North America accounted for the highest share of 67.50% in the global space-based edge computing market by value in 2022, owing to a significant number of service providers based in the region.
FREMONT, Calif., April 20, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Space-Based Edge Computing Market - A Global and Regional Analysis.
According to this study, the global space-based edge computing market was valued at $200.9 million in 2022 and is projected to reach $1.80 billion by 2033, growing at a staggering CAGR of 22.64%.
The following factors are responsible for the increase in demand for space-based edge computing:
- Reduction in data processing time framework
- Evolving service requirements
The detailed study is a compilation of 58 market data tables and 14 figures spread across 150 pages.
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Analyst's Take on the Market Projection
According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, "The demand for space-based edge computing capabilities across upstream and downstream segments is on the rise, and this is resulting in new hardware and software capabilities being integrated into satellite-based communication networks across the value chain. It is imperative for the space and the information and communication technology (ICT) market participants to better understand this emerging market to ensure they stand eligible to leverage the revenue opportunities that are expected to evolve as a consequence of the ongoing developments. The market developments, demand assessment, and opportunity overview are included in this study, which aims to enable decision-making with respect to space-based edge computing."
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Defense Sector to Become the Leading End-User Segment Between 2022 and 2033
The global space-based edge computing market is expected to witness huge revenues from the defense segment, followed by the commercial segment. The global space-based edge computing market for the defense segment reported revenue generation of $137.0 million in 2022 and is expected to grow at a CAGR of 22.07% during the forecast period 2023-2033 to reach $1,174.1 million by 2033.
Major Industry Leaders in the Space-Based Edge Computing Market
The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are AICRAFT, ALL.SPACE, Exo-Space, Hewlett Packard Enterprise, KP Labs, LEOcloud, Inc., Little Place Labs, Loft Orbital, Nearby Computing, OrbitsEdge, Inc., Ramon.Space, Satellogic, SKYWATCH, Spiral Blue, SkyServe, and Ubotica Technologies.
Recent Developments in the Global Space-Based Edge Computing Market
- In March 2023, Nearby Computing signed a partnership with Cellnex Telecom for the demonstration of 5G and edge computing infrastructure. The demonstration also shows the integration of 5G along with edge can be implemented into smart sensors on the ground and space for the use of serving smart cities.
- In November 2022, Ubotica Technologies and Open Cosmos signed an agreement to deploy CogniSat-6, an AI-focused CubeSat flight with autonomous skills. It's equipped with the CogniSat edge computing platform to LEO and would provide reactive retargeting to optimize image gathering scope in orbit.
- In October 2022, Exo-Space signed a contract with Sidus Space to integrate a payload into its hybrid 3D-printed satellite LizzieSat, which is expected to launch sometime in 2023.
- In August 2022, OrbitsEdge signed a long-term launch agreement with Vaya Space, with a launch slotted for the fourth quarter of 2023. The agreement aims to develop high-performance computing data centers that can handle and evaluate data generated in space, which will be launched into low Earth orbit (LEO) above the cloud. By using this approach, the present bandwidth restrictions and the transmission delay brought on by sending huge amounts of satellite data to Earth for processing are reduced.
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