With time and technological advancements, unmanned aerial vehicles (UAVs) are being used for defense and security purposes, commercial applications, and tracking the movement of individuals. Thus, with the increasing adoption of such airborne platforms, the global drone analytics market is predicted to display a 29.8% CAGR during 2020–2030 (forecast period), after having generated $2,614.3 million revenue in 2019.
Drone Analytics Market Segmentation
The software classification would experience the fastest growth in the drone analytics market during the forecast period, owing to the increasing demand for drone imaging for inspection and mapping, rising focus on the on-site collection of data, rapid technological advancements in software platforms and tools, and surging awareness on the importance of sharing the results with the stakeholders. With drone analytics software, the management of large volumes of data becomes easier, which helps organizations extract actionable insights.
In 2019, the end-to-end solution bifurcation held larger share in the drone analytics market, as such solutions are ideal for a range of business processes, including data collection and data visualization, which is why they are witnessing a rising demand from companies. Seeing the scenario, complete packaged solutions, which offer image processing, management, and analysis capabilities, all in one, are being provided by market players.
The highest CAGR in the drone analytics market, till 2030, is expected to be witnessed in Asia-Pacific (APAC). This is attributed to the increasing rate of digital transformation in industries, rising adoption of UAV videography in the media & entertainment sector, rapid implementation of laws allowing the operation of drones, growing usage of digital imaging by the agrarian community, and surging efforts of the solution vendors, based in other regions, on increasing their presence in APAC.
Market Witnessing High Number of Product Launches
A number of product launches are being witnessed in the drone analytics market, as the companies offering such solutions are focusing strongly on increasing their industry share.
For instance, in July 2019, DroneDeploy Inc. introduced a new solution, which lets users manage all their operations on a single platform. Some of the features included in this product are workflow integration, drone operation management, drone academy, inspection with manual flights, and Earthworks.
Browse report overview with detailed TOC on "Drone Analytics Market Research Report: By Component (Hardware, Software, Mobile, Service), Solution (End-to-End Solution, Point Solution), Deployment (Cloud, On-Premises), Application (Thermal Detection, Geolocation Tagging, Aerial Monitoring, 3D Modeling, Ground Exploration), Industry (Agriculture & Forestry, Mining & Quarrying, Logistics & Transportation, Oil & Gas, Construction, Defense & Security, Energy & Utilities, Insurance) - Global Industry Analysis, Trends and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/drone-analytics-market
On similar lines, Aerovironment Inc. launched the Quantix VTOL hybrid drone solution and AVDSS, for precision agriculture technology, in February 2019. Plant count, farm management system (FMS) integration, and survey of up to 400 acres of land in 45 minutes are some of its features.
DroneDeploy Inc., Delair SAS, PrecisionHawk Inc., Aerovironment Inc., AgEagle Aerial Systems Inc., Pix4D SA, Kespry Inc., VIATechnik LLC, Sentera Inc., Delta Drone SA, Airbus SE, Environmental Systems Research Institute Inc., Kittyhawk.io Inc., Terra Drone Corporation, Picterra SA, Optelos LLC, Airpix, Sightec (Israel) Ltd., Scopito ApS, Unleash Live Inc., Hexagon AB, Agremo Ltd., Cyberhawk Innovations Limited, Percepto, and Strayos Inc. are some major global drone analytics market players.