Challenges in data acquisition, processing and deployment are among the key reasons for this unrealised value, according to the analysis.
The report, “Earth Observation: Unlocking the USD 700 Billion Opportunity”, was released by the World Economic Forum, in collaboration with Deloitte, on Tuesday.
EO refers to the collection of information about activities and characteristics on Earth, both natural and artificial, including physical, chemical, biological and human systems.
“A total of USD 263 billion in annual value remains to be unlocked from EO data. This value is concentrated in applications where the underlying EO signal can inform better decisions, but frictions in data availability, processing, delivery or workflow integration prevent those decisions from being made consistently or at scale,” the report said.
It also noted the use of data provided by German space-tech company constellr to reduce temperatures in Rajasthan’s Dhun by 7 degrees Celsius over nine years compared to a nearby established residential area in Jaipur.
“By combining their proprietary thermal sensing capabilities with processing pipelines and application-specific outputs, they (constellr) create consistent, interpretable products tailored to the operational signal users need,” the report said.Moreover, EO can help reduce annual greenhouse gas (GHG) emissions by more than 2 gigatonnes (GT) — measured in carbon dioxide equivalent (CO2e).
This type of information can also benefit numerous sectors, including agriculture, infrastructure, supply chains, insurance and disaster resilience.
“Earth observation can evolve from a high-potential capability into a critical driver of economic growth, resilience and sustainable development worldwide,” the report said.