The Space Tech Opportunity

The Space Tech Opportunity

The potential of Space Tech to address real-world business challenges on Earth is a remarkable opportunity that organizations should seize. As someone who has recently transitioned from NASA to the EY organization, I have witnessed a growing market for applying satellite data, particularly Earth Observation (EO) data, across various industries. The perception of satellite data as exclusive to government agencies is rapidly changing, thanks to a growing number of satellite datasets and improved data quality and accessibility. This democratization of satellite data aligns with my long-standing advocacy for Open Science, where governments and private enterprises collaborate and share ideas and algorithms, fueling innovation and solutions for all. The EY Space Tech Lab, through the EY Space for Earth platform, aims to guide clients in harnessing the potential of satellite data and exploring its myriad business applications.

Trust is paramount

Trust is a critical factor when venturing into new technological domains. To build trust, organizations must be willing to embrace a technology that was once perceived as beyond their reach. The business case for Space Tech is compelling, as satellite data can provide insights and answer essential business questions. By starting with existing high-quality satellite data, we can identify and address pain points in various industries. For instance, the energy sector can benefit from satellite data in transforming remote asset inspections, while mining companies can optimize operations by leveraging satellite data for monitoring and maintenance purposes.

Business applications

The EY Space for Earth platform offers a structured framework to dive into satellite data and assess its potential for business use. Monitoring vegetation encroachment on railway tracks or tracking the restoration of mining sites are just a few examples of the practical applications of satellite imagery. As technology advances, hyperspectral data provides detailed spectral information, enabling focused analysis of specific vegetation types or diseases. Machine Learning algorithms combined with object detection capabilities can automate processes and unlock further possibilities. The opportunities to envision innovative applications in collaboration with clients are abundant.

Why now?

The current landscape presents an untapped value in moderate-resolution satellite data, which was traditionally accessible primarily to governments and researchers. However, the democratization of satellite data has paved the way for organizations like EY to build platforms specifically designed to leverage Space Tech, as demonstrated by EY Space for Earth. Embracing a space strategy becomes crucial for organizations to capitalize on the potential benefits that satellite data offers in terms of efficiency, effectiveness, and prosperity. NASA's commitment to Open Science in 2023 further underscores the momentum of the Space Tech revolution, with a plethora of open algorithms and shared knowledge available for exploration.

Summary

In conclusion, organizations that overlook the opportunity to adopt a space strategy are missing out on the immense potential satellite data holds for their business growth. By embracing Space Tech, organizations can not only solve current challenges but also unlock new avenues for prosperity. The time to explore, trust and utilize satellite data is now, as we stand at the forefront of a transformative technology revolution.

I am keen to hear your thoughts. Are you ready to embrace Space Tech at your organization?

You can read the full article on ey.com: HERE

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