EY has invested $3 million to stand up a new satellite imaging processing business that the consulting firm aims to grow into a $1 billion global business in five years.
EY has invested $3 million to establish a new satellite imaging processing business, in partnership with Swinburne University of Technology, that the consulting firm aims to grow into a $1 billion business globally over the next five years.
He believes that the nascent business, which has so far generated “a couple of mil” in revenue this year, could grow to be a “billion-dollar business globally for EY” over the next five years.“In Australia, we’ve got that trajectory over five years to sort of get to a $200 million-plus business,” he said.
“AI-powered insights into this incredibly and increasingly rich amount of data we’re getting from space allows companies to ask questions and solve problems that I just don’t think we could have imagined 10 years ago,” he said. “They have instances where they have particular fires have shut down the track for the day and the volume of revenue is $50 million a day through those rail lines,” Mr Jones said.
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