Executive SummaryThis is largely due to the proliferation of spatial analysis;a critical featureof modern enterprise and consumer applications.Yet despite the growth inThe globalgeospatial data creation and,subsequently,the tools to conduct geospatialgeospatial'marketanalysis,working with this type of information remains complex andis expected tothe number of products limited.This is in large part due to the broadergrow from $63.1industry-wide trend of market consolidation amongst existing incumbentsand well-funded technology startups.3 This points to a conflicting themebillion to $147.6within the geospatial stack:companies that begin as a modular technologybillion in the nextstack(unbundled)then evolve into a vertically integrated software solutionfive years.2(bundled).The new "As-a-service"paradigm has unlocked scalable modulardevelopment across compute,storage,application programing interfaces(APIs),etc.and is accelerating the pace of innovation.In this playbook we will walk through our thesis,which analyzes geospatialintelligence(GEOINT)through the lens of technology layers:Infrastructure,Distribution,and Applications.This framework helps us connect the dotsfrom the origin and constraints of the geospatial stack to evolution andinflection within the market.It also helps us see the larger role that space-based technology plays in an ecosystem that intersects with the modern techindustry and serves customers across a wide variety of markets.Key TakeawaysInfrastructure:A variety of geospatial sensor platforms now capture dataat different altitudes,benefiting from low-cost components,commoditizedstorage/compute,and decades of geographic information systems (GIS)product development.■Distribution:Adoption of cloud,Al/ML capabilities,and increasingly powerfulAPls and software development kits (SDKs)are expanding the user baseand applications beyond data engineers,GIS specialists,and subject matterexperts.Application:A seemingly infinite number of venture-scale businesses are nowbeing built in multi-trillion dollar global industries like Agriculture,Insurance,Climate Markets,and Augmented Reality,with the market potential lookingsimilar to Location-based Services when the iPhone first embedded GPS.The GEOINT Playbook Report by Space Capital 2