This book is published open access under a CC BY 4.0 license. Over  the  past  decades,  rapid developments in digital and sensing technologies, such  as the Cloud, Web and Internet of Things, have dramatically changed the way we live and work. The digital transformation is revolutionizing our ability to monitor our planet and transforming the  way we access, process and exploit Earth Observation data from satellites. This book reviews these megatrends and their implications for the Earth Observation community as well as the wider data economy. It provides insight into new paradigms of Open Science and Innovation applied to space data, which are characterized by openness, access to large volume of complex data, wide availability of new community tools, new techniques for big data analytics such as Artificial Intelligence, unprecedented level of computing power, and new types of collaboration among researchers, innovators, entrepreneurs and citizen scientists. Inaddition, this book aims to provide readers with some reflections on the future of Earth Observation, highlighting through a series of use cases not just the new opportunities created by the New Space revolution, but also the new challenges that must be addressed in order to make the most of the large volume of complex and diverse data delivered by the new generation of satellites.