New York, USA, April 04, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global drone analytics market. According to the report, the global market is projected to surpass $7,381.9 million and grow at a CAGR of 17.1% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the drone analytics market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Drone Analytics Market
The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global drone analytics market. During the pandemic, the rise in the commercial usage of drone services fueled the growth of the market. The legally required social distancing led to a growth in demand and applicability of all types of automated services, including drone deliveries of medical items, food, and e-commerce. However, the shortage of crucial components necessary for the manufacturing and assembly of the technology used in defense drones is projected to have a negative impact on the drone analytics market.
Request an Exclusive PDF Sample of Drone Analytics Market
Factors Impacting the Market Growth
The key factor boosting the growth of the global drone analytics market is a significant increase in military expenditure for the modernization of unmanned attacks and surveillance systems. Furthermore, the increasing use of artificial intelligence technology in the drone sector is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the high cost of operations and manufacturing of drone analytics are anticipated to deter the market’s growth.
The report segments the global drone analytics market into type, application, end use, and region.
On-premises Sub-Segment to Grab a Foremost Share of the Market
The on-premises sub-segment of the type segment is foreseen to observe leading growth and garner $4,199.1 million by 2028. This growth is mainly due to various benefits offered by on-premise data storage and analysis such as data visibility, security, simplicity of accessibility, and others.
Inspection Sub-Segment to Grab a Leading Share
The inspection sub-segment of the application segment is expected to witness dominant growth and garner $2,624.6 by 2028. This growth is mainly owed to the increased use of commercial drones in industries such as oil and gas exploration, power generation, mining, and manufacturing. These industries generate a huge amount of data, which increases the need for using drone analytics software.
Defense Sub-Segment to Witness Rapid Growth
The defense sub-segment of the end use segment is predicted to grow enormously and hit $5,042.9 million by 2028. This growth is mainly owed to increased use of defensive drones for intelligence gathering about potential threats and for video surveillance in the military sector.
Ask an Analyst or schedule a call to get the latest Trends of Drone Analytics Market
Asia-Pacific Region to Perceive Rapid Growth
The report analyzes the global drone analytics market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe speedy growth and hit $1,736.2 million by 2028. This growth is mostly due to an increase in military expenditure by the major nations for implementing defense drones in their armed forces in this region.
Key Players of the Market
The report states some of the foremost players operating in the global drone analytics market including
- BAE Systems
- Delta Drone
- DroneDeploy
- Esri
- AeroVironment Inc
- PrecisionHawk Inc
- Pix4D SA
- Kespry Inc
- Optelos LLC
- VIATechnik LLC
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in March 2022, Asteria Aerospace, a company that specializes in robotics and AI and produces drone-based solutions, launched SkyDeck, a drone operations platform. It is a cloud-based software platform that provides a Drone-as-a-Service (DaaS) solution for a variety of industries, including surveying, industrial inspections, agriculture, and surveillance and security.
Customize the Drone Analytics Market report data as per your Format and Definition & Avail 10%OFF
Also, the report provides numerous industry insights, such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Drone Analytics Market:
- Drone and Drone Analytics: The Digital Surveyor
- Acquisitions Like That of Arvista by Delta Drone to Augment the Growth of the Global Drone Analytics Market
