Integration of Modern Technologies Allowing Commercial Drones to Deliver Enhanced Surveillance Solutions: Fact.MR Report
Integration of Modern Technologies Allowing Commercial Drones to Deliver Enhanced Surveillance Solutions: Fact.MR Report
The global commercial drone market is predicted to reach a valuation of US$ 6.4 billion in 2024, as opined in the recently updated report by Fact.MR, a market research and competitive intelligence provider. According to the report, revenue from commercial drone sales is forecasted to accelerate at a double-digit CAGR of 11.2% from 2024 to 2034.
Several modern technologies, such as cloud computing, IoT, and artificial intelligence, are integrated into commercial drones to ensure enhanced surveillance and other solutions in end-use industries, such as retail, healthcare, agriculture, oil & gas, and many more.
The rapid growth of the global market is attributed to the constant technological advancements taking place in electronics, such as processors, modern computing, microcontrollers, cameras, and mobile hardware. Thereby, commercial drone manufacturers are incorporating these advanced features to facilitate data-driven and real-time decision-making with the use of high-speed internet connectivity.
The high demand for commercial drones in North America is attributed to the implementation of new regulations stimulating the development of more consistent and coherent standards for their legal as well as safe operations. Moreover, the presence of prominent commercial drone manufacturers, such as Autel Robotics, 3D Robotics, and GoPro Inc., in the United States makes it a leading regional market in the world.
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Key Takeaway from Market Study:
“Leading market players should invest more in AI-powered drones, which will help end users in extracting accurate results from real-time data provided by these commercial drones,”says a Fact.MR analyst.
Increasing R&D Activities and Supportive Environment for Commercial Drones in China
Demand for commercial drones in China is calculated to accelerate at a CAGR of 12.3% and reach a market value of US$ 2.2 billion by the end of 2034. The presence of a huge potential consumer base in the country is contributing to the expanding market size there. A growing number of R&D projects, along with private, government, and public initiatives for the development of commercial drones, are generating remunerative opportunities for market players.
Key Market Players
AeroVironment Inc., Insitu Inc., SZ DJI Technology Co. Ltd., 3D Robotics Inc., Aeryon Labs Inc., SKYDIO, PrecisionHawk Inc., Yuneec International Co. Ltd., Parrot SA, Autel Robotics, GoPro Inc., Trimble Navigation Ltd., and Delair are some of the leading manufacturers of commercial drones.
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Commercial Drone Industry News:
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the commercial drone market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (multi-rotor, single rotor, fixed-wing, hybrid) and application (precision agriculture, aerial photography, surveillance, survey mapping, energy), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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CAGR stands for Compound Annual Growth Rate. It represents the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
The Internet of Things (IoT) refers to the network of interconnected devices that communicate and exchange data with each other over the internet, enhancing automation and data collection.
Artificial intelligence (AI) is the simulation of human intelligence processes by machines, particularly computer systems, enabling them to perform tasks such as learning, reasoning, and problem-solving.
Precision agriculture is a farming management concept that uses technology and data analysis to optimize field-level management regarding crop farming, enhancing productivity and sustainability.
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