Satellite technology changed the world dramatically after the first experiment in the late 1950s. Today, people communicate in real-time around the globe, view a specific location via Google Earth or beam a signal from one corner of the globe to another. Satellites get smaller and more powerful with time similar to the advances in computers.

The advances in communication alone are staggering. Fifty years ago, people were not able to watch an interview with someone in Jerusalem in real time. Today, with a minor delay between the person speaking and the stream arriving, we see what is going on at almost any point on the globe at any time thanks to satellites.

Investment in space companies is growing and with good reason. The advancements are astounding — from launching rockets into space to reusable booster experimentation to reducing the size of satellites. In the last 18 years, space startups attracted over $13.3 billion from investors. Much of the growth in coming years will be in satellite technology. There are six main reasons your business should consider investing in satellite technology.

1. Edge Over Competitors

Launching your own personal satellite into space, typically low-orbit, lets you collect data about a specific area. This can give you an edge over competitors who don’t have access to this information. The cost of these personal amateur satellites is rapidly decreasing. What was once government domain is now in the hands of anyone. For example, a small cube satellite, called a CubeSat, may only cost a company $3,000 to launch into orbit.

Larger corporations will benefit from that ability to privatize their own communication channels. No longer will they have to rely on outdated and expensive telephone companies, but they can launch their own systems to use for everything from connecting a computer network around the world to teleconferencing capabilities. Chrysler and Hughes have a contract for a very small aperture terminal (VSAT) system that will allow the company to transmit data more easily.

2. Information to Grow

Another advantage to investing in satellite technology is the actual analysis capabilities of the information you collect. Imagine a real estate investment group having access to how many people are flowing into an area over time. This would allow that group to see where to build new condos or where shopping complexes are most needed.

While you can do some of this analysis from the ground, getting these stats from orbit gives you another piece of the puzzle and allows you to make more informed decisions about the future of your business.

3. Offer Supportive Products

Another way your company can invest in satellite technology is through offering supportive services. For example, one of the concerns with CubeSats is the thermal challenges. A way to overcome that challenge is through heat sinks or embedded radiators to reduce the heat. Knowing what products to offer and how to best support satellite technology requires partnering with the companies building mini satellites and thoroughly studying the issue.

4. Invest Financially

Perhaps you aren’t quite ready to launch your own mini satellite into orbit or create a new product to provide support for those who do. However, you can still invest in satellite technology financially.

Any type of business can provide financial support for a local entrepreneur looking to launch into space or further develop this technology. Alternately, you can invest in a large company or donate funds for research — which may be tax deductible if the organization is non-profit.

5. Be Ready for the Changes

Knowing what satellites provide can also allow your business to look toward the future and figure out how you might prepare for the coming technological changes. One way to figure out what satellites will offer is by looking at what they have offered. As the cost of equipment continues to drop, enhanced communication will follow.

Imagine a world with a wireless Internet that anyone anywhere can connect to, even those in very rural locations. Not only would it be easier than ever before to connect and have face-to-face conversations, but the network will become more reliable with less dropped communication or some of the delays experienced today.

6. Support the Environment

Has your business committed to the environment? If your goal is to leave a small carbon footprint, you can take things a step further and actually improve the environment by using satellite technology to spot issues before they grow too large.

Imagine that there is an oil spill in an area near your company headquarters. With satellite imagery, you can see how far the spill reaches and make a plan for the best way to begin cleanup. Perhaps you run a dog food company, so your commitment is to go in and save as much of the wildlife as possible. With satellite technology, you can pinpoint the areas of the spill and the areas where wildlife is located. Then you can make a plan to rescue as many creatures as possible.

Invest in Satellite Technology

Technology advances at such a rapid pace in the twenty-first century that it can be hard to keep pace. Companies that don’t stay on top of advances tend to fall rapidly behind. Satellites are the future of data and now is the time to invest in this technology, particularly if you work in the IT or technology sectors. If you don’t invest, you can be certain your competitors will.