In the 80s and early 90s, few people could imagine the impact the World Wide Web would one day have. The idea that it would be an integral, ubiquitous part of our business and personal lives seemed laughable. From the 50s onward, people have viewed space exploration similarly. People find it fascinating, but most still perceive it as an arena for aerospace engineers and scientists and not the average person. The recent and quite public rise of commercial space ventures has started to change that perception, but not completely. Is the global space sector at an inflection point? Are we at the beginning of the next huge transformation of our work lives? Key indicators suggest that is exactly what’s happening.
The global space economy generated USD 345 billion in 2016 (link resides outside of ibm.com). Private sector forecasters anticipate that trend to continue with anticipated growth forecast to be between USD 1 and USD 1.5 trillion by 2040 (link resides outside of ibm.com). There are four aspects of today’s business world that are driving that level of investment.
Innovations inspired by the U.S. space program ultimately helped to improve life on earth. Artificial limbs, PCs, camera phones, foil blankets, memory foam, even tennis shoes — the technology behind each was created to address specific needs for aircraft and spacecraft, as well as the pilots and astronauts inside those vehicles. Today that flow of innovation has reversed. Business innovation has become the fuel for space travel and the space economy. AI, machine learning, edge computing, quantum computing, IoT and blockchain have made space travel more efficient, helped reduce the costs of gathering data and sped up the discovery of insights contained in that data.
These innovations and growth areas have inspired a whole host of service and support businesses: launch vehicle manufacturers, launch assist service providers, space debris collectors and managers, mineral and metal miners, space tourism promoters, satellite repair and maintenance. The list is nearly endless of the businesses that will be required to sustain a sector of this size.
Adopting common principles to guide cooperation and stewardship of space exploration and use is another sign of the growing maturity of this sector and the recognition it will play in the business world. In October 2020, eight founding member nations signed the Artemis Accords (link resides outside of ibm.com), a document outlining a shared vision for exploration, science and commercial activities in space. The accords cover:
NASA leads the Artemis program and anticipates other global partners and nations will join the effort.
If the global space economy is the vanguard of work transformation, how can today’s businesses prepare for it? Just as businesses in the 80s had a hard time imagining the possibilities of the internet, businesses today may also struggle to understand the transformative possibilities of space exploration and the global space economy. A key to preparation may be visualizing the role your business could play in this sector and developing a long-term view of what’s possible. That may necessitate greater mastery of the technologies that will be demanded by this sector, such as AI and machine learning. It may require workforce investment through skills training to ensure teams are prepared for transformation. It may entail partnerships with organizations experienced in the sector and with the technologies that support it. Like space itself, the possibilities are limitless.
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