Lidar Software Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Lidar Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The lidar software market size has grown exponentially in recent years. It will grow from $0.33 billion in 2023 to $0.41 billion in 2024 at a compound annual growth rate (CAGR) of 23.0%. The growth in the historic period can be attributed to rising adoption in autonomous vehicles, environmental monitoring and research, urban planning and infrastructure development, precision agriculture, government initiatives and funding.

The lidar software market size is expected to see exponential growth in the next few years. It will grow to $0.87 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to integration with artificial intelligence (AI) and machine learning (ml), expanding applications in 5g and telecommunications, rise of advanced driver assistance systems (adas), drone-based lidar solutions, emergence of smart cities. Major trends in the forecast period include increased accessibility through cloud-based solutions, advancements in lidar technology, advancements in sensor fusion, edge computing integration, regulatory compliance and standardization.

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Market Drivers and Trends:

The rise in automated vehicles and intelligent transportation systems is expected to propel the growth of the lidar software market going forward. An automated vehicle, also known as a self-driving car or autonomous vehicle, is a motor vehicle designed and constructed to move autonomously for certain periods without continuous driver supervision. Intelligent transportation refers to the use of advanced technologies to improve transportation systems' safety, efficiency, and sustainability. Lidar sensors offer high-resolution, 3D point cloud data, enabling automated vehicles to accurately detect and track objects such as vehicles, pedestrians, cyclists, and obstacles, ensuring a precise environmental representation for informed decision-making and the safety of occupants. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, the number of self-driving cars on American roads was predicted to reach 3.5 million by 2025. Additionally, 4.5 million autonomous vehicles are expected to be on the road by 2030. Therefore, the rise in automated vehicles and intelligent transportation systems is driving the growth of the lidar software market.

Major companies operating in the lidar software market are developing advanced technologies, such as cloud software, to better serve customers with advanced features. Cloud software refers to applications and programs that are hosted and accessed over the internet rather than being installed on individual computers or local servers. For instance, in December 2022, Velodyne Lidar Inc., a US-based lidar technology company, launched the Vella family of software products. The distinctive feature of Velodyne's Vella family of software products is its capacity to expedite the advancement of lidar-based vision solutions for autonomous applications. Through the Vella Portal online platform, Velodyne's sensor customers gain seamless access to Vella's software offerings, encompassing Vella Go for lidar sensor management, Vella Perception for application development, and Vella Cloud Services for artificial intelligence (AI) capabilities.

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Major Key Players of the Market:

Major companies operating in the lidar software market report are Jabil Inc., Aptiv plc, Trimble Inc., Geo-Plus, Leica Geosystems AG, Faro Technologies Inc., Shanghai Huace Navigation Technology Ltd., Teledyne Optech, Velodyne LiDAR Inc., Luminar Technologies Inc., Blickfeld GmbH, Seoul Robotics, LeddarTech Inc., GreenValley International, Innoviz Technologies Ltd, Cepton Technologies Inc., GeoCue Group Inc.
, Quanergy Systems Inc., YellowScan, Routescene, Terrasolid Ltd., Aeva Inc., MatrixSpace, Neuvition Inc., Outsight SA, Phoenix LiDAR Systems

Lidar Software Market 2024 Key Insights:

• The lidar software market is expected to grow to $0.87 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%.
• Automated Vehicles And Intelligent Transportation Systems Fueling Lidar Software Market Growth
• Major Companies In Lidar Software Market Embrace Advanced Technologies For Enhanced Customer Solutions
• North America was the largest region in the lidar software market in 2023

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