The global drone analytics market was US$ 3.5 billion in 2021. The global drone analytics market is forecast to reach US$ 24.6 billion by 2030, registering a compound annual growth rate (CAGR) of 31.4% during the forecast period from 2022 to 2030.
Drone analytics is the method of analyzing 2D and 3D data captured by the drone aerially. The data is being viewed and analyzed to make certain decisions related to the particular area or building. Rising demand for drones across all verticals, increasing IT spending, demand for advanced drone technology, and requirement for the collection of real-time information are the factors contributing to the growth of the market.
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COVID-19 Impact Analysis
The COVID-19 outbreak was a significant drawback for the global drone analytics market. Various countries witnessed an abrupt economic slowdown, which, in turn, declined the demand for efficient drones. Drones are used to monitor areas in mining, construction. Both of these segments had to halt their activities due to the workforce shortage and unavailability of raw material. Thus, the demand for drones lowered suddenly.
The defense and security industry is primarily driving the growth of the global drone analytics market. Unmanned aerial vehicles (UAVs) are adopted to effectively carry out operations in border areas. Moreover, it also helps monitor the crucial points where the chances of attacks are high. As a result, the global drone analytics market will grow during the study period.
Increasing defense budget in various countries and initiatives of the governments to strengthen border security is forecast to propel the market growth. The U.S. Department of Defense (DOD) allotted around US$7.5 billion in 2021 to obtain drones and other efficient technologies.
The introduction of cloud-based decision support systems is forecast to benefit the service providers in terms of revenue generation. In addition, the integration of AI has changed the outlook of technology. It has enhanced the ability of drones to collect, save and share data, which is convenient for the end-users. Thus, the increasing awareness related to the benefit and advancements will ultimately fuel the demand for drone analytics systems.
The high cost involved in drone analytics is forecast to slow down the growth of the market.
North America is forecast to hold the highest share in the global drone analytics market owing to rising government initiatives to boost borders security. Moreover, increasing government funding for drone analytics and the growing penetration of advanced drone analytical solutions even in the commercial sector is forecast to prompt regional growth.
The rising demand for advanced drones for surveillance and inspection is forecast to benefit the regional market for drone analytics during the forecast period.
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According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
Competitors in the Market
AGEagle Aerial Systems
VIA Technik LLC
Other prominent players
The global drone analytics market segmentation focuses on Type, Application, End-Use, and Region.
Agriculture and Forestry
Mining and Quarrying
Oil and Gas
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Insight by Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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