SpaceKnow, a New York-based technology company dedicated to transforming space data into actionable intelligence, has announced the launch of SpaceGuardian in the Kingdom of Saudi Arabia. SpaceGuardian is the first approved company dedicated to satellite imagery and AI analysis to launch in Saudi Arabia.
Majid Alghaslan, Chairman & CEO of Front End Limited Company and Founder & Partner of SpaceGuardian, and Jerry Javornicky, CEO and Co-Founder of SpaceKnow entered into a joint venture (JV) agreement to launch SpaceGuardian in the Kingdom of Saudi Arabia at the International Petroleum Technology Conference (IPTC) 2024 that took place in Dhahran, Saudi Arabia, recently.
The agreement marks a significant leap forward in leveraging satellite imagery and AI analysis to empower various sectors across the Kingdom. SpaceGuardian specialises in applying machine learning AI on satellite imagery to facilitate economic activities, energy and commodities analysis, environmental assessments, construction progress tracking, and more.
Speaking on the occasion, Majid Alghaslan said, “The historic launch of SpaceGuardian marks a pivotal moment for the entire technological and industrial landscape of Saudi Arabia. As the inaugural company dedicated to satellite imagery and AI analysis, this partnership embraces innovation and progress that will propel Saudi Arabia into a new era of digital transformation.”
Jerry Javornicky, CEO and Co-Founder of SpaceKnow, added, “Majid Alghaslan has a long history of bringing the most innovative companies into the Kingdom, so for us, collaborating with Majid was the ideal way to enter Saudi Arabia. We aim to revolutionise the AI-powered geospatial analytics market and to bring our technology to multiple sectors, starting with infrastructure monitoring, carbon sequestration, and security applications.”
SpaceGuardian’s innovative approach to satellite imagery analysis and AI integration offers a myriad of applications across diverse sectors. By harnessing machine learning algorithms, the company provides comprehensive insights into various facets of economic activities, energy commodities, defence, intelligence, environmental sustainability, construction, and real estate. This tailored approach facilitates informed decision-making processes for stakeholders in each sector.
“This strategic collaboration will not only accelerate the Kingdom’s economic growth and diversification efforts including driving innovation and fostering local talent, but also contribute to the development of the burgeoning space sector and support the establishment of a robust space agency in Saudi Arabia. With a comprehensive suite of services catering to all industries and sectors, SpaceGuardian is poised to drive unprecedented innovation and efficiency across the Kingdom”, Alghaslan stated.
Real-time Monitoring
SpaceGuardian’s cutting-edge technology allows for real-time monitoring of construction projects, delivering timely updates on progress and safety parameters through continuous satellite imagery analysis coupled with machine learning capabilities. This proactive approach enhances project management efficiency and safety standards, ensuring optimal outcomes.
In addition to construction project oversight, SpaceGuardian’s solutions extend to urban planning and economic activity assessments for cities. Through the analysis of satellite imagery, the company enables authorities to make informed decisions regarding infrastructure development and resource allocation, fostering sustainable growth and development. SpaceGuardian can address the pressing need for effective traffic management through the integration of satellite imagery and AI, providing vital insights into traffic patterns and congestion hotspots, enabling authorities to implement targeted interventions and optimize transportation systems for enhanced efficiency and safety.
Satellite Imagery Market
The size of the global satellite imaging market was valued at $3.27 billion in 2022 and is forecasted to grow from $4.16 billion in 2023 to $14.18 billion by 2030, showing a compound annual growth rate (CAGR) of 19.1%, according to a report published in March 2023 by Fortune Business Insights. In the Middle East and North Africa (MENA) region, the size of the satellite imagery market peaked at $190.2 million in 2023 and is projected to reach $411.1 million by 2031 while growing at a CAGR of 10.1% from 2024–2031, according to Data Intelligence. Saudi Arabia aims to invest over $5.3 billion (SAR 20 billion) in artificial intelligence-based initiatives by 2030.
