"6 Years Later, South Korea's Satellites from 8 to 100"…The Satellite Big Data Market is Booming

Government Takes Steps to Develop Utilization Plans with Private Companies

[Asia Economy Reporter Kim Bong-su] The number of satellites with Korean 'nationality' will surge from the current 8 to 100 in six years. This is due to the construction of Korean-style satellite positioning systems (KPS) launched by both the private sector and the government, as well as a significant increase in 6G ultra-high-speed communication networks and other high-performance, ultra-compact satellites. In response, the government has begun preparing measures to properly utilize big data collected through satellites.

On the morning of the 18th, the Ministry of Science and ICT held a satellite information utilization expert meeting chaired by First Vice Minister Yong Hong-taek to discuss industrial utilization measures for big data collected via satellites. The Ministry of Science and ICT is currently promoting the Satellite Information Big Data Utilization Support System Development project, newly launched over five years since 2022, and this meeting was organized with the intention of re-examining the project from the perspective of field experts who actually use satellite information.

The number of satellites in South Korea is rapidly increasing every year. Recently, demand for using satellites in various fields such as weather, land management, disaster response, and national security has surged, and the number of satellites currently operating at 8 is expected to increase to 100 by 2027. Globally, the satellite imagery industry is growing at an average annual rate of 13%, and is expected to reach $12.1 billion by 2026. It is urgent to develop technology that standardizes the different types of big data generated by various satellites for easy use by the private sector, while simultaneously combining information to create new utilization services and secure market leadership.

Accordingly, the government is promoting plans to develop a system that quickly and diversely analyzes and processes satellite image big data using artificial intelligence, supporting broad utilization by private companies and others.

At this meeting, two innovative venture companies with strengths in satellite image AI analysis, SELab and SIA, participated. Lee Jong-hyuk, Director of SELab, said, "Investment is needed to verify the numerical information so that satellite information, such as ground soil measurements, can be used in our daily lives." Jeon Tae-gyun, CEO of SIA, urged, "Please support the activation of satellite image supply and analysis services at the government level."

Vice Minister Yong responded, "The success of the project always begins by informing demand companies and experts in the field of the good planning intentions as quickly as possible to prepare the most efficient detailed implementation plan," adding, "At the end of the project, the big data pouring out from more than 100 satellites will serve as the foundation for fostering the satellite information utilization industry, and we will actively reflect the insights of experts who look to the future."

The Ministry of Science and ICT plans to establish detailed plans for the Satellite Information Big Data Utilization Support System by the end of the year, reflecting expert opinions gathered at this meeting and others.

This content was produced with the assistance of AI translation services.