Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "LiDAR Software Market - A Global and Regional Analysis: Focus on Product, Application, and Country Analysis - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global LiDAR software market was valued at $335.4 million in 2022 and is anticipated to reach $1,940.2 million by 2031, witnessing a CAGR of 21.53% during the forecast period 2022-2031.
The growth in the LiDAR software market is expected to be driven by an increasing focus on advanced LiDAR solutions for improvement in existing advanced driver assistance systems (ADAS) features in the automotive industry, growing demand for LiDAR solutions in surveying and mapping, and rising adoption of LiDAR solutions for streamlining construction projects.
Market Lifecycle Stage
The LiDAR software market is in a growth phase, wherein the number of companies offering LiDAR software solutions is increasing rapidly. Latest technological advancements in LiDAR hardware and software are helping to reduce the cost of such solutions, which in turn is boosting the adoption of LiDAR solutions across the globe.
LiDAR software solution providers are increasingly partnering with other key stakeholders in the LiDAR software ecosystem to expand their global footprint.
Moreover, the growing need for affordable and user-friendly LiDAR software solutions is one of the primary factors shaping the LiDAR software industry. Leading LiDAR hardware solution providers have been working on bolstering their capabilities related to the production of LiDAR software solutions in-house to provide an extra or added advantage for their offerings.
With significant demand for LiDAR solutions being anticipated over the coming years during the forecast period, primarily from automotive and smart infrastructure applications, cut-throat market competition is expected among established and emerging LiDAR software solutions market in the LiDAR software industry.
Impact of LiDAR Software Market
The LiDAR software market is driven by several factors, such as increasing focus on advanced LiDAR solutions for improvement in existing ADAS features in the automotive industry, growing demand for LiDAR solutions in surveying and mapping, and rising adoption of LiDAR solutions for streamlining construction projects.
LiDAR software solution providers are partnering with other key stakeholders and investing significantly toward the development of advanced LiDAR software solutions to mitigate the growing demand for user-friendly, cost-effective, and high-performance LiDAR software solutions. With the growing demand for advanced LiDAR perception solutions amongst autonomous driving and smart infrastructure applications, the LiDAR software market is expected to grow significantly during the forecast years.
Recent Developments in the LiDAR Software Market
- In January 2023, Quanergy Systems, Inc. launched a LiDAR-based hyper-accurate mantrap tailgating solution. This mantrap solution comprises the company's perception software and MQ-8 series LiDAR sensors.
- In December 2022, LeddarTech Inc. entered into a development and commercial partnership agreement with Ficosa International S.A., a Spain-based multinational corporation involved in the R&D and production of automotive components and systems. Under the terms of this agreement, Ficosa is to integrate the former's LeddarVision software solution into its own ADAS solution for parking.
- In December 2022, Innoviz Technologies Ltd entered into a partnership agreement with Outsight SA, a Paris (France)-based start-up company that specializes in real-time 3-D situation awareness solutions. Under this partnership agreement, Innoviz's LiDAR InnovizOne is to be integrated with the processing software solution of the latter, thereby enabling 3-D localization and perception capabilities for LiDAR solutions used in automotive, industrial, and smart city applications.
- In December 2022, Blickfeld GmbH established a new branch office in Shanghai (China) with an aim to expand its global footprint and offer its solutions to its target customers in China, one of the major markets for LiDAR solutions.
- In October 2022, Velodyne LiDAR, Inc. acquired Bluecity, a Canada-based AI software provider that primarily offers advanced LiDAR solutions addressing infrastructure, safety, and traffic issues.
Demand - Drivers and Limitations
The following are the demand drivers of the LiDAR software market:
- Increasing Focus on Advanced LiDAR Solutions for Improvement in Existing ADAS Features in the Automotive Industry
- Growing Demand for LiDAR Solutions in Surveying and Mapping
- Rising Adoption of LiDAR Solutions for Streamlining Construction Projects
The following are the limitations of the LiDAR software market:
- High Cost of LiDAR Solutions
- Availability of Alternative Cost-Effective Solutions
- LiDAR Software Complexity in Autonomous Vehicles
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Of the 15 profiled companies in the report, the private companies operating in the global LiDAR software market accounted for around 48% of the market share in 2021, while the public companies operating in the market captured around 52% of the market share.
Key Companies Profiled
Private Companies
- Phoenix LiDAR Systems
- Terrasolid
- GreenValley International
- Geo-Plus
- GeoCue
- Routescene
- YellowScan
- LeddarTech Inc.
- Blickfeld GmbH
Public Companies
- Velodyne LiDAR, Inc.
- Shanghai Huace Navigation Technology Ltd. (CHC Navigation)
- Leica Geosystems AG - Part of Hexagon AB
- Quanergy Systems, Inc.
- Innoviz Technologies Ltd
- Teledyne Geospatial
Key Start-Ups in the LiDAR Software Ecosystem
- Seoul Robotics
- Neuvition, Inc.
- MatrixSpace
- Aeva Inc.
- Outsight SA
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 199 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $335.4 Million |
| Forecasted Market Value (USD) by 2031 | $1940.2 Million |
| Compound Annual Growth Rate | 21.5% |
| Regions Covered | Global |
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Focus on Advanced LiDAR Solutions for Improvement in Existing Advanced Driver Assistance System (ADAS) Features in the Automotive Industry
1.2.1.2 Growing Demand for LiDAR Solutions in Surveying and Mapping
1.2.1.3 Rising Adoption of LiDAR Solutions for Streamlining Construction Projects
1.2.2 Business Restraints
1.2.2.1 High Cost of LiDAR Solutions
1.2.2.2 Availability of Alternative Cost-Effective Solutions
1.2.2.3 LiDAR Software Complexity in Autonomous Vehicles
1.2.3 Business Strategies
1.2.3.1 Product Developments
1.2.3.2 Market Developments
1.2.4 Corporate Strategies
1.2.4.1 Partnerships, Joint Ventures, Collaborations, and Alliances
1.2.4.2 Mergers and Acquisitions
1.2.5 Business Opportunities
1.2.5.1 Deployment of LiDAR Solutions in Smart Infrastructure
1.2.5.2 Growing Focus on Sophistication in 3-D Perception Software for LiDAR Solutions
2 Application
2.1 LiDAR Software Market - Applications and Specifications
2.1.1 LiDAR Software Market (by Application)
2.1.1.1 Forestry and Environmental
2.1.1.2 Survey and Mapping
2.1.1.3 Automotive
2.1.1.4 Construction and Infrastructure
2.1.1.5 Others
2.2 LiDAR Software Market: Global Demand Market Analysis
2.2.1 Global Demand Analysis of LiDAR Software Market (by Application)
2.2.1.1 Forestry and Environmental
2.2.1.2 Survey and Mapping
2.2.1.3 Automotive
2.2.1.4 Construction and Infrastructure
2.2.1.5 Others
3 Products
3.1 LiDAR Software Market - Products and Specifications
3.1.1 LiDAR Software Market (by Technology Type)
3.1.1.1 Mechanical
3.1.1.2 Solid State
3.1.2 LiDAR Software Market (by Product Type)
3.1.2.1 Simulation Software
3.1.2.2 Mapping Software
3.1.2.3 Processing Software
3.1.3 LiDAR Software Market (by Deployment)
3.1.3.1 Airborne
3.1.3.2 Terrestrial
3.2 Global Demand Analysis of LiDAR Software Market
3.2.1 Global Demand Analysis of LiDAR Software Market (by Technology Type)
3.2.1.1 Mechanical
3.2.1.2 Solid State
3.2.2 Global Demand Analysis of LiDAR Software Market (by Product Type)
3.2.2.1 Simulation Software
3.2.2.2 Mapping Software
3.2.2.3 Processing Software
3.2.3 Global Demand Analysis of LiDAR Software Market (by Deployment)
3.2.3.1 Airborne
3.2.3.2 Terrestrial
3.3 Product Benchmarking: Growth Rate-Market Share Matrix
3.3.1 Opportunity Matrix (by Region)
3.3.2 Opportunity Matrix (by Application)
4 Regions
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Market Ranking of Key Players
5.2 Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/ew2yo3
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