Drone Analytics Market "Various industries, such as insurance, oil & gas, construction, energy & utilities, and agriculture, have started using unmanned aerial vehicles (UAVs) for a number of purposes.
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These include topographic mapping, equipment tracking at construction and mining sites, continuous crop growth monitoring at agricultural fields, and enhanced damaged property inspection. Such applications lead to increased employee efficiency, reduced workload, lower production costs, higher process accuracy, and better worker safety.
This factor is predicted to drive the global drone analytics market, which generated revenue of $2,614.3 million in 2019, at a 29.8% CAGR between 2020 and 2030. Majorly being utilized for capturing and processing data, including images, maps, and 3D models, such solutions help in converting the information to actionable insights, with the use of machine learning (ML) and data analytics, thus providing quick decision-making capability to organizations.
Hardware To Continue Dominating Market till 2030
Till 2030, the hardware component is predicted to continue holding the largest share in the drone analytics market, on account of the rapid uptake of UAVs in numerous domains, increasing focus on more-effective monitoring, and swift transitioning of companies to data-driven decisions.
The end-to-end solution bifurcation dominated the drone analytics market during the historical period (2014–2019). This is attributed to the rising demand for complete packaged solutions, which help end users in collecting and analyzing the data and fulfilling numerous other business objectives. To address the surging requirement for end-to-end solutions, market players have started offering image management, processing, and analysis capabilities in a single solution.
During the forecast period, the cloud bifurcation would grow faster in the drone analytics market, as organizations are swiftly moving to the cloud, to leverage its advantages such as high data storage, increased data access flexibility, and reduced IT expenditure. Moreover, users can control and manage the flights on their mobiles, with cloud-based drone analytics solutions.
The 3D modeling category would witness the highest drone analytics market CAGR, of 34.0%, in the coming years. This is credited to the rapid uptake of UAVs for creating 3D models, as such platforms can capture oblique pictures. Drone analytics solutions convert high-resolution images to 3D models, more cost-effectively compared to traditional aircraft. These models are ultimately used by the construction and architecture industry for making accurate maps.
In 2019, the defense & security division contributed the highest revenue to the drone analytics market, due to the high military spending for procuring solutions that aid in assessing the vulnerable areas that are susceptible to attacks, identifying terrorism-related activities near the border, enhancing the monitoring capabilities of the armed forces, and improving the communication among personnel in remote areas. Moreover, UAV-based analytics solutions are also being deployed for airstrikes, roadside bomb disabling, long-range missile threat monitoring, and utilizing predictive analysis based on algorithms during critical situations.
North America was the highest-revenue-generating region in the drone analytics market during the historical period, on account of the quick adoption of UAVs for enhanced surveillance and inspection, integration of such airborne platforms with advance technologies, such as internet of things (IoT), ML, and computer vision, and increasing focus of the oil & gas, energy & utilities, and agriculture sectors on monitoring undesirable incidents and taking immediate actions.
In the coming years, Asia-Pacific (APAC) would observe the fastest drone analytics market growth, owing to the quick industrial digitization, growing demand for drones by media & entertainment companies, for videography, legalization of UAVs in numerous countries, surging focus of the agricultural sector on digital imaging, and expansion of the operations of global market players in the region.
Partnerships Rank High among Strategic Moves by Players
A number of companies in the drone analytics market are engaging in partnerships, as a means to utilize each other’s assets and technologies and strengthen their position in the industry.
For instance, in July 2019, PrecisionHawk Inc. partnered with Pix4D SA to offer customers improved in-field data collection, verification, and analytics services. Under this partnership, customers of PrecisionHawk can use the Pix4Dfields precision agriculture software to extract data concerning drone maps, within few minutes of the flight. Moreover, the integration of the PrecisionAnalytics Agriculture and Pix4Dfields solutions helps make work management efficient, accurate, and safe for professionals.
Similarly, Grinnell Mutual Reinsurance Company, a U.S.-based insurance firm, deployed Kespry Inc.’s Kespry Drone-Based Aerial Intelligence Platform for the inspection of the roofs of commercial and residential buildings, in May 2019. The platform is designed to reduce the loss adjustment expenses and inspection time, quicken up the claims process, and offer better customer satisfaction.
Delair SAS, PrecisionHawk Inc., DroneDeploy Inc., AgEagle Aerial Systems Inc., Pix4D SA, Aerovironment Inc., VIATechnik LLC, Sentera Inc., Kespry Inc., Airbus SE, Environmental Systems Research Institute Inc., Delta Drone SA, Terra Drone Corporation, Picterra SA, Kittyhawk.io Inc., Airpix, Sightec (Israel) Ltd., Scopito ApS, Optelos LLC, Hexagon AB, Agremo Ltd., Unleash Live Inc., Percepto, Strayos Inc., and Cyberhawk Innovations Limited are the key players in the global drone analytics market."
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