Issue link: https://maltatoday.uberflip.com/i/1514967
10 NEWS 25.01.2024 TODAY, more than ever, the reliance on innovative solutions is crucial for busi- ness processes, well-being and addressing societal challenges. Earth Observation (EO) and Global Navigation Satellite Sys- tem (GNSS) data play a pivotal role in several applications globally, answering the needs of many stakeholders, including citizens, businesses, governments, indus- tries, international organisations, NGOs and researchers. As of 2023, the global revenues generat- ed from GNSS and EO reached approx- imately €260 billion and €3.4 billion, re- spectively. Projections for 2033 anticipate substantial growth, with GNSS expected to reach €580 billion and EO nearly €6 billion. EUSPA publishes the second edition of the "EUSPA EO and GNSS Market Report" to guide readers through some practical applications and benefits of downstream space technology. is comprehensive study features an- alytical insights into the evolving GNSS and EO markets, explaining how the lat- est global trends and drivers influence the uptake of space-enabled applications. Leveraging the latest data sources and advanced forecasting models, the report estimates the market evolution in terms of revenues (both for EO and GNSS), shipments and installed base (GNSS only) up to 2033. e report assesses and analyses the use of EO and GNSS in diverse applications, explaining the added value and differ- entiators of the relevant EU Space Pro- gramme components: Galileo, EGNOS and Copernicus. e applications covered in the Market Report follow 15 market segments, en- compassing: Agriculture; Aviation and Drones; Climate, Environment and Bio- diversity; Consumer Solutions, Tourism and Health; Emergency Management and Humanitarian Aid; Energy and Raw Ma- terials; Fisheries and Aquaculture; Forest- ry; Infrastructure; Insurance and Finance; Maritime and Inland Waterways; Rail; Road and Automotive; Space; Urban De- velopment and Cultural Heritage. Report highlights and trends • e adoption of EO and GNSS across different segments is supported by over- arching market drivers such as the dig- ital transition, climate change, growing population, energy demand, supply chain challenges, and the rise of New Space en- trepreneurship. • GNSS market revenues, including de- vice and service sales, are anticipated to more than double from approximately €260 billion in 2023 to nearly €580 billion in 2033. Consumer Solutions, Tourism and Health (including smartphones and fitness devices) and Road and Automotive (including in-vehicle systems and various on-board units) are the two mass-market segments accounting for the vast majority of the number of devices sold in a given year (shipments) or the number of devic- es currently in use (installed base). e other segments, including Agriculture, Urban Development and Cultural Her- itage, Infrastructure and others, address mainly professional users and will signif- icantly contribute to the overall GNSS market value. • e EO market is set to expand from €3.4 billion in 2023 to nearly €6 billion by 2033, driven by the importance of improving the sustainability of human activity, improved service offering and increasing awareness of the potential use of EO. Fast-growing segments such as Insurance and Finance will contribute to this increase, alongside more established ones like Climate, Environment, and Bi- odiversity; Agriculture; and Urban Devel- opment and Cultural Heritage. "Considering today's global context of rapid technological advancement, cli- mate-related changes and ongoing ge- opolitical tensions […], this report un- derscores a pivotal insight. Amidst these challenges, Europe has the opportunity to harness the capabilities of EO and GNSS, fostering innovative solutions that pos- itively impact society and play a role in shaping our collective future" concludes EUSPA Executive Director Rodrigo da Costa. EUSPA unveils new issue of Earth Observation and Satellite Navigation Market Report e EUSPA EO & GNSS Market Report supports anyone who seeks to under-stand the markets of Satellite Navigation and Earth Observation technologies, make them part of their business plan or develop new downstream space ap-plications. BANK of Valletta has launched a new in- formation campaign focused on its BOV Personal Loan solution. A personal loan is probably one of the most basic financing products. Howev- er, there are so many variables that come into play when one considers financing. e decision to approach a Bank for fi- nancing to satisfy a personal need is as unique as the customer. "ese are all considerations that our teams looked into when reviewing the Bank's personal lending portfolio," ex- plained Marisa Said who heads the Bank's Consumer and Microbusiness Lending arm. "We tried to reimagine this financing solution, ensuring it addresses the con- cerns and needs of our customers when they are considering taking up such a product." e Bank looked at the customer jour- ney to make the whole process from in- ception to drawdown as seamless and painless as possible. e personal loan was not only looked at in isolation but also as a key element in a holistic finan- cial plan. A thorough analysis of the product's suite of benefits was also undertaken. Bearing in mind the modern customer's needs, they built into the Personal Loan automatic free life cover for any unse- cured or even partly secured lending up to EUR25,000, extended the term of repayment to 15 years, and discounted the processing fee to 0.15% of the loan amount. e new campaign being launched by the Bank also hones in on the customer, putting the spotlight on different needs that the modern customer usually en- counters such as medical and cosmet- ic procedures. As Daniel Magrin, who heads the Bank's Marketing and Product Lifecycle Management said, "At Bank of Valletta, we're focused on understand- ing our customers' requirements and providing value-adding solutions to ad- equately address their needs throughout their life journey. is also coloured our choice of communication material, that focuses on real-life customer scenarios." Customers who wish to inquire about the BOV Personal Loans or request a quotation may do so directly from www. bov.com/personalloans. ey may also opt to set an appointment automatically with their preferred branch via the web- site, or call our Customer Services Team on 356 2131 2020 or by email at custom- ercare@bov.com BOV Personal Loan becomes more personal than ever