There is a silent revolution happening in space technology. The ability of satellites to transform businesses today is more relevant than ever. Space has traditionally had a high barrier to entry. According to studies, today, just seven firms make up 75% of the industry. Experts believe that data from space will be vital to unlocking new technical innovations. Therefore, private companies are scrambling to conquer space at a rapid pace. Furthermore, the rush to space is driven by falling prices. Traditionally, building and launching a satellite to collect data or enable communications cost millions of dollars. Now, Space X’s StarLink project alone has permission to put 12,000 satellites in orbit. This means that the number of satellites could be five times as many as today in the next decade. Watch this video to know why the satellite business is attracting tech giants across the globe.
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