The new report by Expert Market Research titled, ‘Global Remote Sensing Software Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global remote sensing software market, assessing the market based on its segments like components, deployment models, types, applications, end-users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 1.3 Billion
• Forecast CAGR (2023-2028): 13.36%
• Forecast Market Size (2027): USD 2.7 Billion
The application of the remote sensing software has been on a rise in defence organisations and homeland security owing to the increasing risk of intrusion, to provide essential geographical information to the commando forces, and to monitor the acquisition of war weapons by the enemies.
Meanwhile, the growing adoption of the cloud-based remote sensing software by the healthcare and weather forecasting industry, among others, is anticipated to be a major augmenting factor. Moreover, remote sensing is gaining traction for the purpose of managing water resources, for finding bioresources, and for monitoring the level of water pollution. This factor is likely to aid the market in the coming years.
Geographically, North America accounts for a significant share in the market owing to the thriving offshore engineering activities in the United States of America, coupled with the strong foothold of major remote sensing software providers.
Industry Definition and Major Segments
Remote sensing software is defined as a type of software which provides information about the physical characteristics of a particular area by using airborne and satellite sensor data. Remote sensing software eradicates the need of being physically present in the area for analysis. Some of the prominent features of the software include change detection, which means determining the changes from an image during different times.
On the basis of component, the market can be segmented into:
Based on deployment model, the market has been bifurcated into:
The significant types of the software included in the market are as follows:
• Web Based
The major applications of the software include:
• Ground Based
By end-user, the market has been segmented into:
• Defence Organisations
• Homeland Security
• Energy and Power
• Scientific Research
• Weather Forecasting
The regional markets for remote sensing software include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The key trends in the remote sensing software market include the technological advancements in the agriculture industry, which is leading to the rampant adoption of remote sensing software to procure soil moisture data, and to determine the quantity of moisture in the soil. In addition to this, the increasing demand for this software to bolster the irrigation monitoring and management is anticipated to propel the market growth in the forecast period.
Moreover, the anticipated increase in the demand for remote sensing software from military and defence industry, owing to the rising geopolitical tensions and international conflicts, will provide impetus to the market in the coming years.
Key Market Players
The major players in the market are Hexagon AB, BAE Systems plc, Harris Geospatial Solutions, Inc., Merrick & Company, and Textron Systems, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.