Consulting firm Deloitte has launched a space practice called Deloitte Space to advise organizations on the potential of the industry. Deloitte has 15 years of experience advising in the space arena, but announced the new formal space practice on April 4.

Deloitte said this move comes as the space economy has grown by more than 60% in the last decade and is forecasted to grow to more than $1 trillion by 2040. 

The space offerings focus on three areas: governmental organizations with space missions; commercial space businesses; and commercial organizations whose business could benefit from the space industry.

Deloitte pointed to space creating opportunities for nearly every industry, including energy, telecommunications, and defense, and said its team of advisers can help organizations assess space data and commercialization.

“The amount of investment pouring into space-related initiatives from governments, businesses and private investment is creating tremendous opportunities for companies approaching space as a mission, a business of today or a future business opportunity. Deloitte is marshaling the full breadth of global resources to help these organizations achieve their space ambitions,” commented Nishita Henry, chief innovation officer, and principal of Deloitte Consulting.