DigitalGlobe Inc. (NYSE: DGI) is seeking to enter the higher-resolution satellite imagery global market which is worth around $400 million annually, Reuters reported Friday.
Abhirup Roy and Mridhula Raghavan write DigitalGlobe last year applied with the Commerce Department for a permit to increase the resolution of its images from 50 centimeters to 25 cm.
“There is a market opportunity with a roughly $400 million addressable market that we cannot participate in today because of the regulatory regime of our government, ” Yancey Spruill, DigitalGlobe chief financial officer, told Reuters.
Longmont, Colo.-based DigitalGlobe intends to grow the new business in the European, Japan and U.S. markets, according to the report.
Government contracts globally account for 85 percent of DigitalGlobeâs revenue, Reuters reports.