Humans have long viewed outer space as the final frontier.

Our thirst for exploration has brought whole nations together to create more advanced technologiesall in the pursuit of discovering the outer reaches of the universe.

Todays infographic from ProcureAM highlights the exciting journey humans have taken into outer space, and the economic boom across industries as a result of this quest for discovery.

With an ever-expanding universe, how far have we gone?

Humans have been fascinated with space for millennia, using the planets and stars to navigate, keep time, and discover scientific facts about the universe.

Since the 1960s, humans have also been traveling into space and pushing the limits of our technological and physical boundaries with each excursion.

A Brief History: Humans in Space

Nations around the world have used these trips and technological milestones to drastically improve life.

Reusable rockets and advanced satellite technology enable greater innovation on Earth through higher-quality broadband internet, 5G cellular networks, and the Internet of Things (IoT) connected devices.

Three major sectors are dominating the global space economy today:

Can lower costs, new technology, and increased commercial activity make space the next trillion-dollar industry?

Investments in space-related industries have shot up in recent years, rising from US$1.1 billion in 2000-2005 up to $10.2 billion between 2012-2018.

This meteoric growth is due to fewer barriers in the space industry, which was previously restricted to governments or the ultra-wealthy. Private sector companies are responsible for much of the growth. Since 2000, Goldman Sachs estimates that $13.3 billion has been invested into newly launched space startups.

These companies, backed by titans such as Jeff Bezos and Elon Musk, are pledging to support innovations from the practical to the fantastical, to boldly go where none have gone before:

And with recent technological advancements, these goals are edging closer to reality.

For example, take space tourism. While costs are still astronomical, Blue Origin and Virgin Atlantic are banking on the idea of the first space vacations taking place as early as 2020and growing in popularity from there.

Advances in satellite and rocket technology mean that costs are declining across the entire commercial space economy.

Because of this, the global space industry may jump light years ahead in the next few decades.

For the first time since our journey to the stars began, the final frontier is well within our grasp.

Thank you!

Given email address is already subscribed, thank you!

Please provide a valid email address.

Please complete the CAPTCHA.

Oops. Something went wrong. Please try again later.

Link:

Visualized: The Race to Invest in the Space Economy - Visual Capitalist