LiDAR Software Market growth 2022 | Business Outlook 2031

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LiDAR solutions have gained a wider significance across various emerging industry verticals, including autonomous vehicles and smart infrastructure applications, over the past decade (2011-2021). The LiDAR technology continues to evolve, making it the preferred choice over radars and cameras for capturing 3-D spatial data in real-time. The improvement in performance, driven by the technological evolution of LiDAR solutions, and decline in prices of advanced LiDAR solutions have been some of the major factors driving the growth of the LiDAR market. In terms of performance, both LiDAR hardware and software solutions have been crucial in improving the performance delivered by LiDAR solutions; however, it is the LiDAR software solutions that have made the manipulation and visualization of captured raw data and generation of actionable insights easier for the end users. LiDAR solution vendors are increasingly focusing and working on the LiDAR software component of their solutions in order to make their LiDAR solutions user-friendly and cost-competitive. Moreover, the cost of LiDAR hardware solutions continues to decline, which is also improving the affordability of LiDAR solutions across various industries.

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.

Based on application, the construction and infrastructure segment dominated the global LiDAR software market in 2021 and is expected to continue doing so in the coming years during the forecast period. Much of this can be ascribed to the expected demand for LiDAR technologies in construction and smart infrastructure applications over the next decade. However, it is the automotive segment that is likely to grow the fastest during the forecast period, owing to the growing demand for advanced LiDAR solutions in autonomous driving applications.

On the basis of technology type, the LiDAR software market has been primarily categorized into mechanical and solid state segments. The mechanical segment is likely to be the leading segment over the forecast years. Although some of the LiDAR vendors have developed solid state LiDAR solutions, most of the LiDAR solutions available in the market use either micro or macro-scale mechanical motions. But it is the solid state segment that is expected to register faster growth during the forecast period.

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Based on product type, the LiDAR software market has been categorized into processing software, mapping software, and simulation software. Mapping software is expected to generate the highest revenues as compared to other product types during the forecast period. The demand for processing software, however, is expected to grow the fastest, owing to the fast-growing LiDAR processing needs in emerging LiDAR applications, such as smart infrastructure and intelligent transportation systems.

On the basis of deployment type, the terrestrial segment accounted for the larger share of the LiDAR software market in 2021. Additionally, much of the demand for LiDAR software solutions is expected from the terrestrial segment during the forecast period, owing to the growing demand for LiDAR perception solutions in autonomous driving and smart city applications

The LiDAR software market is expected to witness double-digit growth in the coming years during the forecast period. Much of this demand is expected from Europe, China, and North America markets. Europe is expected to be the leading market for LiDAR software solutions, owing to the wide adoption of LiDAR solutions across various end-use verticals and the growing number of LiDAR software solution vendors in the region.

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Competitive Landscape

Major LiDAR software solution providers are undertaking a variety of strategic efforts, primarily including mergers and acquisitions and partnerships and collaborations, to gain market share.

The following are some key highlights in terms of major LiDAR software solution providers:

• Velodyne Lidar, Inc., Quanergy Systems, Inc., and LeddarTech Inc. are some leading players globally.
• Blickfeld GmbH, Terrasolid, and Innoviz Technologies, are some emerging companies.
• Outsight SA, Aeva, Inc., and Seoul Robotics are some of the key start-ups in the ecosystem.
• Product developments have been the most preferred strategies in recent years.
• Market developments, partnerships, collaborations, and joint ventures are the other strategies being implemented.