Market Research Report
Drone Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Drone Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 85 Pages
Delivery time: 2-3 business days
The Drone Analytics Market is anticipated to register a CAGR of over 15% during the forecast period.
Since drone analytics is an emerging field with a range of potential applications, industrial conglomerates, chip companies, and IT consulting firms have pumped in significant financial resources to incubate and develop envisioned capabilities in the current generation of drones, both via a hardware and software upgrade. It is estimated that in the last 7 years, investments of about USD 2 billion have been attracted by the drone startups including OEMs and related companies in the supply chain. Also, with the market trends becoming clearer, both in terms of technology and the end-user, the investors have started focusing their investments on selected companies that seem to have higher growth potential. Typical examples include areas such as drone delivery, security, and mining. For instance, the medical drone delivery company Zipline announced new funding that brought the company valuation to USD 1.2 billion. Also, the automated drone-in-a-box solution Percepto announced a new round of funding amounting to USD 15 million. Besides, drone analytics companies are collaborating to address the specific requirements of the plethora of drone applications. For instance, in January 2020, AI-powered visual inspections pioneer Neurala announced a collaboration with drone service provider AviSight to provide end-to-end service to inspection customers who require a complete solution for drone-based inspections of critical infrastructure, including Beyond Visual Line of Sight (BVLOS) operations. Similarly, in February 2020, Neurala collaborated with Optelos, the developer of the drone industry's first patented enterprise SaaS platform designed to fully operationalize digital asset inspection and management. Optelos' platform is integrated with Neurala's vision AI platform, Brain Builder, to improve the efficacy and efficiency of the defect and object identification. Similar collaborative efforts are envisioned to drive the business prospects of the drone analytics market during the forecast period.
The recent changes in drone regulations in several countries across the region are expected to support the growth of the market. China became the global hub for drone manufacturing in the past six years. About 70% of the global civilian drone market is supported by China, which had about 1,200 drone manufacturers at the beginning of 2019 (up from 130 manufacturers in 2013). The Chinese government is providing various subsidy schemes and other favorable domestic policies for drone purchases to promote the adoption of drones in various industrial sectors. The growing application areas of drones are simultaneously propelling the demand for these UAVs in China. The increasing demand for drones for monitoring, inspection, surveying, and surveillance applications in the construction, agriculture, infrastructure, energy, telecommunications, mining, and insurance industries is propelling the growth of the drone analytics market in China. Also, Australia has emerged as a major industrial hub in Asia-Pacific, which is witnessing the rising importance of BVLOS testing. As of July 2019, there were more than 1,200 drone operators in Australia. These operators are rapidly developing technologies and services to support the large drone ecosystem. The supportive drone regulations in Australia introduced by the Civil Aviation Safety Authority (CASA), in support of many domestic and international players, are helping the penetration of drones into many applications.
The drone analytics market is highly fragmented, thereby new market players that operate at regional and local levels are also able to enhance their market share by leveraging their products based on cost differentiation and superior technical capabilities. Thus, to retain market dominance, the prominent market players, such as DroneDeploy Inc., Kespry Inc., Neurala Inc., DroneSense Inc., and PrecisionHawk Inc., are keenly investing in the development of new technology to upgrade their existing service portfolio. Rising competition is anticipated to drive innovation in the market, thereby helping the drone analytics industry to address user compliance issues, address the service limitations, and overcome existing challenges in the field of emerging sectors, such as healthcare mobility.