03New eyes in the skies
Computer vision, data analytics, tracking, data monetisation
From digital inventories to user behaviour, data is a core strategic asset for firms that is still under-utilised in terms of monetisation. And a new, truly global data frontier is about to open. Computer vision and data analysis technologies, coupled with cheaper access to drones and satellites, will give businesses the chance to create value by harnessing new insights from drones and satellite imagery.
What will change
Data collection will move to the skies as drones and cheap satellites begin gathering increasing amounts of new kinds of data. Both autonomous and manual drone passes will enable businesses of all kinds to collect data from previously inaccessible areas at scale, while satellites can provide valuable insights to everyone from mining and agriculture to construction and city planning teams.
Emerging technologies to watch
As new commercial actors continue to make drone and satellite technology cheaper and more capable, increasingly sophisticated computer vision and data analysis technologies can be harnessed throughout UAV fleets and satellite constellations.
Opportunities worth taking
Multiple commercial companies are already selling satellite launches as a service, and the cost is decreasing. Satellite data (coupled with location-based data sources) will enable many new approaches to physical asset management, including the planning of predictive maintenance for critical infrastructure. Insurance companies will use location intelligence to map risk and reward when creating flood damage policies, while construction businesses will be able to find and assess land, track construction processes and monitor their portfolios.
This is where the open-minded, the visionaries, the rebels and disruptors design new digital customer experiences for the world to come. Are you one of us?
Insurance companies can use drones to evaluate property conditions and perform defective property inspections. Satellite data can also supply historical data while investigating damages or natural catastrophes.
The banking industry can deploy dedicated satellites as primary or backup connectivity for ATMs and POS systems. Satellite imagery can be used to assess financial risks and possibilities.
Both drones and satellite data can be used to monitor critical infrastructure for keeping it secure and predict the future maintenance needs. This is becoming more common also for private companies in addition to government facilities.
The measurement and assessment of physical material is more effective when performed from the air than from the ground. Drones can also be used to improve mine security.
Endangered species can be protected by autonomous poacher detection drones and animal tracking. Climate change impact can be assessed from satellite or drone imagery.
Farmers can use drones to gather crop data and automate repetitive tasks.
Autonomous shipping navigation systems will use drone and satellite data to manage traffic and shipping routes. Drones can also inspect ships and monitor emissions at ports.
Footfall metrics can help anticipate demand. Orbital Insight successfully identified a 5.4% quarterly traffic decrease at Walmart before same-store sales were announced in the FY2019Q2 earnings call.
Why is this relevant
Total market 2024
Space tech market size is expected to reach $ 447 bn, IOT market estimate $ 936 bn.
Look at these 2024
Satellite data market value forecasted to increase up to 23.4 billion USD by 2025 (Bloomberg), Data monetisation CAGR 25% to $ 3,8 bn, data protection $ 155 bn, unmanned drones & services $ 43 bn with 24% CAGR.
Top 18 unicorn sniffing smart money VCs, 1376 investments 2018-2020
Drones 2%, satellite 1%, security 8%, privacy 4%.
Companies operating in this domain are industry generalists, so there will be a need to tailor data collection and analysis depending on use cases.
Things to consider
The race for ownership and security of space can lead to more surveillance and accessing the objective truth.
There is an ongoing discussion about the proliferation of low earth orbit satellites, with light waste creation a particular point of concern.
There are quite obvious implications for privacy when satellite frequency and sophistication increases.
Autonomous drones are more commonplace, and companies should ensure collisions with humans, animals and critical infrastructure do not happen.
Finnish company offering SAR-data from their own constellation.
Autonomous inspections for utility infrastructure.
Enabling IOT on a global scale.
Integrate earth observation data into your application in minutes.
GeoSpatial analysis: satellite-derived landscape intelligence.
Transforming data from space into actionable intelligence.
Turning geospatial data into insight.
Technologies that will enable the shift
New aerospace actors are offering satellite launches as a service at ever lower price points.
Breakthroughs in autonomous operations - from vertical take-off and landing to flying beyond visual line of sight - continue to be critical for feasibility. At the same time, policy, regulation and ecosystem partnerships will be crucial as the arena continues to expand.
Using video image as a source for identifying, analysing and acting (objects & faces to provide access, personalise, charge, recommend, etc.)
AI/ML Artificial intelligence (AI)
Computer systems that accomplish goals in some task(s). It is not a single thing; it is a combination of technologies such as machine learning. Machine Learning (ML) - toolbox of algorithms and techniques that learn rules from data. Used to implement AI in narrow tasks. Not magic; learns from the data by minimising a cost function.
Components that are required to run an ML Algorithm locally on a device. In edge computing, a microcontroller unit (a small chip) is embedded with the ability to perform AI/ML computing offline based on sensor inputs without needing a cloud connection.
The 5th generation of wireless technology that operates on a broader set of frequencies than 4G. This enables faster speed and latency in data transfer, as well as uninterrupted connectivity. This doesn’t mean 4G is already redundant, but IoT-services & autonomous connectivity are considered to require 5G connections.
Governments utilize satellite data in balancing world politics
EU supporting development of business innovations with Business Incubation Centres
Significant financial support for Start-ups
Data economy makes companies now seek for quality of data and making it actionable.
Companies build disruptive new growth avenues for themselves by monetizing their data and algorithms.
Increasing use of satellite data in banking (credit ratings), insurance (i.e. property conditions), trade market (forecasting oil price) and government (maintenance of critical infra).
What is the purpose behind using data.
Business growth vs restrictions.
What is the right balance between protecting the rights of individuals vs implementing models that deliver growth to the nation as a whole.
Societal impact and sustainability
Is the goal of the business to maximize profit or purpose driven?
As the commercial satellite data is available all afford to buy: what is the data used for and by whom?
Privacy matters become significant, especially when satellite data combined with other location or tracking data.
Development of Image Processing and Computer vision both for utilization and accuracy of Satellite Imagery.
The whole globe is available in daily images already
Data/analytics/AI are developing fast
Providing more opportunities all the time.
Adjustments to international space law can drive development when space activity increases.
The implementation of Data and Ai enabled business models heavily connected into legislating. Legislation running behind technical innovations may lead to self-regulation to mitigate future risks.
Uncertainties in which direction selling data will develop. Regulating seller rights and responsibilities might lead to increase or decrease in commercial opportunities around data.
Satellite data provides both positive and negative findings on environmental situation, like reducing of pollution in US cities during COVID19.
As tens of thousands of satellites sent to orbit, the amount of satellite trash in the orbit is at risk to increase.
Commercialising data may lead to opposite actions: Using data for selling new products for people, or using data for eliminating activities that pollute environment.
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