Drone Software Market Valued at $5.96 Billion in 2021, Expected to Reach $21.93 Billion by 2031; Growing at a CAGR of 14.5%

The global drone software market generated $5.96 billion in 2021, and is projected to reach $21.93 billion by 2031, growing at a CAGR of 14.5% from 2022 to 2031.

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. Closure of manufacturing facilities, reduced military expenditure, and downfall of the aeronautics industry during the COVID-19 pandemic made a negative impact on the market.

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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.

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.

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COVID-19 Scenario:

The outbreak of COVID-19 had a negative impact on the growth of the global drone software market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities including those of drones, which adversely affected its demand during the pandemic. This was majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
More and more drone manufacturers faced revenue crunch during this unprecedented time. In addition, the maintenance costs of drones surged, which negatively impacted its demand.
Besides, there was huge financial and economic crisis among nations during the pandemic, and hence reduced GDP of major economies such as the U.S., the U.K., China, France, India, Germany, and others. In 2020, there was a drop in investment in the aerospace and defense industry. This reduction in aerospace and defense spending further aggravated the growth of the market.
However, the market is expected to recoup soon.

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.

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Based on region, the market across Asia-Pacific held the lion's share in 2021, holding around one-third of the global market, and is expected to maintain its leadership status during the forecast period. The Europe region, on the other hand, is expected to cite the fastest CAGR of 16.0% during the forecast period. The report also analyses other regions such as North America and LAMEA.

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

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