Remote sensing software market to reach $2.60 billion, globally, by 2027 at 13.2?GR: Report
According to the report, the global remote sensing software industry garnered $976 million in 2019, and is expected to generate $2.60 billion by 2027, witnessing a CAGR of 13.2% from 2020 to 2027.
Remote sensing software market to reach $2.60 billion, globally, by 2027 at 13.2% CAGR: Report
Allied Market Research published a report, titled, "Remote Sensing Software Market: Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global remote sensing software industry garnered $976 million in 2019, and is expected to generate $2.60 billion by 2027, witnessing a CAGR of 13.2% from 2020 to 2027.
Advancements in remote sensing technologies the need for remote sensing data in various defense applications, adoption of environmental risk management, and investments in satellite communication and Intelligence, Surveillance, and Reconnaissance (ISR) payloads drive the growth of the global remote sensing software market.
However, lack of strict regulations & extensive government policies and requirements of high initial investment hinder the market growth. On the other hand, the emergence of technologies such as cloud computing, big data analytics, and the internet of things (IoT) presents new opportunities in the coming years.
- The adoption of remote sensing software has increased to map the spread of the disease against different parameters including demographics, environment, and geographies to understand spread patterns & intensity.
- Moreover, this type of software has been utilized to determine the origin of outbreaks to devise preventive and control measures. With the help of surveillance and keeping an eye on patients, it helps people in tracking nearby patients and maintaining social distancing.
- Governments of many countries have been utilizing remote sensing technologies to make decisions on implementing different policies regarding economic loss, city reopening, and arrangement of medical resources.
The software segment to continue to dominate in terms of revenue by 2027
Based on component, the software segment accounted for the largest market share in 2019, holding around three-fifths of the global remote sensing software market, and is expected to continue to dominate in terms of revenue throughout the forecast period.
This is due to an increase in the need for geographic imaging to process geospatial data and its time- and cost-saving benefits. However, the services segment is estimated to witness the highest CAGR of 15.3% from 2020 to 2027, owing to a surge in need for remote sensing and mapping consultancy along with GPS satellite surveying and positioning services in various industries.
The government & defense segment to lead throughout the forecast period
Based on end-user, the government & defense segment contributed to the largest market share, holding nearly three-fifths of the total share of the global remote sensing software market in 2019, and will continue to lead throughout the forecast period.
This is attributed to rise in demand for accessing accurate high-resolution imagery and the ability to provide information within rapid timelines.
However, the commercial segment is projected to manifest the highest CAGR of 14.5% from 2020 to 2027, owing to the huge adoption to improve agricultural yields through measurement of soil moisture and crop growth along with locating sub-surface commodities such as natural gas & oil.
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North America expected to maintain its lead status during the forecast period
Based on the region, North America held the highest market share with more than two-fifths of the global remote sensing software market in 2019 and is expected to maintain its lead status during the forecast period. This is attributed to an increasing in need to address academic and applied archaeological as well as anthropological research problems and advances in satellite-based remote sensing.
However, Asia-Pacific is expected to witness the largest CAGR of 17.2% from 2020 to 2027. This is due to the need for reliable & timely information for sustainable management of natural resources as well as for environmental protection along with untapped potential in emerging countries.
Leading Market Players
- Clark Labs
- BAE Systems
- Earth Observing System
- Harris Geospatial Solutions, Inc.
- Hexagon AB
- MERRICK & COMPANY
- Textron Systems
- PCI Geomatics
- Trimble Inc.
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