We are seeing more and more Edge Computing and AI applications in the space technology sector, leading to faster data transfers, tailored insights, and a much more efficient workflow for customers.
Soon, AI models will witness convergence with geospatial data to provide more insights to customers, probably in fully packaged products rather than just delivering geospatial data to customers.
New Era
NewSpace is augmenting a more robust and resilient world economy, but we are just scratching the surface. However, there is a particular role of NewSpace in supply chain resilience. Space enables local insights with a global view simultaneously, a unique prospect only available through satellites in orbit. We are seeing more and more Fortune 500 companies using space to maintain and observe their supply chains.
Prime concerns for companies that use space-enabled monitoring generally focuses on price fluctuations through changes in crop yields, and deforestation caused through inefficient logistics or precise inspection of farms to understand discrepancies.
Governments are the most sophisticated users of space data right now. Countries around the world can become the de-facto first customers for NewSpace startups, enabling a comprehensive and innovative geospatial and space ecosystem.
“Space enables local insights with a global view at the same time, a unique prospect that is only available through satellites in orbit. We are seeing more and more Fortune 500 companies using space to maintain and observe their supply chains.”
State Contracts
Governments tend to allocate their funding for startups as grants rather than contracts, mistaking the belief that grants are as good as or even better than contracts. This is absolutely not the case.
Contracts translate to solid revenue, which increases a company’s valuation and allows them raise venture capital or other forms of capital. This phenomena happens as contracts and revenue prove demand for your product, which grants tend not to.
Perhaps, more importantly, the act of delivering on a contract is much healthier for any company as it forces them to supply products or services on time tailored to customer specifications. Grants, on the other hand tend to come with many reporting requirements which contracts do not.
Geopolitical Dilemma
There is a worldview that space is becoming the next theatre of war. This is a concern for the global space sector as the domain definitely plays a huge role in defence application worldwide, making countries eager to stay ahead of adversaries.
However, more and more countries see the benefit in terms of capability and coalition building by actively working with allies to improve the applications and use-cases of space. This can be as simple as being willing to procure from allies.
Disclaimer: Views Expressed are Author's Own. Geospatial World May or May Not Endorse it
