A few decades ago, on the onset of space research, very little was known about space science. Researchers were not aware much about the space exploration and space applications, and how it can be used to achieve practical purposes. There was uncertainty over the optimal exploitation of space above the stratosphere.
The world has altered tremendously in the previous half-century. Now, we know how satellites have touched our day to day lives and our dependency on them is at an all time high ranging from banking transactions, air traffic  control, weather monitoring, in military, for fishing, for the
exploration of oil and minerals etc. Now space systems have become a vital infrastructure of our day to day life.
The degree of ozone layer depletion in the atmosphere, as well as the existence of exoplanets and black holes, are among the most significant contributions made by the field. Moon landing is one of the extra ordinary accomplishment which is possible only because of the rapid progress made in Space Technology. To develop a broad portfolio of space-based services, this phenomenon is accelerating cross-sector innovation processes which combines the most advanced space and digital  technologies. The  advances  in digital technologies  along  with  the  space  technology is generating a multitude of business opportunities which aids in the establishment of new business models, which involves the development of new goods and services, as well as the reconfiguration of value networks and company partnerships.
