Remote Sensing Software Market Poised for Rapid Growth with a CAGR of 13.2% by 2027 | Clark Labs, BAE Systems, Hexagon AB

Remote sensing software refers to a suite of tools and applications used to analyze and interpret data collected from remote sensing technologies. These technologies include satellites, drones, and aircraft equipped with various sensors that capture information about the Earth's surface and atmosphere. The software processes this data to generate meaningful insights, maps, and visualizations used in various fields such as environmental monitoring, agriculture, forestry, urban planning, and disaster management.

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According to a recent report published by Allied Market Research, 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.

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.

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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) further provides numerous opportunities for the remote sensing market to grow.

Based on 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.

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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.

Impact of Covid-19 on Remote Sensing Software Market:

• 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.

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