The Space Advantage
Facilitating Business Transformation in Financial Services and Transport & Logistics
Insights from the UK Space Agency’s Unlocking Space for Business initiative, aiding companies in harnessing satellite solutions for their benefits
In partnership with delivery collaborators PwC and Satellite Applications Catapult
1. Foreword
Dr. Paul Bate – CEO, UK Space Agency
As technology continues to evolve at a fast pace, it is crucial for businesses to recognize emerging opportunities and understand the drivers of change for growth. The UK Space Agency aims to stimulate investment in space technology and optimize the growth of the space sector in the UK, promoting the potential of space to inspire people, offer smarter and more sustainable solutions, and contribute to a greener future.
This report, titled “The Space Advantage: Facilitating Business Transformation in Financial Services and Transport & Logistics,” offers a detailed examination of how satellite solutions can aid various UK enterprises. It shares insights from our Unlocking Space for Business initiative, demonstrating how these advancements foster growth and improve competitive edge, along with guidance on how companies can access support to explore these avenues.
The global space industry holds an estimated value of £377 billion, with expectations of an annual growth rate of 11% until 2030. Satellite services contribute significantly to at least £364 billion of the UK GDP. The Unlocking Space for Business initiative has engaged over 350 firms in the finance and transport sectors, enhancing their understanding and maximizing advantages via satellite solutions.
2. Executive Summary
Unlocking Space for Business: A Transformative Opportunity for Sectors
The Unlocking Space for Business (USB) program has illustrated how satellite solutions have evolved from futuristic concepts to crucial elements of contemporary business operations. More than 350 UK companies have partnered with USB to tackle sector-specific challenges in financial services and logistics through satellite innovation.
From Niche to Necessity: A Shift Businesses Can’t Ignore
Historically, satellite technology has centered on military, scientific, and meteorological applications, but it now serves as a vital engine for commercial advancement, commanding a global market size of £320 billion. The relevance of space technology has been highlighted in articles such as Harvard Business Review’s “Your Company Needs a Space Strategy Now,” which emphasizes the increasing business value derived from space.
Closing Awareness Gaps: Turning Satellite Solutions into Business Value
Many UK firms have recognized the potential of satellite solutions only recently, with 25% of workshop participants in the USB program previously unaware of these capabilities. Featuring over 300 global case studies, the program has demonstrated the immediate benefits of these solutions, stimulating interest and encouraging businesses to pursue previously untapped opportunities.
