In case you missed it, Oxford Economics, a leading global economic advisory firm, released a report last week titled, “The Global Value of LEO Satellite Broadband Services.” In this study, Oxford Economics reports expanding low Earth orbit (LEO) satellite broadband offers a solution that narrows connectivity gaps around the world and contributes substantially to economic growth. By providing high-quality internet access to unserved and underserved areas, LEO satellite connectivity has the potential to transform lives.

Today, reliable, fast and affordable internet is essential for full participation in the modern economy. Access to this technology ensures individuals better contribute to economic gains, especially when it comes to 21^st-century healthcare, educational and career opportunities. Nevertheless, as of 2024, 2.6 billion people globally remained offline. The report assesses the role LEO satellite broadband plays in bolstering digital services, business productivity and resilience, and expanding socioeconomic opportunity — all which lessen the digital divide.

From the report:

“Beyond service delivery, improved connectivity supports longer-run human capital formation by widening access to information, education, and training, and by enabling new forms of work and entrepreneurship. Freelancing, remote work, and digital entrepreneurship have flourished with the spread of high-speed internet. This flexibility enhances both individual agency and increases labour market participation.”

“LEO satellites can reach the hardest-to-connect regions. First, they enable more consistent coverage in rural and remote areas by offering considerably lower latency compared to legacy satellite broadband services. This is due to the closer proximity of LEO satellites to the Earth’s surface relative to GSO satellites.”

By expanding affordable, reliable broadband access to previously out-of-reach communities, consumers and businesses, LEO satellite broadband has the potential to unlock up to $863 billion in economic value.

Innovative technologies, like LEO satellites, that improve connectivity, enhance productivity and provide service to hard-to-reach regions are critical for bolstering global connectivity and finally and fully bridging the digital divide.

Download the full report here.

Learn more about the CEC’s mission to connect everyone, everywhere, here.