Published: September 2021 | Report Code: IM12011 | Available Format: PDF | Pages: 195
The drone analytics market revenue stood at $2,815.6 million in 2020, and the market is predicted to advance at a CAGR of 32.1% between 2020 and 2030. The major factors driving the market growth include the rising demand for drones, surging global information technology (IT) spending, increasing preference for flight intelligence, escalating number of advancements for better drone development, and growing need for gathering real-time information on a specific area or building.
The COVID-19 pandemic is having far-reaching, rapidly evolving, and unpredictable consequences for the global society, economies, financial markets, and business practices. Companies have been investing little in research and development (R&D) due to a lack of cashflow. Furthermore, due to the pandemic, a number of small players in the market are operating at low profit margins. Some of them have even struggled to stay afloat, facing bankruptcy and operational shutdowns. Essentially, the nationwide lockdown in many countries, which resulted in border closures, impacted raw material supply. However, executives and regulators in the industry are now looking for effective methods and policies to redesign production patterns and increase the customer demand.
The software category is projected to witness the fastest growth during the forecast period (2021–2030) in the drone analytics market, on the basis of component. This is attributed to the surging focus on the utilization of drone-based mapping and inspection services, increasing demand for on-site data collection, growing emphasis on leveraging advanced technologies in software tools and platforms, and strong focus on sharing the results with all stakeholders.
The thermal detection category held the largest share in the market in 2020, based on application, owing to the increasing demand for high-resolution images and heavy utilization of drone-integrated thermal cameras for detecting body temperatures and delivering essential items in emergency situations.
The drone analytics market is expected to witness the fastest growth in the agriculture & forestry category during the forecast period, on the basis of industry. This is attributed to the increasing usage of drones for precision agriculture, crop monitoring, seed planting, soil analysis, irrigation management, and livestock inspection.
In 2020, the North American region dominated the drone analytics market. The market in the region is driven by the rapidly surging demand for enhanced surveillance and inspection through drones, integration of advanced technologies, such as the internet of things (IoT), machine learning (ML), and computer vision, in the drone software, and increasing requirement of industries, such as oil & gas, energy & utilities, and agriculture, for such solutions to take immediate action in case of unfavorable incidents.
The preference for BVLOS operations in drones is one of the key trends being witnessed in the drone analytics market. BVLOS capabilities enable drones to fly beyond the sight of the controller. BVLOS-supported drones enable users to conduct complex operations and monitor large areas without any human interference. It provides several benefits, such as the recording of high-quality data, reduced technology costs, and long-range inspection. As a result, market players are integrating BVLOS capabilities into drone solutions in order to cater to the growing demand of customers and provide extended support to enterprises.
The defense & security industry is one of the most-significant adopters of unmanned aerial vehicles (UAVs), thus resulting in the growth of the drone analytics market. The industry has been extensively utilizing drones for effective operations in border areas and the surveillance of points vulnerable to attack. In addition, the increasing defense budget of countries, including the U.S., China, Saudi Arabia, and Russia, is supporting the adoption of advanced drone solutions. For instance, the U.S. Department of Defense (DOD) has allocated $7.5 billion for the procurement of drones and the associated technologies in the 2021 defense budget, an increase from the approximately $4.6-billion drone spending in 2017. As a result, market players are integrating advanced technologies into drone solutions in order to fulfill the inspection requirements of the security sector in a better way.
|Base Year (2020) Market Size||$2,815.6 Million|
|Market Size Forecast in 2030||$45,575.9 Million|
|Forecast Period CAGR||32.1%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling|
|Market Size by Segments||By Component; By Solution; By Deployment; By Application; By Industry; By Region|
|Market Size of Geographies||U.S.; Canada; Germany; France; Italy; U.K.; China; Japan; South Korea; India; Australia; Brazil; Mexico; Saudi Arabia; U.A.E.; Turkey; South Africa; Israel|
|Secondary Sources and References (Partial List)||Aerospace Industries Association (AIA); Association for the Advancement of Artificial Intelligence (AAAI); Association for Unmanned Vehicle Systems International (AUVSI); Computing Technology Industry Association (CompTIA); European Association for Artificial Intelligence (EurAI); German-Chinese Association of Artificial Intelligence (GCAAI); Shenzhen UAV Industry Association (SUAVIA)|
Players in the global drone analytics market have been involved in product launches and mergers & acquisitions in order to attain a significant position. For instance:
The global drone analytics market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Component
Based on Solution
Based on Deployment
Based on Application
Based on Industry
The market for drone analytics solutions will grow from $2,815.6 million in 2020 to $45,575.9 million by 2030.
The drone analytics industry report has six segments: component, solution, deployment, application, industry, and region.
The latest trend in the market for drone analytics solutions is BVLOS features.
North America is the largest drone analytics industry, while APAC will witness the fastest growth.
The competitive landscape of the market for drone analytics solutions is being influenced by mergers & acquisitions and product launches.
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