Space East welcomes LAB287 to the Space East Cluster. We are excited to introduce LAB287, our newest member of the Space East Cluster. Credit: Rakesh Verma (Founder and CEO).
At LAB287, we are seeing extraordinary growth in the space sector, with data, technologies, and resources related to space driving innovation and transforming industries. Sales of space-enabled solutions are predicted to grow from hundreds of billions today to over $1 trillion by 2040, highlighting the huge opportunity on the horizon. Yet the vast majority of organisations outside the space industry remain unaware of this rapid expansion and its potential to reshape business models and improve performance.
In this article, we share our thoughts on why every organisation should consider using space technology, the challenges they face, and explain the first step to unlocking its potential.
From our experience, we know that space technology offers many benefits. Satellites provide valuable data on environmental conditions, weather patterns, and population dynamics, which is crucial for sectors such as agriculture, marine, logistics, education, and disaster management. This information can help organisations make better decisions and work more efficiently.
Space technology also improves communication and internet connectivity, which is especially useful for businesses using the Internet of Things (IoT). We’ve worked with organisations that have used these technologies to improve their connectivity and data management.
Using space technology also opens up new markets and improves existing ones. We are supporting companies explore zero-gravity manufacturing and undertake novel scientific experimentation in space. This allows them to create materials and products that are impossible to make on Earth, driving innovation and creating new revenue streams.
Despite the benefits, many organisations find space technology confusing and difficult to understand. Here are some common challenges we have faced:
At LAB287, we specialise in helping organisations overcome these challenges and unlock the potential of space technology. The first essential step involves developing a clear and actionable strategy for their space-enabled transformation journey. This means reimagining their operations with the unique benefits of space technology in mind, laying down essential foundations, and carefully integrating tailored, space-driven solutions in to their operations.
By taking this initial step, organisations can position themselves to benefit from improved efficiency, access to new market opportunities, and technological innovation. As the space economy continues to grow, using space technology will be crucial for staying competitive and driving future success.
About LAB287
LAB287 is the UK’s leading specialist in space-enabled organisational transformation. We help government and public sector bodies, as well as businesses in the private sector, to implement change by putting to work the capabilities and potential of data and technologies originating or located in space.
Please get in touch if you’d like to find out more about us, we very much look forward to hearing from you – info@lab287.com
+44 (0)7436 140185