Drone Analytics market size is projected to reach USD 2931.6 million by 2028, from USD 1070.7 million in 2021, at a CAGR of 15.4% - Valuates Reports

Drone Analytics market size is projected to reach USD 2931.6 million by 2028, from USD 1070.7 million in 2021, at a CAGR of 15.4% during 2022-2028.

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Drone software and analytic tools are being deployed in the workflows of the construction industry to save time and improve efficiency. This will drive the demand for the drone analytics market during the forecast period.

Insurance companies are using effective drone analytics for better claim management, catastrophe response, and effective resource allocation. This will augment the growth of the market in the coming years. The mining, quarrying, and utility industry will expand the growth prospects of the industry in the forthcoming years.

Moreover, drone analytic tools can feature digital information, ensure network optimization and increase the efficiency of inspection which in turn will boost the drone analytics market in the coming years. The growing prominence of drone data in the oil and gas industry will push the market ahead in the subsequent years. Drone Package delivery and rapid use in global logistics and supply chain management will surge the demand in the drone analytics market in the upcoming period. The scientific research community will benefit tremendously from drone use which in turn will fuel the market expansion during the forecast period.

Trends Influencing Drone Analytics Market
Agricultural sector

Drones can map out large areas of agricultural fields and provide data that is relevant for providing actionable insights on increasing crop yield and saving money. Disparate images of the field are created through geospatial intelligence for achieving better farm management. Manual drive-by scouting is eliminated. Analytics can provide targeted scouting for a better diagnosis of crop health. AI and deep learning models embedded in the analytics software can relay information regarding plant stress, health, growth of unwanted weeds, fertilizer levels, assessment of storm damage, monitoring of crop inventory, water use, population, size, and deciding the right harvest time on a single platform. These visual dashboards can help in livestock management, counting newborn animals, their stress levels, gauging canopy cover, total forested area, fence damage, roofing issues, and determining the exact age, and quality of trees. Furthermore, the tools use computer vision to extract useful information from the captured aerial data. Then ML algorithms are deployed for analyzing the objects and events in real-time while the drone is still up in the air. This will drive the growth of the drone analytics market during the upcoming period.

Construction industry

UAVs are being used rapidly in heavy construction projects and onsite workflows. Drone mapping and reporting software transforms the work related to surveying, planning, and onsite data. Progress of construction projects can be analyzed by matching it with digital imaging models for quick detection of any inconsistencies or flaws. The software provides complete real-time monitoring of relevant data through the entire lifecycle of assets thereby streamlining the project from planning to final execution. Providing single-source data through automated analysis helps in decreasing the project's costs immensely. Cloud-based storage and seamless integration with multiple construction job sites reduce redundancy and provide an excellent 360-degree view of the entire project. Accurate engineering data are produced within 24 hours saving a lot of time. This will boost the growth of the drone analytics market in the forthcoming period.

Rising use in the insurance industry

Ai-powered drone analytic software can finish all claim settlement processes like property inspection, damage detection, and on-site monitoring up to 200 times faster than a traditional visit. They can provide customized on-demand responses and chart multiple pricing as per consumer preferences. A drone-based software tool will quickly collect all the necessary property-based information thereby eliminating the need for field adjusters or third-party vendors ultimately saving up costs. Catastrophe response is done seamlessly with analytic tools creating 3D models and pinpointing the exact infrastructure even in remotely inaccessible areas thereby cutting response time and increasing the efficiency of claim settlement. Fraud and disaster mitigation are enhanced as companies can compare the aerial data of the property before and after an extreme weather event to confirm the policyholder's claim. These factors will significantly bolster the growth of the drone analytics market in the subsequent years.

Mining and quarrying

The mining and utility sector deploys drones for collecting data related to mineral measurement in underground sites. Detailed analysis can be done through information regarding stockpiles, erosion, water drainage, pit, and dump management. This will assist in identifying the depth and nature of mining sites for increasing situational awareness and avoiding any unexpected dangers. The data is processed in real-time for quick analysis. Such factors will fuel the growth prospects of the drone analytics market in the forthcoming period.

Telecommunication industry

A digital twin of tower sites is recorded and stored by the drone analytics software. A single view of the as-built accurate 3D model of the installed telecom tower allows transparency, quick collaboration, and remote management for different operating teams. The digital documentation and detailed AI analysis provide information related to the brand, model, type, and location of the tower. It further identifies additional data related to corrosion levels and broken tower parts. Scheduling of site visits is optimized reducing maintenance expenses. Moreover, visual inspection and climbing up of towers for base station checks can be avoided completely as drone cameras can scan out and produce relevant data on the status of critical infrastructure keeping telecom personnel safe. In addition to it, RF detectors can create 3D radiation patterns around the tower and verify the position of the antennae for signal optimization and environmental compliance. This in turn will spur the demand for the drone analytics market in the future.

Oil and gas industry

Advanced drone data captured can gather deep insights into onshore and offshore plants for issues that are missed by the human eye. Companies use drone analytic software to search for corrosion areas on oil rigs for increasing the efficiency of drilling operations. Pipeline leaks and manual inspection of oil plants can be avoided as these tools provide accurate information in a visual manner and forecast future complications in advance thereby saving up costs on manual labor. Round-the-clock surveillance and data collection can prepare operators and command teams in advance for any significant changes or trends. Moreover, in the event of any natural disaster, industrial or oil spills, real-time images, and video analytics can provide onsite workers reliable information about the present status of the situation which in turn will help operators to coordinate their emergency response activities accordingly. This in turn will augment the growth of the drone analytics market during the forecast period.

Transportation industry

Drone delivery is set to gain prominence in the coming decades. The attached cameras can identify manufacturing equipment, shipping containers and RFID scanners locate items not visible from the ground. The software built into the mobile tablets or computers is used for monitoring the drone route, changing its location, and accessing information in real-time thereby reducing any delays in last-mile delivery or shipment. Close-up inspection and monitoring are possible through the help of drone technology. As the technology advances the demand for the drone analytics market will surge rapidly in the upcoming period.

Scientific research

Drone analytics are being used by scientists in a variety of fieldwork to conduct research on coral distribution, coastal erosion, and mangrove degradation. 3D maps are created through LIDAR-based sensors to measure the distance between an object and its height. It provides aerial images of dedicated forest covers, flooding areas, intrusion of invasive species, and algae growth in water bodies. This serves as the basis for further analysis of environmental experts, scientists, and government bodies. Moreover in the energy industry methane leaks are monitored along with wind and solar energy installations. These factors will drive significant growth in the drone analytics market during the forthcoming period. Several end-user industry usages will propel the market forward.

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