The Global Drone Analytics Market Anticipated to Generate a Revenue of $7,381.9 Million, Growing at a CAGR of 17.1% from 2021 to 2028Download Sample Reports Overview
The global drone analytics market forecast to be valued at $7,381.9 million by 2028, surging from $2,112.0 million in 2020, at a noteworthy CAGR of 17.1%.
Analysis of Covid-19 Impact on Drone Analytics Market
The Covid-19 impact on drone analytics market demand has been moderate. The restrain in the global industrial production due to imposed lockdowns across the globe has disturbed supply chain defense equipment manufacturing industry hindering the growth of drone analytics market. Major companies in this sector such as Northrop Grumman Corporation, Lockheed Martin Corporation, and others have experienced a reduction in demand in the drone analytics market. These factors are expected to negatively impact the market growth.
The coronavirus epidemic has enforced the companies in the drone analytics industry for the adoption of new methods of operation such as implementation of predictive analytics to forecast losses accurately and virtual monitoring of the production. These developments are anticipated to aid in mitigating the impact of COVID-19 pandemic the segment of the global drone analytics market growth.
Global Drone Analytics Market Analysis
Unmanned aerial vehicles (UAVs), or drones, are aircrafts that can be remotely controlled by pilots or via pre-programmed planning and automation systems and can fly autonomously. Various industries and organizations, including military, government, commercial, and entertainment users, are using this technology. Drones have become an economically viable option for a wide range of commercial functions over the years. Commercial drones are currently having a major impact on applications that take advantage of the ability to collect localized visual information quickly and inexpensively. Some of these areas are agriculture, construction, infrastructure, and inventory management. With the help of drone analysis, farmers can benefit from real-time information about vast lands. The commercial utilization of drones for intelligence, surveillance, reconnaissance, and combat operations can reduce the loss of human lives in armed forces which is anticipated to aid the growth of the market.
However, the complex nature of drone analytics technology, which demands highly skilled workforce and most of its manufacturers being in in developed countries, can hinder technology transfer to developing and undeveloped areas. These factors are expected to restrain the growth of this market.
Drone analytics trends such as new innovations in the field of defense avionics software are expected to expand the drone analytics market size. For instance, in November 2021, Israel-based autonomous inspection with industrial robotics company, Percepto, announced the launch of its upgraded 2022 Autonomous Inspection & Monitoring (AIM) platform and its new Air Mobile drone. The newly launched Insight Manager delivers AI-powered solutions for sector-specific use cases, such as solar, mining, energy, oil & gas, and other industries. Percepto’s AI change detection framework offers unified visual data and critical business insights for each of the sector-specific solutions. These new developments are anticipated to open new scope of opportunities and increase the global drone analytics market share in the forecast period.
Global Drone Analytics Market, Segmentation
The global drone analytics market is segmented based on type, application, end-use, and region.
The type segment is further classified into on-premises and on-demand. Among these, the on-premises sub-segment is expected to be the most dominating and surpass $4,199.1 million by 2028, with an increase from $ 1,271.1 million in 2020. On-premises give enterprises more control over their data. As business needs change and demand for IT services fluctuates, organizations can scale their workloads accordingly. The hybrid cloud model improves business continuity and reduces potential downtime and associated costs. These factors are expected to aid the growth of this market in the forecast period.
Based on application, the market has been divided into inspection, mapping, surveying, and others. Among these, inspection sub-segment is anticipated to dominate in the forecast period and surpass $777.3 million by 2028, with an increase from $2,624.6 million in 2020.
The increased utilization of drone analytics for real-time aerial inspection allows you to quickly measure construction sites and correct errors. By using the drone construction site, we were able to significantly reduce dangerous accidents. 3D Robotics (3DR) uses Autodesk's Forge platform to provide a UAV to cloud solution. Developments like these are expected to positively impact the growth of this sub-segment. These factors are expected to aid the growth of this market.
Based on end-use, the market has been sub-segmented into defense, commercial, and consumer sub-segment. The commercial sub-segment is projected to be the fastest growing in the global market and register a revenue of $1,330.6 million during the forecast timeframe of 2021-2028.
The increasing utilization of commercial drones has aided the growth of this sub-segment. Drones can easily fly power lines, wind turbines, and other power & transmission equipment and visually scan them to perform tasks that need to be done manually or not at all. These aspects are expected to aid in the growth of this sub-segment during the forecast period.
The drone analytics market for the North America region generated a revenue of $757.6 million in 2020 and is further projected to reach up to $2,588.8 million by 2028. The North America region is expected to be the dominating region for the drone analytics market in the forecast period.
The North American region is one of the world's most established and technologically developed nations in defense and commercial aviation. Large countries in the North America region such as the United States and Canada have a high level of spending on the armed forces and drone technologies which is expected to aid the growth of this market in the North America region. For example, US security spending will reach about $778 billion in 2020, the highest in the world, according to the "Stockholm International Peace Research Institute (SIPRI). These factors are expected to contribute to the growth of drone analytics market in the North Americas region.
Key Players in the Global Drone Analytics Market
Some of the leading global drone analytics market players are
- BAE Systems
- Delta Drone
- AeroVironment, Inc.
- PrecisionHawk, Inc.
- VIATechnik LLC
- Pix4D SA
- Kespry Inc.
- Optelos LLC.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Drone Analytics Market:
- Bargaining Power of Suppliers: There are moderate number of suppliers in the drone analytics market. Across the world there are different organizations working in the field of drone analytics for production of defense products such as military drones, unmanned combat aerial vehicle, drone camera, defense UAV, drone data analytics, anti UAV defense system, and mini drone s to get a competitive edge in the market.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: The buyers in market have moderate bargaining power, therefore the suppliers in the drone analytics market focus on providing superior quality services in a cost-effective manner.
Thus, the bargaining power of the buyers is moderate.
- Threat of New Entrants: The companies that are entering in the drone analytics market emphasize on innovation for reducing the cost of production since the capital requirement in drone analytics market is already high.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: The drone analytics process is essential and currently there is no alternative of drone analytics measures.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: There is a highly competitive rivalry between companies in the drone analytics market including Thales Group and General Atomics Aeronautical Systems, Inc.
Therefore, competitive rivalry in the market is high.