A number of factors, such as the mounting information technology (IT) expenditure, burgeoning demand for drones, soaring focus on developing advanced drones, rising preference for flight intelligence, and increasing need for gathering real-time information on a specific building and area, are expected to accelerate the drone analytics market at a robust CAGR of 32.1%, during 2020–2030. According to P&S Intelligence, the market revenue is projected to surge from $2,815.6 million in 2020 to $45,575.9 million by 2030.
The burgeoning demand for unmanned aerial vehicles (UAVs) from the defense and security industry is expected to drive the demand for drone analytics, worldwide. This industry is increasingly deploying UAVs for ensuring effective operations in border areas and monitoring the areas vulnerable to attack. Moreover, the increasing defense budget of countries, such as China, Russia, the U.S., and Saudi Arabia, is also facilitating the deployment of drones in armed forces. For instance, in 2021, the U.S. Department of Defense (DOD) allocated $7.5 billion for the procurement of drones and the related technologies in defense forces of the country.
In recent years, the surging preference for beyond-visual-line-of-sight (BVLOS) drone operations has become a key trend in the drone analytics market. The BVLOS operations allow drones to fly beyond the sight of the user and offer high-quality data and reduced technology costs. BVLOS-enabled drones allow controllers to conduct complicated operations and monitor extensive areas without any manual intervention. Owing to these reasons, drone manufacturers across the world are increasingly integrating BVLOS capabilities into drone software to meet the evolving needs of customers and provide extended support to business organizations.
Currently, players in the drone analytics market are engaging in product launches and mergers and acquisitions to stay ahead of their competitors. For instance, in July 2019, DroneDeploy Inc. widened its product portfolio to meet the burgeoning demand for a single platform for all drone operations. Furthermore, in May 2021, AeroVironment Inc. completed the acquisition of Telerob Gesellschaft für Fernhantierungstechnik mbh to expand its portfolio of intelligent multi-domain robotic systems, ranging from small and medium unmanned aerial systems (UASs) to tactical missile systems and unmanned ground vehicles (UGVs).
The industry segment of the drone analytics market is classified into insurance, construction, mining and quarrying, energy and utilities, agriculture and forestry, oil and gas, defense and security, and logistics and transportation. Among these, the agriculture and forestry category is expected to demonstrate the fastest growth during the forecast period, due to the rising usage of drones for seed planting, crop monitoring, precision agriculture, soil analysis, livestock inspection, and irrigation management.
Geographically, North America accounted for the largest share in the drone analytics market in 2020. This is due to the increasing need for enhanced surveillance and inspection through drones and the surging deployment of drones in the agriculture, oil and gas, and energy and utilities industries to take immediate action in unfavorable situations. Moreover, the rising integration of advanced technologies, such as computer vision, the internet of things (IoT), and machine learning (ML), in drone also catalyzes the market growth in the region.
Therefore, the increasing adoption of UAVs in the defense and security industry and the rising preference for BVLOS-enabled drones will contribute to the market growth.
