Artificial Intelligence
Space Debris Monitoring and Removal Market to Exhibit a 7.84% CAGR by 2028; Space Junk Concern to Result in Active Participation by Key Players, Says Fortune Business Insights™
Pune, India, Aug. 25, 2021 (GLOBE NEWSWIRE) — The global space debris monitoring and removal market size was USD 803.44 million in 2020. The market is likely to reach USD 1,362.67 million in 2028 from USD 866.42 million in 2021, at a CAGR of 7.84% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Space Debris Monitoring and Removal Market, 2021-2028.”
The rising curiosity of outer space exploration coupled with increasing technological advances made by the human race has led to a rise in space debris. In order to monitor and set limitations on this space rubbish, various organizations have set up a structure. For instance, as per the European Space Agency, ClearSpace-1 is expected to be the foremost space assignment to eliminate constituents of the debris from the earth’s orbit. This mission is likely to be implemented by the year 2025. This is expected to reinforce market growth in the upcoming years.
COVID-19 Outbreak to Positively Impact Space Domain Market
The COVID-19 pandemic hit the world in 2019 and since has adversely affected the economic situation of the majority of the countries and domains as well. Nevertheless, it is witnessed that in the past few years, the happenings associated with space assessment have steadily changed towards exploitation. Moreover, the impact of the COVID-19 pandemic has radically obstructed the current space agendas and procedures done by the government as well as civic space organizations. This has presented a chance to the small and mid-size private firms to capitalize and bid space-based facilities to the leading players in this market.
For example, the U.S.-based venture known as OrbitGuardians delivers active space debris monitoring and removal services. The corporation utilizes technologies such as computer vision, artificial intelligence (AI), and the internet of things (IoT) to examine, observe, and eradicate space debris of a size lesser than 20 cm from space.
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Competitive Landscape
Key Players Sign Partnership to Strengthen their Market Positions
Prominent players in the market often team up with co-companies to flourish the market revenue and to bolster their position in the market globally. For example, in May 2020, the South African National Space Agency (SANSA) signed a partnership deal with the National Aeronautics and Space Administration (NASA) to jointly host a Deep Space Ground Station.
Key Industry Development
October 2020: Astroscale Holdings Inc. managed to raise USD 51 million in a Series E investment round. The total fund reached USD 191 million with the addition of the above funding, and it is allotted for the space debris elimination task.
List of Key Players Covered in this Space Debris Monitoring and Removal Market Report:
Dominant Companies List
- Airbus SAS (The U.S.)
- Astroscale Holdings Inc. (Astroscale) (Japan)
- Voyager Space Holdings, Inc. (The U.S.)
- Electro-Optic Systems Pty Ltd. (Australia)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- PAO SP Korolev RSC Energia (Russia)
- Raytheon Company (The U.S.)
- Surrey Satellite Technology Ltd. (The U.K)
- The Boeing Company (The U.S.)
Start-up Companies List
- OrbitGuardians (The U.S.)
- ClearSpace SA (Switzerland)
- Share My Space (France)
- Obruta Space Solution Corporation (Canada)
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/space-debris-monitoring-and-removal-market-104070
Segmentation
By application, the global space debris monitoring and removal market is segmented into space debris monitoring and space debris removal. Among these, the space debris monitoring segment is estimated to dominate the market owing to the upsurge in space exploration activities and space debris modeling. On the basis of debris size range, the market is segregated into the range of 1mm to 1cm debris size, 1cm to 10cm debris size, and greater than 10cm.
By the earth orbit, the market is categorized into low earth orbit (LEO) and geostationary earth orbit (GEO). On the basis of end-use, the market is classified into commercial and defense segments. In terms of region, the market is bifurcated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Leading Countries and Their Joint Efforts to Explore Space Set to Bolster Market Growth
The exponential increase in the demand for communication via the internet and network-based services worldwide has motivated space promotions over the last couple of years. In May 2021, the Starlink platform introduced by SpaceX was granted authorization from the U.S. Federal Communications Commission (FCC) to further launch 12,000 Starlink mini-satellites for network collection. Besides, the firm is scheduling to assemble a spectrum for the extra involvement of 30,000 Starlink satellites in the forthcoming years.
Furthermore, in the last five years, the orbital unveiling efforts have been reported to be considerably increased in the countries such as the Russia, U.S., Japan, India, China, and France. Jointly, there are about 3,373 active functional satellites in the earth’s orbit and are estimated to surge considerably in the upcoming years. This is projected to generate the the large number of space rubbish and will thrust the growth of the market.
However, the majority of the standards are constrained to the monitoring characteristic of space debris. The debris removal rules are not definite or enlisted by the top agencies and the governing organizations. This shall hinder the global space debris monitoring and removal market growth in the foreseeable future.
Regional Insights
North America to Ace Market Backed by Support from U.S. Department of Defense
The space debris monitoring and removal market share in the North American region was USD 321.60 million in 2020 and is likely to continue its authority during the forecast period, 2021-2028. The estimated share value is USD 310.55 million as of 2021. The U.S. has the biggest space-based institutions in comparison with the European and Asian leading nations. Furthermore, the U.S. Department of Defence expands greatly on supervising space debris to control the space rubbish in the forthcoming years.
Europe is projected to display substantial growth in the near future owing to the presence of renowned agencies such as the European Space Agency (ESA) and other space-related administrations. They play a critical role in space debris monitoring and removal from the Earth’s orbit.
Asia Pacific is predicted to showcase a higher CAGR in the market during the forecast period. The growth is owing to the surging demand for universe situational alertness abilities from leading nations such as India, China, and Japan.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Space Debris Monitoring and Removal Market
- Impact of COVID-19 on Global Space Debris Monitoring and Removal Market
- Steps Taken By Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Space Debris Monitoring and Removal Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Application
- Space Debris Monitoring
- Space Debris Removal
- Market Analysis, Insights and Forecast – By Debris Size Range
- 1mm to 1cm Debris Size
- 1cm to 10cm Debris Size
- Greater than 10cm
- Market Analysis, Insights, and Forecast – By Orbit Type
- Low Earth Orbit (LEO)
- Geostationary Earth Orbit (GEO)
- Market Analysis, Insights and Forecast – By End-use
- Commercial
- Defense
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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Have a Look at Related Research Key Updates:
Space Situational Awareness (SSA) Market Size, Share & COVID-19 Impact Analysis, By Offering (Service and Software), By Object (Mission-Related Debris, Rocket Bodies, Fragmentation Debris, Non-Functional Spacecraft, Functional Spacecraft), By End-User (Commercial, Military, and Government), and Regional Forecast, 2021-2028
Defense IT Spending Market Size, Share & COVID-19 Impact Analysis, By Type (Services, Hardware, and Software), By Application (IT Infrastructure, Cybersecurity, Defense Cloud Computing, Data Analytics, IT Application, Logistics & Asset Management, and Others), and Regional Forecast, 2020-2027
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Artificial Intelligence
Add Value Machine, ADCB and Amazon Web Services (AWS) Successfully Conclude UAE’s First-Ever Generative AI Hackathon in the Banking Sector
ABU DHABI, UAE, June 17, 2024 /PRNewswire/ — Add Value Machine (AVM), a leading provider of secure generative AI platforms, and Abu Dhabi Commercial Bank (ADCB), one of the largest banks in the UAE, have successfully concluded the groundbreaking ADCB Generative AI Hackathon. The event, which took place in Abu Dhabi, marked the first time a UAE bank has conducted a hackathon focused on exploring the potential of generative AI in the banking sector.
“We are thrilled to have partnered with ADCB and AWS to host this groundbreaking hackathon,” said John Shaw, CEO of Add Value Machine. “Our secure generative AI platform has enabled ADCB to explore innovative solutions that can drive meaningful business impact across the bank. This event showcases the immense potential of generative AI in the banking sector, and we look forward to working with ADCB to bring the most impactful use cases into production.”
The hackathon brought together nearly 120 participants from ADCB, AVM and Amazon Web Services (AWS) collaborated to structure the event around key business outcomes, focusing on the most relevant ROI generative AI use cases in procurement, engineering, retail banking, and treasury.
Sean Langton, ADCB’s CIO, reflected on the event’s success, stating, “Generative AI is the perfect technology for a hackathon – it has unlimited opportunity to improve our business and customer experience but also presents emerging risks we need to be mindful of. Thanks to our partnerships with Added Value Machine and AWS, we’ve been able to build several AI ‘bots’ in a safe way in just a day. I can’t wait to see the first of these up and running in production in the coming days.”
All use cases developed during the hackathon were built on AVM’s observability, governance and compliance generative AI platform. AVM and AWS are now working closely with ADCB to accelerate the most impactful use cases into production, ensuring that the bank can quickly realize the benefits of generative AI technology.
Ravi Singh, President and CTO of Add Value Machine, expressed his enthusiasm for the collaboration, stating, “It’s inspiring to witness the passion and unity of purpose at ADCB. The combination of visionary leadership and technical expertise has resulted in a thoughtful, measured approach to generative AI adoption. We are proud to be part of this transformative journey.”
ADCB plans to conduct regular hackathons to foster a culture of innovation and explore new applications of generative AI technology across its business operations.
About Add Value Machine:AVM is a leading Generative AI security company that provides 360-degree observability, enabling enterprises to monitor all of the Generative AI usage no matter where it happens. The accelerated use of generative AI at large corporations has also accelerated customer data leakage and presents new challenges for companies looking to maintain security compliance. At AVM, we believe that the accelerated adoption of Generative AI needs the strict adoption of advanced security protocols.
Contact:Julie [email protected]
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Artificial Intelligence
Altair One® Cloud Innovation Gateway Now Available on Google Cloud Marketplace
Addition will expand access to Altair’s digital engineering experience
TROY, Mich., June 17, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, announced that Altair One®, Altair’s cloud innovation gateway, is now available on Google Cloud Marketplace, opening up a world of possibilities for users seeking seamless access to powerful simulation, data analytics, and high-performance computing (HPC) capabilities.
Altair One is designed for collaborative engineering, data engineering, and analytical application development. Built on a robust HPC backbone, Altair One provides seamless, unified access to tools, data, and computing resources while unleashing the power of artificial intelligence (AI) across every step of the product development life cycle.
Google Cloud Marketplace customers can now leverage Bring Your Own Cloud (BYOC) functionality to run Altair simulation, AI, and data analytics applications.
“The integration of Altair One with the Google Cloud Marketplace empowers Google Cloud users to effortlessly unlock a world of innovative solutions. This collaboration will fuel engineering breakthroughs with the power of Google Cloud’s adaptable, flexible, and scalable cloud infrastructure,” said Sam Mahalingam, chief technology officer, Altair. “This integration aligns perfectly with our core mission of equipping businesses for digital success and making powerful software solutions readily accessible to users.”
“Bringing Altair One to Google Cloud Marketplace will help customers quickly deploy, manage, and grow the platform on Google Cloud’s trusted, global infrastructure,” said Dai Vu, managing director, Marketplace and ISV GTM Programs, Google Cloud. “Altair can continue to securely scale and support customers on their digital transformation journeys.”
Altair One is the gateway that empowers organizations to mature into digital enterprises by breaking down data silos, connecting virtual models, optimizing their compute infrastructure, and digitizing key processes. It provides all the tools to create a “One Total Twin” of a product throughout its lifecycle, “One Traceable Thread” connecting all data stages, and a “Single Source of Truth” for all models and data. This all-in-one platform automates data capture, empowers better decision-making, enhances performance management, and ultimately accelerates engineering processes for a seamless digital experience.
To learn more, visit https://console.cloud.google.com/marketplace/product/altair/altair-one-private?hl=en&project=altair-public.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
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Artificial Intelligence
IBS Software Announces Appointment of New Chief Executive Officer Somit Goyal
DUBAI, UAE, June 17, 2024 /PRNewswire/ — IBS Software, a leading SaaS solutions provider to the travel industry globally, has appointed Somit Goyal as its new Chief Executive Officer (CEO), effective immediately. Somit succeeds Anand Krishnan, who served as CEO of IBS Software since 2018.
Somit Goyal brings a wealth of experience in the enterprise software sector, having held leadership roles at globally renowned companies such as Microsoft, SAP, Oracle and AOL.
During his 11-year tenure at Microsoft, Somit held several leadership roles across strategy, operations, sales and customer success. In his last role, he managed the global sales of Microsoft’s Modern Work cloud business, and before that, Somit served as the Chief Operating Officer of Microsoft’s Public Sector business worldwide. Somit also conceived and established the Customer Success function at Microsoft, an area of growing importance for IBS Software as it continues to expand globally.
Most recently, Somit served as President and COO of Pluralsight, a SaaS company, where he oversaw product, engineering and GTM functions.
“Somit’s impressive experience in operating global SaaS businesses, leading diverse teams, and managing all facets of enterprise software make him exceptionally well-suited to lead IBS Software during this exciting phase of growth,” said V K Mathews, Executive Chairman of IBS Software. “IBS Software is at a pivotal point in its trajectory as we continue to innovate to better serve our customers. I am confident Somit will help unlock our full potential.”
With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including passenger services, flight operations, cargo and logistics, loyalty management, cruise operations, energy & resource logistics and hospitality businesses.
“With a broad portfolio of industry leading products, marquee customers and a talented team, with deep domain expertise IBS Software stands at the forefront of travel industry innovation. I couldn’t be more excited to join IBS Software and help lead it through its next exciting chapter.” said Somit Goyal, who holds an electrical engineering degree from the Indian Institute of Technology (IIT) in New Delhi, India and an MBA from INSEAD, France.
Somit will report directly to IBS Software Executive Chairman V K Mathews.
ABOUT IBS SOFTWARE
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air cargo management. Across the hospitality sector, IBS Software offers a cloud-native, unified platform for hotels and travel sellers, including central reservation (CRS), property management (PMS), revenue management (RMS), call centre, booking engine, loyalty and distribution. For the tour & cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 17 offices across the world.
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