Remote Sensing Software Market size is projected to reach at $ 2,606 million by 2027, growing at a CAGR of 13.2% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Remote Sensing Software Market by Component, Deployment Model, Software Type, Application, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,” the global remote sensing software market size was valued at $ 976 million in 2019, and is projected to reach at $ 2,606 million by 2027, growing at a CAGR of 13.2% from 2020 to 2027.

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The growth of the remote sensing software market is driven by number of factors such as increase in advancements in the remote sensing technologies, rise in need of remote sensing data in various defense applications, growing adoption of GIS applications for environmental risk management, and others. Moreover, increasing investments in satellite communication and Intelligence, Surveillance, and Reconnaissance (ISR) payloads further drives market growth. In addition to this, COVID-19 pandemic has disrupted the lives of people and leading to the rapid adoption of remote sensing software by public sector to tackle the spread of the disease. However, regulatory issues and the lack of comprehensive government policies as well as the higher initial investments for commissioning of the remote sensing systems may hinder the market growth to some extent. On the other hand, emergence of technologies such as cloud computing, big data analytics, and Internet of Things (IoT) is further provides numerous opportunities for the remote sensing market to grow.

In 2019, the global remote sensing software market share was dominated by the software segment and is expected to maintain this trend during the forecast period, due to the rising need in geographic imaging to process vast amounts of geospatial data every single day. These software are saving both the time as well as money, leveraging the existing data investments, and improving image analysis capabilities, with just a single software application. However, the services segment is expected to witness the highest growth, owing to the growing need for remote sensing and mapping consultancy, as well as GPS satellite surveying and positioning services in the numerous industries.

On the basis of software type, the web-based segment exhibited the highest growth in the remote sensing software market in 2019, and is expected to maintain its dominance in the upcoming years, owing to the growing need to develop an inexpensive, easy-to-use set of analytical tools for viewing remotely sensed imagery and accessing GIS data. Web-based management and analysis applications are a witnessing significant adoption due to its ability to resolve various limitations relating to the costs of installing GIS and image processing software packages. However, the mobile based segment is expected to witness highest growth during the forecast period, as the ability of the smartphone based remote sensing software to easily and quickly collect the ground level measurements is leading to the huge adoption of remote sensing software for various earth monitoring & research applications.

By end user, the global remote sensing software market share was dominated by the government & defense segment in 2019 and is expected to maintain its dominance in the upcoming years, owing to as the demand for accessing accurate high-resolution imagery and the ability to deliver the information within rapid timelines is observed across various national security agencies and homeland security departments. However, the commercial segment is expected to witness highest growth during the forecast period due to the ongoing adoption of remote sensing software to improve agricultural yields by measuring soil moisture and crop growth; locate sub-surface commodities such as natural gas & oil; and aid environmentalists in detecting ground, air, and water pollution.

Post COVID-19, the size of the global remote sensing software market is estimated to grow from $1,095 million in 2020 and projected to reach $2,606 million by 2027, at a CAGR of 13.2%. Post COVID-19 outbreak the remote sensing market is expected to witness significant growth due to lockdown scenarios in every country, along with growing need to track and map the long-term and short-term impacts of the pandemic. The pandemic have affected positively on the remote sensing software market growth as the researchers are looking for the advanced solutions to analyze the global and regional impacts of lock down and social distancing adherence. Moreover, numbers of space agencies across the globe are taking initiatives to tackle the spread of virus by introducing various remote sensing solutions. For instance, in June 2020, the National Aeronautics and Space Administration (NASA), Japan Aerospace Exploration Agency (JAXA), and European Space Agency (ESA) launched a collaborative web based remote sensing dashboard to track COVID-19 impacts as observed by the earth observation data. This COVID-19 Earth Observation Dashboard integrates remotely sensed data and satellite imagery from multiple satellite data records to track and map changes in water & air quality, climate change, agriculture, and economic activity due to the pandemic.

Key Findings Of The Study

By component, in 2019 the software segment dominated the remote sensing software market size. However, the services segment is expected to exhibit significant growth during the forecast period.
On the basis of type, the web-based segment accounted for the highest revenue in 2019, however, the mobile based segment is expected to witness highest growth rate in the forecasted period.
Depending on end user, the government and defense generated the highest revenue in 2019. However, the commercial segment is expected to witness highest growth rate in the near future.
Region wise, the remote sensing software market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key remote sensing software industry players profiled in the report include BAE Systems, Clark Labs, Earth Observing System, Esri, Harris Geospatial Solutions, HEXAGON, Merrick & Company, PCI Geomatics, Textron Systems, and Trimble Inc. This study includes market trends, remote sensing software market analysis, and future estimations to determine the imminent investment pockets.

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This release was published on openPR.