Deloitte announces formal space practice for rapidly growing space industry

Deloitte announces formal space practice for rapidly growing space industry
by Staff Writers
Los Angeles CA (SPX) Apr 06, 2023

Deloitte, a multinational professional services network, has launched a new division, Deloitte Space, to help organizations achieve their space ambitions. With over 15 years of experience advising clients on space-related initiatives, the new division will provide access to a global network of advisors, technologists, and scientists dedicated to helping businesses and governments connect the unconnected and embrace the infinite opportunities that space has to offer.

The space economy has become one of the fastest-growing sectors, valued at approximately $400 billion today. It has grown by over 60% in the last decade and is predicted to grow to more than $1 trillion by 2040. The maturing commercial launch industry and the proliferation of satellite services in low-Earth orbit (LEO) are driving this growth, creating new business models and unlocking innovation that drives social and economic benefits.

Nishita Henry, Chief Innovation Officer and Principal at Deloitte Consulting LLP, says, "The pace of innovation that we're seeing in space is staggering. 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."

Deloitte's space-related offerings span multiple areas and are dedicated to advising organizations, whether those organizations view space as a mission, their business of today or a future growth opportunity. The company also plans to invest in enhancing existing capabilities and developing new capabilities to assist companies in the business of space to redefine what and how they operate in space and unlock more possibilities.

One of Deloitte's marquee space initiatives is GRAVITY Challenge, a global technology innovation program launched in 2019. The program connects startups, entrepreneurs, and universities with businesses and governments to solve real-world business challenges using space-enabled data, technologies, and capabilities.

Shalini Bhatia, Deloitte Space leader for technology, media, and telecommunications, and principal at Deloitte Consulting LLP, says, "Deloitte is helping pioneer a responsible, safe, sustainable, and efficient future of space, to help turn what is projected to be a $1 trillion opportunity into what could be an even larger opportunity. Arguably the single biggest opportunity for commercial businesses, with the convergence of satellite communications, satellite imagery, satellite navigation, AI, and machine learning, space could disrupt nearly every industry as we know it today."