Drone Analytics Market To Grow At Over 32.0% CAGR during 2020-2030

The global drone analytics market was valued at $2,815.6 million in 2020, and it is predicted to generate a revenue of $45,575.9 million by 2030. According to the estimates of the market research firm, P&S Intelligence, the market will exhibit a CAGR of 32.1% from 2020 to 2030 (forecast period). The market is being propelled by the burgeoning requirement for drones, growing global information technology (IT) expenditure, rising consumer preference for flight intelligence, rapid innovations being made for better drone development, and soaring demand for collecting real-time information on a specific structure or area.

The growing need for drones in the defense and security sector is one of the major drone analytics market growth drivers. The sector is witnessing a sharp rise in drone usage, especially for surveying and protecting points vulnerable to attacks and carrying out effective military operations in border areas. Additionally, the surging defense expenditure of countries, such as China, the U.S., Russia, and Saudi Arabia, is also supporting the use of advanced drone solutions. For example, the U.S. Department of Defense (DOD) allocated a budget of $7.5 billion for drone procurement under the 2021 defense budget, which was greater than the $4.6 billion budget allocated for drone purchase in 2017.

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Depending on component, the drone analytics market is divided into software, service, and hardware categories. Out of these, the hardware category contributed the highest revenue to the market in the past. This was because of the large-scale use of drones in various industries, burgeoning need for improved monitoring services, and growing demand for real-time insights for data-driven decision making. The market is also classified, on the basis of solution, into point and end-to-end. Of these, the end-to-end category dominated the market in the years gone by.

This is ascribed to the growing requirement for complete package solutions that cater to several business processes, right from data visualization to data collection. When deployment is taken into consideration, the market is categorized into on-premises and cloud. Between the two, the cloud category held the larger share in the market in the years gone by. Moreover, the category is predicted to exhibit faster growth in the market during the forecast period as well.

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This is credited to the increasing adoption of the cloud computing technology by businesses, on account of the fact that it offers data access flexibility and high data storage capacity and leads to lower IT costs. Across the globe, the Asia-Pacific drone analytics market is predicted to be the fastest-growing regional market in the coming years. This will be because of the surging number of drone start-up companies, rising focus on the usage of drones for agricultural purposes, implementation of favorable government policies for encouraging the non-military utilization of these platforms, and soaring growth opportunities in countries, such as India, Australia, Japan, China, Malaysia, and Singapore.

Hence, the demand for drone analytics will soar in the upcoming years, primarily because of the growing use of drones in various commercial and military applications across the world.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.