---
title: "Report: Technology Trends Outlook 2023 (McKinsey 2023)"
id: 67559
type: "post"
slug: "report-technology-trends-outlook-2023-mckinsey-2023"
author: "NSE"
published: "2023-11-21T18:09:49+00:00"
modified: "2023-11-21T18:18:14+00:00"
canonical: "https://newspaceeconomy.ca/2023/11/21/report-technology-trends-outlook-2023-mckinsey-2023/"
markdown_url: "https://newspaceeconomy.ca/2023/11/21/report-technology-trends-outlook-2023-mckinsey-2023.md"
description: "The McKinsey Technology Trends Outlook 2023 report discusses various technology trends, including those related to space technologies. This article provides a…"
language: "en-US"
category:
  - "Space Economy"
  - "Space Technology"
post_tag:
  - "Blue Origin"
  - "Financial"
  - "Human Spaceflight"
  - "Insurance"
  - "Launch Vehicles"
  - "Lunar"
  - "Nuclear"
  - "Remote Sensing"
  - "Satellites"
  - "Space Companies"
  - "Space Industry"
  - "Space Mining"
  - "Spaceflight"
  - "SpaceX"
  - "Starship"
  - "United Launch Alliance"
  - "Vulcan"
---

# Report: Technology Trends Outlook 2023 (McKinsey 2023)

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2023/11/img_6718-1.jpg?resize=696%2C901&ssl=1)

[Download document](https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-top-trends-in-tech)

## Synopsis

The McKinsey Technology Trends Outlook 2023 report discusses various technology trends, including those related to space technologies. Here’s a summary of the key points related to space:

**Significant Developments in the Space Industry**:

- The most significant development has been the reduction in technology costs, making new capabilities and applications more accessible.
- Decreases in the size, weight, power, and cost of satellites and launch vehicles have led to a shift from large geosynchronous-equatorial-orbit (GEO) satellites to smaller, distributed low-Earth-orbit (LEO) satellites.
- There’s increasing interest in space technologies from traditional non-space companies.
- The space market could exceed $1 trillion by 2030, encompassing activities like in-orbit manufacturing, power generation, space mining, and scalable human spaceflight.

**Current State of Space Technologies**:

- The momentum in space technology remains subdued but shows steady growth across various dimensions since 2018.
- Key industries affected include aerospace and defense, telecommunications, and more.
- The labor market for space technology has seen significant growth, with job postings more than doubling in the past ten years.

**Recent Developments and Examples**:

- Private sector leading lunar activity with companies like ispace and Astrobotic Technology racing to launch lunar landers.
- Upcoming debuts of new launch vehicles like [SpaceX](https://www.spacex.com/)’s Starship, [United Launch Alliance](https://www.ulalaunch.com/)’s Vulcan Centaur, and [Blue Origin](https://www.blueorigin.com/)’s New Glenn.
- Increased interest in space from various sectors for applications like satellite vegetation management and using satellite data in insurance and financial sectors.
- Investment in direct-to-device satellite coverage, such as Apple’s emergency satellite coverage for iPhone 14 and Amazon and T-Mobile’s plans for satellite coverage.

**Foundational Technologies**:

- Small satellites using [CubeSat](https://newspaceeconomy.ca/2025/08/25/cubesat-design-specification-csd-an-overview/) architectures for various missions.
- Remote sensing for observing Earth’s features.
- Advancements in size, weight, power, and cost (SWaP-C) of satellites and launch vehicles.
- Launch technology advancements and promising new technologies like laser communications and nuclear propulsion.

**Key Uncertainties and Future Considerations**:

- Cost-effectiveness and scalability of space technologies.
- Governance mechanisms for spectrum and orbit usage rights.
- Cyber risks due to the proliferation of commercial players in space.
- Questions about spectrum allocation, orbital-debris management, ownership, and access rights, and management of [space debris](https://newspaceeconomy.ca/2023/07/04/some-very-interesting-statistics-on-orbital-objects-and-debris/) and traffic.

This report underscores the growing importance and potential of space technologies, with advancements making space more accessible and opening new possibilities for various applications.