Global Drone Data Services Market to Expand with Noteworthy CAGR of 63.2% During 2019-2024
As perKD Market Insightsresearch, the globaldrone data services marketis expected to witness robust growth over the next five years to reach an estimated value of USD 3,890.0 Million in 2024. The global drone data services market is expected to expand at a CAGR of 63.2% in the terms of value during the time period i.e. 2019-2024. Today most of the companies are relying on drones to obtain data as this technology can capture and deliver reliable and more accurate data. As purchase prices for drones have plummeted, drone-related services have become affordable enough to use for a wide variety of industrial applications. Thanks to advances in technology, the use of drones for data analysis is rising and is expected to thrive the growth of drone data services market in upcoming years.
The global drone data services market has been segmented based on service type, deployment type, and end user. In the service type segment, the drone data services market is sub-segmented into mapping & surveying, photogrammetry, 3D modelling & digital elevation model (DEM), and others. In terms of value, the global drone data services market for mapping & surveying segment was valued at USD 98.9 Million in 2018. Moreover, the global drone data services market for mapping & surveying segment is expected to achieve the absolute $ opportunity of USD 1,551.5 Million between 2019-2024.
In the end user segment, the drone data services market is sub-segmented into mining, energy, transportation, agriculture, real estate & construction, oil & gas, BFSI, and others.
Increasing Commercial Applications of Drones
The potential for the commercial use of drones is getting stronger with time. agriculture, energy & utilities, entertainment & media, infrastructure, insurance, security, telecom, and transport & logistics are major commercial areas which are benefiting from drones and their related services. Apart from this growing partnership between key hardware, software, and service providers are also creating growth opportunities for drone data services market. The data analysis market is turning more towards aerial surveys than ground-based surveys as aerial surveys are more reliable and less time taking procedure.
Rise of the Drones
Recent years have been very exciting for the world drone industry, as the popularity of the drones have evolved remarkably in every aspect whether it is personal or business application. Drones in their initial days were commonly used for entertainment and other trivial applications such as photography and videography. With the time drones have molded into one very valuable technology which holds striking potentials. Today, drones are being used across most of the industries including construction, agriculture, mining, surveying, and real estate. Drones have emerged as a game-changing technology and are widely used in applications such as data collection and analysis, public safety, disaster response, and emergency services. Drone-related services are also gaining traction across the globe as the data generated through drones are real-time data and more accurate. Construction, agriculture, and mining industries are the major industries which are benefiting from the drone’s services.
In terms of geography, the drone data services market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America drone data services market accounted for a market share of 55.2% in 2018 and is expected to account a notable market share by the end of 2024.
In terms of value, North America drone data services market is expected to reach USD 1,888.9 Million by the end of 2024 from USD 131.9 Million in 2018. The market value of North America drone data services market is expected to rise at a CAGR of 59.8% over the forecast period. In addition to this, North America drone data services market value is projected to witness a Y-O-Y growth of 79.5% in 2024 as compared to previous years.
The report also covers detailed competitive analysis of major market players of the global drone data services market, such as 3D Robotics, PrecisionHawk, Pix4D SA, Delair, AgEagle Aerial Systems, Inc., Skycatch Inc., Drone-deploy, Sentera Inc., 4DMapper, Aeryon, and other prominent players. The drone data services market is witnessing a wide range of industry activities such as product launch, expansion, acquisition, and partnership across the globe. For instance, on 28th January 2019, Delair announced the opening of its first two repair and maintenance centers in the US with the expansion of its customer service operations. This expansion helped the company to expand its market in the United States.
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