A few weeks back we wrote up EY Australia’s Space Hub and its impressive new ex-NASA hire. This week, we’ve learned that Deloitte has its own big plans for space.
In an April 4 press release, Deloitte announced a formal space practice “to connect organizations in rapidly growing global space ecosystem.” That’s obviously a direct quote from the release.
Here are the takeaways, cleanly laid out in bullet point form:
- Deloitte Space is an end-to-end professional services practice dedicated to advising organizations on the full possibilities of space, from strategic advisory and assurance services to deploying and operating space systems and services.
- Builds on 15 years of space work across public and private sector clients, including government organizations, top aerospace and satellite companies, and other organizations that may stand to benefit from the opportunities space presents.
- Access to an integrated and globally connected network to help clients tap into the rapidly growing space sector, which is poised to impact everything from how we do business to how we improve our planet.
Like with EY’s push into commoditizing the great beyond, Deloitte points out that as a potential revenue source, space is like the virgin hills of Nevada pre-Gold Rush. There’s gold in them thar hills.
The space economy has become one of the fastest-growing sectors. Valued at roughly $400 billion today, the space economy has grown by over 60% in the last decade and is forecasted to grow to more than $1 trillion by 2040. This opportunity is being fueled by the maturing commercial launch industry and the proliferation of satellite services in low-Earth orbit (LEO) — a market expected to grow from $40 billion today to as much as $312 billion by 2035. These advancements appear to be lowering barriers-to-entry and creating new business models, unlocking further innovation that is driving additional social and economic benefits.
“The pace of innovation that we’re seeing in space is staggering,” said Nishita Henry, chief innovation officer, and principal at Deloitte Consulting. “The amount of investment pouring into space-related initiatives from governments, businesses and private investment is creating tremendous opportunities for companies approaching space as a mission, a business of today or a future business opportunity. Deloitte is marshalling the full breadth of global resources to help these organizations achieve their space ambitions.”