Driven by the rising demand for drone services, especially in the commercial sector, the global drone services market will report a strong CAGR. Exhibiting a whopping CAGR, the global drone services market will spawn into a multi-billion dollar industry by the end of 2024, forecasts the market study.
The report is compiled with the intent of identifying opportunities in the global drone services market. It covers the growth drivers and challenges that are expected to impact the market’s trajectory between 2016 and 2024. The Global Drone Services Market is segmented based on various parameters for the purpose of the study. The report therefore covers the market based on industry, duration of services, and geography and studies factors influencing its growth across the aforementioned segments. Information obtained from trusted industrial sources are included in the report to help readers get a better perspective about the global drone services market. It is presented in a logical chapter-wise format and interspersed with relevant graphs and statistics to support information divulged. Investment feasibility for new players is analyzed using industry-leading analytical tools. The report also gauges the effect of Porter’s five forces on the overall market. The analysis presents insights into the bargaining power of suppliers and buyers, threat from new entrants and product substitutes, and degree of competition sweeping the market.
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Drone services have found application across diverse industries for monitoring and inspection. Rising security concerns and threats of unlawful infiltrations have compelled industries to implement modern technologies of keeping vigil. Besides this, novel technologies for filming are also experimented with to produce more creative content. Spurred by these factors, the drone services market is expected to witness robust growth in the coming years. On the downside, lack of skilled personnel for operating drone and stringent policies regarding drone operations especially in civil aerospace are a few challenges posing threat to the global drone services market. Nevertheless, the rising demand from infrastructure and construction segments to get better overview of sites using comparatively inexpensive yet modern technology will boost the demand for drone services in the coming years. For instance, leading construction industries are using drones to monitor construction progress by capturing images of topographic surveys. Among the various application segments, the market is expected to witness a considerably high demand for aerial photography and remote sensing. The capability of drones to capture high resolution aerial data even in complex areas will therefore bolster their uptake across diverse industries. Global Drone Services Market: Regional Outlook Regionally, the market is witnessing lucrative prospects in North America and Asia Pacific. In North America, the drone services market is gaining from the increasing demand in infrastructure, media and entertainment, and agriculture industries. In Asia Pacific, the market is forecast to gain from the expansion of the commercial sector and recent improvements in policies implemented for the use of drones across various countries.