HANCOM InSpace, an artificial intelligence (AI) data analysis company under the Hancom Group, said on the 4th it will begin commercial sales of satellite imagery from its Sejong series.
HANCOM InSpace will supply Earth observation imagery from the Sejong series through global satellite data platforms such as "SkyFi" starting in the third quarter this year. SkyFi is a global marketplace where users can search and purchase satellite images and geospatial data from around the world.
HANCOM InSpace said, "Through this partnership, we have secured a distribution channel to directly supply satellite data to customers worldwide, beyond the domestic market." The company plans to use this as a springboard to target the global data service market.
According to market research firm Grand View Research, the global satellite data services market is expected to reach about $30 billion (about 40 trillion won) by 2030. HANCOM InSpace plans to accelerate diversification of its revenue structure based on data sales.
HANCOM InSpace cited as its competitiveness the capability to simultaneously supply multispectral imagery, which identifies terrain and object information, and hyperspectral data, which can analyze the intrinsic components of materials.
The company supports an integrated offering of two data types: the "Archive service," which provides accumulated data, and the "Tasking service," which captures new, customer-specific imagery. It said this enables high value-added data services based on precise analysis.
Hyperspectral data analyzes more finely segmented wavelength information than standard optical imagery, enabling identification of information that is difficult to confirm with the naked eye, such as crop growth status, environmental pollution and resource distribution. In agriculture and other fields, the company plans to provide differentiated services compared with competitors in industries that require highly precise observation of the environment, resources and disasters.
Choi Myeong-jin, CEO of HANCOM InSpace, said, "The commercialization of satellite imagery at home and abroad is an important turning point that goes beyond simple data sales to secure a stable revenue base and create new market opportunities," adding, "HANCOM InSpace will continue to expand its business into a high value-added data business that supports customers' decision-making by supplying high-quality satellite imagery to customers at home and abroad while combining AI-based image analysis services."