the next five years. The KSA satellite imagery services market is driven by the increasing demand for satellite imagery services in various applications, increasing support from the government to boost the country's space sector and increasing demand among end-user industries.

• There has been a growing interest in the space sector in Saudi Arabia in the past few years, led by the increasing investments by the country's government to strengthen the space sector. Further, the expanding presence of global market vendors, the emergence of local satellite imagery services market vendors, coupled with the growing launches of satellites to gather high-quality and high-resolution satellite images in the Kingdom are driving the satellite imagery services market.
• Further, the KSA satellite imagery services market is majorly driven by the King Abdulaziz City for Science and Technology (KACST) efforts and initiatives in the past few years. The organization has partnered with various satellite imagery services market vendors in the past and indulged in earth observation satellite launches to gather high-resolution satellite images. Additionally, the Kingdom of Saudi Arabia's Communications, Space, and Technology Commission (CST) is including the promotion and entry of global satellite operators in line with Saudi Vision 2030, which is expected to drive the market's growth in the coming years.
• Furthermore, in line with the Kingdom's Vision 2030, government space organizations are making significant strides in launching satellites for various applications using satellite imagery, thus positively impacting the growth of the studied market. For instance, developed by King Abdulaziz City for Science and Technology (KACST), the Saudi Sat-5 satellites provide high-resolution images of the planet's surface from low-Earth orbit to help KSA with urban planning, monitoring movements and changes on the Earth's surface and provide Saudi government agencies with services, in particular with high-resolution satellite imagery.
• Moreover, satellite constellations are now providing vast volumes of high-resolution satellite images. The increasing volume of satellite imagery data is driving the need for artificial intelligence (AI) assisted and advanced solutions. Market vendors in the region are analyzed to increase the adoption of advanced technologies such as big data and artificial intelligence for satellite imagery analytics. Such factors further expand the growth of the KSA satellite imagery services market in the coming years.
• The COVID-19 pandemic adversely impacted the growth of the KSA satellite imagery services market with the funding operations for space research and development programs and related activities of implementing technological innovations in satellite imagery. However, post-pandemic, the market is expected to witness substantial growth with the growth in technological advancements in the satellites and satellite images, increase in satellite launches coupled with the integration of advanced technologies.