Over the past decade (2011-2021), LiDAR solutions have become increasingly important in various emerging industries such as autonomous vehicles and smart infrastructure applications. Unlike radars and cameras, LiDAR technology has gained popularity due to its ability to capture real-time 3-D spatial data. This technology has continuously evolved, offering better performance, and becoming more affordable, which has contributed to the growth of the LiDAR market. Both hardware and software solutions have played a vital role in improving LiDAR performance, but it is the software solutions that have made it easier for end users to manipulate and visualize the collected raw data, as well as generate actionable insights.
The objective of this research study is to provide a comprehensive and concise understanding of the current and future prospects of the LiDAR software industry. The study primarily focuses on the applications, technology types, product types, and deployment of LiDAR software in major markets worldwide. Notably, established vendors in the LiDAR software industry have been striving to develop solutions that cater to the growing demands, particularly in autonomous driving and smart infrastructure applications. Moreover, automotive original equipment manufacturers (OEMs) are actively engaged in LiDAR perception solutions, either through partnerships with LiDAR software vendors or by developing their own in-house solutions. The advancement of sophisticated LiDAR solutions is also expected to have a positive impact on the market, driving the adoption of LiDAR solutions for emerging use cases.
Between 2022 and 2032, the LiDAR software market is projected to experience substantial growth worldwide due to the increasing global demand for LiDAR processing solutions. Notably, major markets like the U.S., Germany, France, China, Japan, and Israel are anticipated to witness a faster development of advanced LiDAR solutions compared to other regions. Consequently, this adoption of advanced LiDAR technologies is expected to generate lucrative opportunities for LiDAR software vendors, resulting in a significant increase in LiDAR software revenues over the next decade.
In terms of application, the construction and infrastructure segment emerged as the dominant force in the global LiDAR software market in 2021 and is predicted to maintain this position throughout the forecast period. The expected demand for LiDAR technologies in construction and smart infrastructure applications is a key driver for this dominance. However, the automotive segment is expected to witness the highest growth during the forecast period due to the increasing demand for advanced LiDAR solutions in autonomous driving applications.
The LiDAR software market is expected to achieve double-digit growth in the coming years, with significant demand coming from Europe, China, and North America. Europe is anticipated to lead the LiDAR software market due to widespread adoption across various industry verticals and the presence of a growing number of LiDAR software solution vendors in the region.
