Space data is becoming an integral part of insurance and finance

The finance and insurance sectors are expected to lead the growth in Earth Observation (EO) data and services, with revenues projected to reach around 7 billion EUR between 2023 and 2033. This growth is driven by advancements in high-resolution satellite data, which offer new opportunities for commodity traders and other applications. Commodities trading, in particular, is set to see a 30% annual growth rate, reaching 360 million EUR by 2033.

EO is also becoming crucial for improving risk models in the insurance industry, especially in the face of climate change. By integrating EO data with other technologies like machine learning, insurers can create more accurate predictions, leading to better pricing strategies and risk management. In addition, EO helps financial institutions assess environmental risks and contributes to transparency in carbon markets by verifying carbon credits and supporting sustainable investing.

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