Remote Sensing Software Market Size Surges as AI and Satellite Tech Converge | Estimated to Gain $2,606 Million by 2027
Remote sensing software thrives due to increased demand for geospatial data, environmental monitoring, disaster management, and precision agriculture.
PORTLAND, OREGON, UNITED STATES, September 8, 2023/EINPresswire.com/ — 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) 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.
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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.
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David Correa
Allied Analytics LLP
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