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Global Drone Analytics Market is estimated to register a CAGR of nearly 27.23% during the forecast period of 2019 to 2024.The growth of the global drone analytics market can be attributed to the increasing adoption of 3D printing for manufacturing drone parts and rising use of advanced drone cameras in the oil & gas, agriculture and forestry, construction industries. However, stringent government regulations regarding drone use and the limited flight range may hinder market growth. For example, in the US, a commercial remote pilot certificate from the Federal Aviation Administration (FAA) is required to fly drones for commercial purposes.
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Segmentation:
On the basis of type, the global drone analytics market has been divided into on-premise and on-demand. The on-demand segment is expected to account for the larger market share and register the higher CAGR during the forecast period of 2019 to 2024. On-demand services offer flexibility, low cost, and customization, which is driving the growth of the segment.
Based on solution, the global drone analytics market has been classified as end-to-end solutions and point solutions. The end-to-end solutions segment dominated the market in 2018 and is expected to register a higher CAGR during the forecast period. End-to-end solutions offer benefits such as enhanced operational efficiency, reduced costs, inter-department communication, and no third-party involvement.
By application, the global drone analytics market has been categorized as geolocation tagging, thermal detection, aerial monitoring, volumetric calculations, ground exploration, 3D modeling, and others. The 3D modeling segment dominated the market in 2018 and is expected to be the fastest-growing during the forecast period. Drones offer capabilities such as real-time color or infrared imagery and external first-person view (FPV) cameras and displays that enable users to receive real-time 3D models and videos of enhanced quality. Additionally, they are compatible with smartphones, which enable users to receive and view 3D models and images on their phones.
On the basis of industry, the global drone analytics market has been divided into construction, mining and quarrying, agriculture and forestry, insurance, utility, oil & gas, transportation, telecommunications, scientific research, and others. The agriculture and forestry segment dominated the market in 2018. However, the construction segment is expected to exhibit the highest CAGR during the forecast period. Data analytics solutions provided by companies such as Airware enable construction companies to view elevation maps, survey designs through drone mapping, and collaborate with teams on different sites, which is driving the growth of the segment.
Regional Analysis:
Based on region, the global drone analytics market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. The presence of various drone manufacturers such as DJI in China is propelling market growth in the region. Additionally, the rising number of drone analytics startups in developing nations such as India is boosting market growth. For example, in 2018, SenseHawk, a drone analytics startup, raised USD 2 million in a funding round led by SAIF Partners.
Key Players:
The key players in the global drone analytics market are 3D Robotics (US), AeroVironment, Inc. (US), AgEagle Aerial Systems, Inc. (US), Airware (US), DroneDeploy (US), Delta Drone (France), Esri (US), VIATechnik LLC (US), PrecisionHawk, Inc. (US), Pix4D SA (France), Kespry (US), Optelos (US), DJI (China), Sentera, Inc. (US), and HUVRdata (US)
Research Methodology:
The market values and forecast are derived using the MRFR research methodology, which includes secondary research, primary interviews, data triangulation and validation from an in-house data repository and statistical modeling tools.
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