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Global Commercial Drones Market to Reach 36% CAGR by 2018-2022
August 5, 2019 | Business WireEstimated reading time: 1 minute
Technavio analysts forecast the global commercial drones market to grow at a CAGR of more than 36% during the forecast period, according to their latest market research report.
The growing use of artificial intelligence (AI) is one of the major trends being witnessed in the global commercial drones market 2018-2022. Commercial drone operators are increasingly integrating AI into their drones, which allow drones to capture data, analyze it, and make decisions based on data.
According to Technavio analysts, one of the key factors contributing to the growth of the global commercial drones market is the advantages of commercial drones such as cost savings and improved insights.
Commercial Drones Market: Advantages of Commercial Drones to Boost Growth
The growing demand for improved data and better data insights has led to a significant increase in the adoption of commercial drones across the world. Moreover, vendors in the market are focusing on developing innovative commercial UAVs that are affordable and can provide access to better data. Such advantages of commercial drones will fuel their adoption during the forecast period.
According to a senior analyst at Technavio for research on industrial machinery, “The increased applicability of commercial drones, as well as other technological, safety, and security advances in the commercial drones market have encouraged regulatory bodies to ease regulatory frameworks and support the use of commercial drones. Thus, the favorable regulatory frameworks related to the use of drones in various countries will drive market growth over the forecast period. ”
The global commercial drones market research report provides market segmentation by product (software and services, and hardware), end-user industries (infrastructure sector, agriculture sector, public safety sector, energy sector, media and entertainment sector, insurance sector, and others sector) and geography (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, followed by the EMEA and APAC respectively. The region will continue to dominate the shares of the commercial drones market during the forecast period, owing to the increasing investments in commercial drones, and the relaxation of the regulations related to commercial drones by federal agencies such as the FAA.
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