Infrared Imaging Software Market by Application, End-user, and Geography - Forecast and Analysis 2021-2025

The infrared imaging software market share is expected to increase by USD 467.05 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 7.57%.

The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (government sector and commercial sector), application (surveillance, security, automation maintenance, automotive, and others), and geography (North America, Europe, APAC, South America, and MEA).

The infrared imaging software market report also offers information on several market vendors, including Axis Communications AB, BAE Systems Plc, Fortive Corp., Honeywell International Inc., L3Harris Technologies Inc., Leonardo Spa, Raytheon Technologies Corp., Teledyne Technologies Inc., Testo SE and Co. KGaA, and Thermoteknix Systems Ltd. among others.

Axis Communications AB - The company offers different collections of thermal cameras such as thermal modular cameras and AXIS Q86 PT thermal network cameras. Through the products & solutions segment, the company offers IP-based products and solutions for security and video surveillance. The products include security cameras, video encoders, accessories, access controls, and others.

What will the Infrared Imaging Software Market Size be During the Forecast Period?

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Parent Market Analysis

Technavio categorizes the global infrared imaging software market as a part of the global application software market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the infrared imaging software market during the forecast period.

Infrared Imaging Software Market: Key Drivers, Trends, and Challenges

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Infrared Imaging Software Market Driver

• The increasing adoption of video surveillance is notably driving the infrared imaging software market growth. 
• Thermal cameras use infrared radiation to capture the image rather than the visible light used in normal cameras. Such cameras are used by firefighters to detect areas of heat through smoke, darkness, and heat-permeable barriers.
• The use of thermal cameras has increased due to the increased government grants for surveillance equipment.
• A thermal imaging camera consists of an optic system, a detector, an amplifier, a signal processing unit, and a display that work together to render infrared radiation into a visible light representation in real time. These factors will facilitate market growth during the forecast period.

Key Infrared Imaging Software Market Trend

• The development of smart cities is the primary trend driving the infrared imaging software market growth. 
• A smart city is an urban development plan, in which a city's infrastructure has been equipped with various information and communication technologies.
• To designate a city as a smart city, there are several factors to be looked at, such as the adoption of smart grid technologies, the use of IT to improve traffic, the number of Wi-Fi points enabled, and the mobile application landscape.
• Global companies, such as IBM, Microsoft, Cisco, and Schneider Electric, are aiding in the development of smart cities by announcing initiatives and developing IT solutions.

Key Infrared Imaging Software Market Challenge

• Intense vendor competition is the major challenge impeding the infrared imaging software market growth. 
• With the increase in the prices of raw materials and the increased competition among vendors, the profit margins of vendors are expected to decline in the market.
• New vendors focus more on the requirements of end-users, and, hence, develop security solutions based on their requirements, which makes them a preferable choice over the global vendors.
• The emergence of local players forces vendors to reduce their product prices, which, in turn, reduces their profit margins.
• The increasing vendor competition will affect the quality of products being developed and introduced in the market, which is likely to affect the market during the forecast period. 

This infrared imaging software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Infrared Imaging Software Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the infrared imaging software market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Infrared Imaging Software Market?

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37% of the market’s growth will originate from North America during the forecast period. The US is the key market for infrared imaging software market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The US is the largest revenue contributor to the regional market under focus. This is because the US is the largest market for medical devices. In addition, Canada and Mexico are expected to have a high growth rate in terms of revenue during the forecast period. This will facilitate the infrared imaging software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What is the Fastest-Growing End-user Segment in the Infrared Imaging Software Market?

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The infrared imaging software market share growth in the government sector will be significant during the forecast period. Thermal imaging cameras are being used for government test labs and military test range applications. The information contained in the thermal imagery allows users to characterize objects in the thermal spectrum to identify and improve their designs. Hence, government bodies and institutions are adopting thermal imaging as a powerful tool for capturing important information in private spaces.

This report provides an accurate prediction of the contribution of all the segments to the growth of the infrared imaging software market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Infrared Imaging Software Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive infrared imaging software market growth during the next five years
• Precise estimation of the infrared imaging software market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the infrared imaging software market industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive analysis of factors that will challenge the growth of infrared imaging software market vendors

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