Drone Services Market worth $57.8 billion by 2028 at a CAGR of 27.7%

(IT-NEWSWIRE.COM, November 10, 2023 ) The Drone Services Market is poised for substantial growth, with an estimated increase from USD 17.0 billion in 2023 to USD 57.8 billion by 2028, representing a notable Compound Annual Growth Rate (CAGR) of 27.7% between 2023 and 2028. In 2023, North America is projected to claim the largest share of the drone services market.

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Drone services constitute an evolving sector, catering to services provided by remotely controlled or autonomously operated drones by integrating software-controlled flight plans into their embedded systems. In the commercial domain, drones are increasingly supplanting traditional services, such as aerial surveys, film production, and search and rescue operations. This transition is driven by their capacity for extended operation periods and remote or autonomous operation via onboard computer systems. The utilization of drone services has surged across various civil and commercial applications due to their endurance and cost-effectiveness. Moreover, the integration of cutting-edge technologies like artificial intelligence, IoT, and cloud computing is expected to further boost their demand across various industries.

During the pandemic, drones have proven to be invaluable, offering a wide array of services. They have facilitated prompt deliveries during peak hours, transported medicines and essentials to remote areas, and conducted screenings in otherwise inaccessible locations, demonstrating their efficiency and productivity. However, due to limited adoption, many countries have missed the potential of drone technology. The outbreak of the pandemic and its widespread impact have led to an increased demand for drones, as their advantages have outweighed potential risks.

Based on Type, The drone services market is categorized by type into platform services, including flight piloting and operation, data analysis, and data processing, as well as MRO (Maintenance, Repair, and Operations) and simulation and training. The platform segment is expected to exhibit the highest CAGR during the forecast period due to its superior data collection efficiency, affordability, and global accessibility of drone services.

Based on Application, the market is segmented into inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, and security, search, and rescue. Among these, the transport and delivery segment is anticipated to dominate the market with the highest CAGR, primarily driven by the increased demand for rapid package delivery services in the healthcare sector, triggered by the pandemic.

Based on Industry, The industry-based segmentation covers construction and infrastructure, agriculture, utility, 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 projected to witness the highest growth, attributable to increased investments in the sector during the COVID-19 period, particularly for the transport of test samples and vaccines.

Based on Solution,The market's solutions are segmented into end-to-end and point solutions. The end-to-end solution segment is expected to experience the highest growth during the forecast period, driven by the rising demand for comprehensive package solutions encompassing everything from piloting and operation to data analysis and data processing.

Based on Region, North America is anticipated to hold the largest market share in 2023. This growth can be attributed to the increasing trend of online shopping through e-commerce platforms and favorable Federal Aviation Administration (FAA) regulations in the United States. Additionally, investments from key players to support startups in developing parcel service platforms are expected to contribute to the region's market growth during the forecast period.

Key Market Players

The Drone Services companies is dominated by a few globally established players such as Cyberhawk (UK), Sky-Futures Ltd. (UK), DroneDeploy Inc. (US), Terra Drone Corporation (Japan), PrecisionHawk (US), and Aerodyne Group (Malaysia) among others, are the key manufacturers that secured drone services.

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Drone Services Market worth $57.8 billion by 2028 at a CAGR of 27.7%