DUBLIN, Dec. 17, 2021 /PRNewswire/ — The “Drone Analytics Market Research Report: By Component, Solution, Deployment, Application, Industry – Global Industry Analysis, Trends and Growth Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The value of the global drone analytics market will witness a 32.1% CAGR during 2020-2030, to reach $45,575.9 million by 2030, from $2,815.6 million in 2020.
The major reasons behind the rising demand for such solutions are:
- Growing UAV Usage in Defense & Security Sector: The defense & security sector has always been a prominent user of drones, also known as unmanned aerial vehicles (UAVs), for reconnaissance, attack, emergency supply, search & rescue, and border patrol applications. Resultingly, UAV and software firms are offering advanced analytics solutions for defense departments to gather real-time insights into sensitive areas, from the pictures and videos being captured via drones.
- Rising Usage of UAVs for Commercial Applications: With governments easing the norms for the non-military usage of UAVs, the demand for such platforms is rising in commercial applications. Currently, the building & construction, oil & gas, government, metals & mining, insurance, agriculture, and media & entertainment sectors are becoming important from the point of the drone analytics market advance.
The COVID-19 pandemic led to a reduced demand for drone analytics solutions because of the decreasing procurement of UAVs themselves. The widespread financial distress and stay-at-home orders forced players to decrease their spending on the development of advanced analytics solutions for drone-based imagery. Moreover, the hampered production and supply chains reduced drone sales, which, in turn, led to a decrease in the procurement of the associated software. Further, most mining, oil & gas, construction, and entertainment activities stopped, which further affected the drone analytics market negatively.
In the past, the drone analytics market, under the component segment, was dominated by the hardware category. To be able to use analytics software, companies have to first have a drone. Thus, the increasing demand for real-time inspection & monitoring, to make data-driven decisions, in many industries is propelling drone sales.
The end-to-end solution bifurcation is set to witness the higher CAGR in the drone analytics market in the years to come. Such solutions are comprehensive packaged solutions that meet all the business requirements, right from data collection to visualization and analysis. Due to the growing demand for them, market players are providing processing, analysis, and management capabilities in a single solution.
In the near future, the cloud bifurcation will continue to hold the larger drone analytics market share, based on deployment. Cloud-based solutions reduce the IT expenditure, offer easy data storage scalability, and make the data accessible from any internet-connected device, which is why an increasing number of businesses are turning to cloud computing.
The fastest growth in the application segment of the drone analytics market in the coming years is predicted to be witnessed in the 3D modeling category. Since UAVs can capture images of oblique objects, they are increasingly being used to create 3D models. The high-resolution images provided by such platforms allow for cost-effectiveness and better efficiency compared to those taken from traditional airborne platforms.