Chicago, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The overall drone services market size is projected to experience significant growth, transitioning from USD 17.0 billion in 2023 to USD 57.8 billion by 2028, reflecting a notable Compound Annual Growth Rate (CAGR) of 27.7% between 2023 and 2028. Notably, North America is anticipated to hold the most substantial share of the drone services market in 2023.
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Drone services constitute a dynamic market that provides services through flying drones capable of remote control or autonomous flight, achieved by integrating software-controlled flight plans into their embedded systems. These commercial drone services offer support to various industries, including agriculture, insurance, construction, marine, aviation, oil & gas, mining, and infrastructure. They are involved in an array of tasks such as search and rescue, package delivery, industrial inspection, imagery capture, fertilizer application, healthcare supply distribution to remote areas, and broadcasting events.
Drones have demonstrated themselves as a compelling solution for delivering a range of services during the COVID-19 pandemic. They have been deployed for swift deliveries during peak demand periods, transporting essential medicines to remote locations, and conducting screenings in hard-to-reach areas, showcasing their exceptional efficiency and productivity. Despite relatively low adoption rates, many countries have missed the opportunities presented by drone technology.
The global outbreak of the pandemic has triggered an upsurge in demand for drones, driven by the evident advantages they offer compared to their potential risks. Police departments and governments worldwide have harnessed drones to enforce remote policing and encourage social distancing. Although diminished tax revenues and budget reallocations have adversely impacted many law enforcement budgets, ongoing pilot programs are expanding drone usage as organizations turn to this technology to address operational inefficiencies.
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"By type, platform segment is expected to register the highest CAGR during the forecast period "
Based on type, the drone services market has been categorized into different types, including the platform, MRO (Maintenance, Repair, and Operations) and simulation and training segments. The platform category further breaks down into sub-segments, encompassing flight piloting and operation, data analysis, and data processing. Notably, the platform segment is projected to exhibit the most substantial Compound Annual Growth Rate (CAGR) during the forecast period. This is attributed to its enhanced efficacy in data acquisition, cost-effectiveness, and the widespread availability of drone services on a global scale.
" By industry, healthcare & social assistance segment is projected to record the highest growth"
Based on industry, The drone services market's industry-based segmentation encompasses several sectors, including construction and infrastructure, agriculture, utilities, oil and gas, mining, defense and law enforcement, media and entertainment, scientific research, insurance, aviation, marine, healthcare and social assistance, and transportation, logistics, and warehousing.
Notably, the healthcare and social assistance segment is anticipated to witness the most substantial growth. This growth is attributed to heightened investments made in response to the COVID-19 pandemic, particularly directed towards the transportation of test samples and vaccines within the healthcare and social assistance domain.
"By solution, end-to-end solution segment would have the highest growth during the forecast period"
Based on solution, The Drone services market has been partitioned into two key segments: End-to-End solutions and Point solutions. Notably, the end-to-end solution segment is anticipated to experience the most significant growth during the forecast period. This growth is attributable to the increasing demand for comprehensive package solutions, encompassing a full spectrum of services from piloting and operational functions to data analysis and data processing.
" By application, transport & delivery segment is expected to dominate the market with the highest CAGR during the forecast period"
Based on application, the market for drone services has been classified into distinct segments: inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, as well as security, search, and rescue Out of these segments, transport and delivery is expected to lead the market during the forecast year, mainly due to the rising demand for package delivery services, especially in the healthcare sector as well as other service based sectors.
Using low-cost and light payload drones for package delivery and incorporating advanced sensors and void systems in delivery drones are also contributing to market growth. Some of the key players offering drone package delivery include Amazon.com, Inc. (US), DHL International GmbH (Germany), United Parcel Service of America, Inc. (US), Zipline (US), FedEx (US), and Boeing (US). These are established companies with manufacturing facilities, warehouses, and strong distribution networks across major regions across the globe
" North America is expected to hold the highest market share in 2023."
Based in region, North America will hold the most significant market share in 2023. This growth in the regional market can be attributed to the upward trend in online shopping through e-commerce platforms and the favorable regulatory environment provided by the Federal Aviation Administration (FAA) in the United States. Moreover, the increase in investments from major industry players to support startups in the development of parcel service platforms is expected to further bolster the regional market's expansion during the forecast period.
The leading entities in the drone services market include Cyberhawk (UK), Sky-Futures Ltd. (UK), DroneDeploy Inc. (US), Terra Drone Corporation (Japan), PrecisionHawk (US), and Aerodyne Group (Malaysia). These prominent players offer a diverse range of drones suitable for various sectors and possess robust and well-established distribution networks spanning across North America, Europe, Asia Pacific, the Middle East, and the Rest of the World (ROW).
"Industry demand for high-quality data to be a primary driver for market growth"
Since drones can be equipped with high-megapixel cameras, they can capture detailed information by flying at low heights. Drones equipped with GPS and high-tech image processing software can capture high-quality images at a lower cost than traditional techniques. Companies in agriculture, construction, mining, and other sectors require such high-quality data. They rely on drones , satellites and helicopters to gather photogrammetric and geospatial data to enhance their business operations. The spatial information collected is analyzed and used for decision-making related to information on hydrography, topography, soil type, and land development
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