Drone Software Market Booming: Expected Massive Growth Forecast $21.93 Billion by 2031

According to a new report published by Allied Market Research, titled, "Drone Software Market Size, Share, Competitive Landscape and Trend Analysis Report, by Solution, by Application, by Architecture, by Deployment : Global Opportunity Analysis and Industry Forecast, 2021-2031." The drone software market was valued at $5.96 billion in 2021, and is estimated to reach $21.93 billion by 2031, growing at a CAGR of 14.5% from 2022 to 2031. The research report offers quantitative and qualitative analyses of the overall market environment, focusing on key investment opportunities, top market segments, value chain analysis, market dynamics, regional outlook, and the competitive landscape.

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Increase in the usage of drones for mapping and photography, surge in need for evacuation or rescue operations in cases of man-made or natural disasters, and rise in need for agriculture surveillance are expected to drive the growth of the global drone software market.

The drone software market is expected to witness significant growth, due to increased innovation, and reduced drone costs and the development of automation technologies. Drone services become more affordable as the use and integration of new technologies into numerous sectors and customers' daily lives grows. For instance, Kratos Unmanned Aerial Systems and the U.S. Air Force Research Laboratory launched the XQ-58A Valkyrie project in 2019 to minimize the cost of air fleets. A Valkyrie missile costs $3 million, while a Patriot missile costs $6 million. Drones have become affordable, these days, which increases the demand for drone software.

Factors such as high demand for drone analytics in commercial applications, growing capital investments for the development of new and advanced drone software, and technological advancement in drones are anticipated to boost the growth of the global drone software market during the forecast period. However, cybersecurity issues associated with drones and restrictions enforced by regulations are expected to hinder the growth of the global drone software market during the forecast period. Moreover, revamped government regulatory framework and incorporation of the Internet of Things (IoT) in drones and high adoption of autonomous drones are expected to create an opportunity for the drone software market in the near future.

Drones are utilized in the transportation of goods and passengers globally depending on the requirement of various industries, such as tourism, logistics, and defense industries.

They form a part of the investment of an organization owing to huge maintenance costs and operating costs apart from the immense procurement costs associated with an unmanned aerial vehicle (UAV). In addition, rise in the defense budget has enabled governments of various countries to enter into agreements with drone & component manufacturers such as DJI and Precision Technologies Ltd. to offer better and advanced products, which supplements the growth of the drone software market across the globe.

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In recent years, the demand for entire drone packages has risen steeply. The amount of data collected by drones has expanded dramatically in recent years, owing to high-resolution cameras being used for image mapping, video capture, and equipment tracking. Drone data, on the other hand, is frequently unstructured. As a result, drone analytics is crucial in converting unstructured data to structured data for better analysis.

Asia-Pacific is dominating the market in terms of revenue, followed by North America, Europe, and LAMEA. China dominated the drone software market in 2021, whereas India is expected to grow at a significant rate during the forecast period. The rise in construction activities and increase in the establishment of infrastructure across the developing Asia-Pacific nations, further fuel the demand for drone services in the region, thus driving the drone software market.

The drone software market is segmented basis of solution, application, architecture, deployment, and region. By solution, it is divided into system and application. By end use, it is divided into defense & government, agriculture, energy & power, construction & mining, media & entertainment, Logistics & Transportation, others. By architecture, it is segmented into open source and closed source. By deployment, it is divided into onboard drones, and ground-based. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

The key players that operate in this drone software market are AirMap Inc., Delair, DJI Technology, DroneBase, DroneDeploy, ESRI, Kespry Inc., MEASURE, Pix4D SA, PrecisionHawk, Inc., SENSEFLY, SHARPER SHAPE, SKYCATCH INC, Skydio, Sky-Future, Skyward IO (Verizon Company), and Yuneec and others.

Key Finding of the Study:

> By solution, the system segment is expected to register a significant growth during the forecast period.
> By end use, the defense and government segment is projected to lead the global drone software market during the forecast period.
> By architecture, the closed source segment is projected to lead the global drone software market during the forecast period.
> By deployment, the ground based segment is projected to lead the global drone software market during the forecast period.
> Region-wise, Europe is anticipated to register the highest CAGR during the forecast period.

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Key Benefits For Stakeholders:

○ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the drone software market analysis from 2021 to 2031 to identify the prevailing drone software market opportunities.
○ The market research is offered along with information related to key drivers, restraints, and opportunities.
○ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of the drone software market segmentation assists to determine the prevailing market opportunities.
○ Major countries in each region are mapped according to their revenue contribution to the global market.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
○ The report includes the analysis of the regional as well as global drone software market trends, key players, market segments, application areas, and market growth strategies.

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