Deloitte Announces Formal Space Practice to Connect Organizations in Rapidly Growing Global Space Ecosystem

News provided by

Apr 04, 2023, 13:14 ET

Builds on more than 15 years of experience helping commercial and government clients navigate space opportunities

LOS ANGELES, April 4, 2023 /PRNewswire/ --

Key takeaways

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.

Why this matters
Progress in space development can offer enormous scientific, technological, social and commercial benefits for people and businesses. Deloitte Space, formally launched today, builds on the organization's 15 years of experience advising clients on coordinating, integrating and executing their space-related aspirations and includes access to a global network of advisors, technologists and scientists dedicated to helping organizations connect the unconnected and embrace the infinite opportunities space has to offer.

Trillion-dollar opportunity
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, according to Deloitte. 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.

Key quotes

"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."

— Nishita Henry, chief innovation officer, and principal, Deloitte Consulting LLP

"Growing the ecosystem of space demands tremendous precision, a core trait in Deloitte's DNA. Our commercial and government clients rely every day on this signature capability, which we deliver across all our practices to our clients' advantage."

— Brett Loubert, Deloitte Space leader for the government and public sector, and principal, Deloitte Consulting LLP

How we help clients
Building on more than 15 years of space experience, Deloitte offers a unique depth and breadth of space experience with a globally connected space practice with clients across the civil, defense and commercial sectors. Our network of scientists, technologists and advisors have helped launch rockets, deployed satellite-based remote-sensing systems, implemented global satellite communications solutions, helped manage ground operations, analyzed the commercial space economy, assisted civil and national security space programs and helped secure billions in investment for innovators both big and small.

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.

Space as a mission: From cybersecurity threats to space assets to ensuring the modernization of critical information technology systems (both terrestrially and in-orbit) to processing immense volumes of complex data, government organizations leveraging space capabilities face unique operational challenges requiring tremendous precision. Deloitte can help create end-to-end solutions and services to help modernize and secure systems and networks, enhance and connect data platforms, streamline and secure supply chains and envision and execute innovative organizational strategies.

Space as a business: Space-focused companies face a specific set of challenges, including rapidly changing regulatory and competitive environments, complex technology requirements, and evolving supply chains and ecosystems. Deloitte provides a variety of services to established and emerging organizations in the business of space, with a focus on aerospace, defense, technology, media, and telecommunications, helping them identify market opportunities, define and execute transformation initiatives, deploy modern platforms and digital capabilities, optimize supply chains to create resilience, embed next generation manufacturing capabilities and develop the capabilities needed to thrive and grow, whether it be organically or inorganically via M&A. Deloitte also provides a broad portfolio of cyber, tax, financial advisory and assurance services to help organizations manage, improve and report on the performance of their space-related endeavors.

Space as a growth opportunity: Space, and the data and services it enables, presents opportunities to governments and private sector companies around the world in nearly every industry — for example: energy and resources, telecommunications, life sciences and defense. Deloitte's cross-industry team of advisors, technologists and scientists can help organizations identify, assess and approach space innovation, space-related data and commercialization opportunities with confidence and precision. Also, as an increasing number of assets are deployed into orbit, Deloitte is helping companies respond to the growing need for in-space servicing, assembling and manufacturing (ISAM) by implementing applications supporting robotics, digital engineering and digital twin capabilities and necessary standards.

In the coming years, Deloitte 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.

Marquee Deloitte Space initiatives include GRAVITY Challenge, a global technology innovation program launched in 2019, sponsored by Deloitte Australia, that connects startups, entrepreneurs and universities with businesses and governments to solve real world business challenges using space-enabled data, technologies and capabilities.

Key quotes

"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."

— Shalini Bhatia, Deloitte Space leader for technology, media and telecommunications, and principal, Deloitte Consulting LLP

"Just as environment and sustainability have very quickly become critical strategic issues for many C-suites across government and commercial enterprises, we see the same occurring for space in the coming 2-5 years. Deloitte has been proactively investing to be ready to assist our clients in this exciting growth opportunity."

— Sam Kapreilian, Deloitte Space leader for U.S. consulting, and principal, Deloitte Consulting LLP

"Space has been hiding in plain sight in the middle of "Aerospace & Defense" for decades. Today, the industry's exponential growth and a unique set of issues requires thinking differently about space. The greatest opportunities could come through connecting the dots across traditional industry barriers — an area where Deloitte is uniquely suited to help."

— Alan Brady, Deloitte Space leader for aerospace and defense, and principal, Deloitte Consulting LLP

To learn more about Deloitte Space and our services, click here.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 415,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

SOURCE Deloitte