Market analysis for satellite remote sensing product and business development

The purpose of this paper is to discuss one manner in which market analysis for new satellite remote sensing product concepts can be translated into new business opportunities. In particular while there seems to be much discussion on how to move from product ideas to product sales this paper focuses on how to develop product concepts in new markets and how to confirm the market for those products. Historically, satellite remote sensing data has been sold as a solution looking for a problem—our approach turns this on its head, beginning with an understanding of the user needs of a particular market and then fitting satellite data and products to meet those needs. The market analysis approach presented here is not a short‐cut—proper market analysis is not easy and takes time and resources. The outcome, however, of proper market analysis is real, sellable products and sufficient detail to support the raising of financing to move forward with implementation.