Drone Analytics Market: Segmented By Industry Type (Agriculture & Forestry, Construction, Insurance, Mining & Quarrying, Utility, Telecommunication, Oil & Gas, Transportation, Scientific Research, And Others), By Solution Type (End-To-End Solutions, Point Solutions), And Region - Global Analysis Of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
[ 170 + Pages Research Report ] Drone Analytics Market to surpass USD 46.6 billion by 2031 from USD 3.90 billion in 2021 at a CAGR of 9.25% in the coming years, i.e., 2021-31.
Drone analytics is a process that is used to track, monitor, and control the information and data which is vital to make crucial decisions. Unmanned aerial vehicles (UAVs), or drones, are aircraft that can be controlled remotely by a pilot or automation systems that allow them to fly automatically. They are usually applied in the commercial sector to tackle aerial data and business acumen. These data analytics is largely used in applications such as ground exploration, geolocation tagging, volumetric calculations, 3D modeling among others.
Global Drone Analytics market is expected to project a notable CAGR of 28.09% in 2031.
The rising demand for urbane industry-specific analytical solutions that help companies in gaining actionable vision from the data attained by drones is primarily boosting the growth. Drones have proven advantageous in enhancing the data more efficiently in various industries, including agriculture, construction and infrastructure, and oil and gas, driving the demand for drone analytics solutions. Companies are capitalizing heavily in drone analytics services foreseeing the enormous opportunity the market holds.
Construction segment to grow with the highest CAGR during 2021-31
Global Drone Analytics market is classified on the basis of Type into Agriculture & Forestry, Construction, Insurance, Mining & Quarrying, Utility, Telecommunication, Oil & Gas, Transportation, Scientific Research, And Others. Construction segment dominates the market share globally. This growth is due to the adoption of analytic solutions for monitoring and progress following at several construction platforms. The accessibility of tailor-made service is also one of the prime components impacting the growth in the application of drone analytic solutions in the construction industry during the forecast years.
End-To-End Solution segment to grow with the highest CAGR during 2021-31
Based on Solution type, global Drone Analytics Market fragmented into End-To-End Solutions, Point Solutions. The end-To-End Solutions segment is projected to register a maximum growth against the point solutions segment, due to the rising claim for complete packaged solutions, starting from data gathering to data analysis.
High demand for drone analytics
Several industries and organizations are implementing drone analytics, including military, government, commercial, and recreational operators. Commercial drones are making a real impact in applications that take advantage of their ability to quickly and cheaply gather localized visual information. Several such areas are agriculture, construction, infrastructure, and inventory management. Using drone analytics, farmers can get advantage of real-time information about large tracts of land. Various new start-ups and prevailing agriculture players are capitalizing heavily in agriculture drones and the software needed to analyze the raw data. Drones enable farmers to extract so much information about their fields that managing all this data has created an important business opportunity.
Growing capital investments for the development
The usage of drones across various applications is increasing exponentially. PrecisionHawk plans to use its financing to create the next generation of PrecisionAnalytics, its AI-powered aerial data analytics platform. The investment also gives Microsoft an arrival into the drone aviation market, which is conquered by the likes of Amazon and Google. To grasp a share in the fast-growing drone analytics market, big investment companies are presentation interest to acquire stakes in the leading companies. Thus, increase in investments in the development of new and advanced drone software is anticipated to boost the growth of the drone analytics market during the forecast periods.
The rising issues over cybersecurity and data security as well as the high investment and cost involved in gathering precise data are acting as the main restrictions for the growth of drone analytics in the forecast years, while the lack of highly skilled professionals can hamper the drone analytics market growth in the forecast period of 2021 to 2031.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Drone Analytics market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America dominates the Drone Analytics market. Drivers such as growing funding for drone analytics and the rising demand for analytical solutions, especially from the commercial sector, are enhancing the drone analytics market in the region. Europe and Asia-Pacific are also anticipated to provide substantial growth opportunities during the forecast years.
Global Drone Analytics is further segmented by region into:
Drone Analytics Segments:
|Market size value in 2021||USD 3.90 billion|
|Revenue forecast in 2031||USD 46.6 billion|
|Growth Rate||CAGR of 28.09% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Airware, Agribotix, AeroVironment, Inc., Dronedeploy, Delta Drone, ESRI, Huvrdata, Kespry Inc., Options and Other Prominent Players|
The Drone Analytics Market size was estimated at USD 3.90 billion in 2021 and is expected to reach 46.6 billion by 2031.
Key players: Airware, Agribotix, AeroVironment, Inc., Dronedeploy, Delta Drone, ESRI, Huvrdata, Kespry Inc., Options and Other Prominent Players
Construction segment and End-To-End Solution segment are anticipated to hold the largest Drone Analytics Market.
Drivers: High demand for drone analytics and Growing capital investments for the development
Drone analytics is a process that is used to track, monitor, and control the information and data which is vital to make crucial decisions. Unmanned aerial vehicles (UAVs), or drones, are aircraft that can be controlled remotely by a pilot or automation systems that allow them to fly automatically. They are usually applied in the commercial sector to tackle aerial data and business acumens.
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