Satellite-Based Cloud Computing Market Growing Rapidly with Investment Opportunities by 2032

[mohit bisresearch]

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.

Read Report Overview: Satellite-Based Cloud Computing Market

The global satellite-based cloud computing market is estimated to reach $472.6 million in 2032 from $368.3 million in 2022, at a growth rate of 2.53% during the forecast period 2022-2032. The growth in the global satellite-based cloud computing market is expected to be driven by increasing migration of applications to cloud as well as rising concerns around user end data and privacy across the globe. The global space economy has been 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 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.

North America is a leading region in terms of satellite-based cloud computing manufacturing due to key satellite-based cloud computing providers, terrestrial-based cloud computing providers, satellite manufacturers, and data handling unit manufacturers. This is also aided by the overwhelming space budget of the U.S., rising to around $24 billion for the fiscal year 2022, a 3% increase from the fiscal year 2021. The cloud continues to be a critical resource across several sectors as enterprises are rapidly relying on on-demand IT resources, from accounting software to full-blown IaaS, PaaS, and SaaS solutions. Project Kuiper, Kuiper Systems LLC, a subsidiary of Amazon, is a coming low Earth orbit (LEO) satellite internet service provider that’s set to launch 1,500 satellites over the next five years (2023-2027). Kuiper plans to reach a total of 3,236 satellites to build out its constellation and offer satellite broadband internet across the globe.

Recent Developments in the Global Satellite-Based Cloud Computing Market

In November 2022, Eutelsat S.A., a satellite operator, signed a final agreement covering its acquisition of low Earth orbit satellite outfit OneWeb from Bharti, Softbank, Hanwha, and the U.K. government, following approval by its board of directors. The acquisition is still subject to regulatory approval.

In April 2022, Omnispace and Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), announced that Omnispace Spark-1 was successfully delivered into orbit aboard the SpaceX Transporter-4. The Omnispace Spark program represents phase one in the development and delivery of the world’s first standards-based global hybrid network.

In March 2022, Microsoft Corporation acquired Nuance Communications Inc., a leader in conversational AI and ambient intelligence across industries including healthcare, financial services, retail, and telecommunications. The acquisition would bring together Nuance’s best-in-class conversational AI and ambient intelligence with Microsoft’s secure and trusted industry cloud offerings.

In January 2020, CYSEC partnered with Cloud Constellation Corporation to a joint go-to-market strategy that combines the capabilities of ARCA, the Trusted Execution Environment (TEE) by CYSEC, and SpaceBelt data security as a service (DsaaS). Cloud Constellation’s SpaceBelt DsaaS would utilize a constellation of 10 satellites in low Earth orbit (LEO) space-based cloud service for securing high-value, mission-critical, and highly sensitive data assets by providing data storage in space along with global and secure managed network services.

Competitive Landscape

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.

Request A Free Sample: https://bisresearch.com/requestsample?id=1434&type=download

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.