Massive investments, innovations and lower cost are factors that led most of the companies to spot business opportunities and the commercial space race. Space business is one of the areas of business that continues to boom. The Geospatial analytics is an industry that tracks everything with the use of satellites from food production to retail.
Most of the companies working on the technology have attracted huge money. Many orbital insights have funded more than $50 million last year and while one of the well-known labs has attracted $3o million and some have raised $4 million. James Crawford, one of the industry’s pioneers and has worked for NASA for many years has also found his orbital insights last 2013.
Most of these orbital insights are said to be the large storage of containers and it can provide data to many orbital enthusiasts. Descartes Labs, one of the leading and well-known satellite lab has started its career last 2014. With the lab's insights in using the AI process amount of satellite data, the first application of the technology was seen in the model of the US corn production. These cornfields are great for satellites when it comes to the resolution of the image. Since cornfields are big, using satellites are highly recommended.
Most of the satellites are used to locate the fields, and to find out how the crops are growing and to assess the crops’ cultivation and their production level. The space agency, SpaceKnow is now building its economic indexes with the use of the earth’s imagery observation blending with other related data. It tracks industrial facilities all the way to China and generates the index of its manufacturing activities.
The Vice President of the Space Agency SpaceKnow Hugh Norton Smith said that their company aims to make the physical world and index into a digital platform. According to Crawford, he believes that the satellite imagery is made to improve and to make meaning quicker and to have a more accurate and cheaper insight.
Today, more and more space agencies from around the world are planning to launch their own spacecraft. China and India are two countries planning to set up their own space stations by the year 2020. It was also expected that Japan will be constructing the very first elevator to outer space by the year 2024. There are lots of space opportunities; however, it depends on the agencies to embrace this mode of space business.