Burlingame, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The report "Drone Service Market By Type (Drone platform services, Drone maintenance, repair, and overhaul (MRO) services; and Drone training & education services), By Duration of Service (Short-duration services, and Long-duration services), By Application (Aerial photography & remote sensing, Data acquisition & analytics, Mapping & surveying, Modelling, Disaster risk management & mitigation,, Inspection & environmental monitoring, and Others), By Solution (Enterprise, and Point), and Region - Global Forecast to 2031", Drone Service Market in terms of revenue was valued to be reach $12.57 Billion in 2023 and is poised to reach $128.18 Billion by 2031, growing at a CAGR of 39.3% from 2024 to 2031 according to a latest report published by Coherent Market Insights.
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Market Dynamics:
The Drone Service Market is witnessing high growth due to advancements in technology. The increasing adoption of drones for various applications, such as aerial photography, surveillance, delivery services, and inspection, is driving the market growth. Drones offer several advantages, including cost-effectiveness, improved safety, and enhanced efficiency. Moreover, the integration of artificial intelligence and machine learning technologies in drones is further propelling market growth. These technologies enable drones to perform complex tasks autonomously with high precision.
Drone Service Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $12.57 billion |
| Estimated Value by 2031 | $128.18 billion |
| Growth Rate | Poised to grow at a CAGR of 39.3% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Duration of Service, By Application, By Solution |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Cybersecurity issues related to drones • Limited bandwidth of operations |
| Growth Drivers | • Increasing demand for time-efficient delivery service • Need for industry-specific solutions |
Another driver for the market is the growing demand for drones in the e-commerce sector. The delivery service industry is increasingly using drones to transport parcels and goods, as it offers faster and more cost-effective delivery options. Drones eliminate the need for conventional delivery methods, such as trucks, reducing traffic congestion and carbon emissions. This trend is expected to drive the demand for drone services in the e-commerce sector.
Market Trends:
Increasing application of drones in the agriculture sector: Drones are being extensively used in agriculture for crop monitoring, irrigation management, and precision agriculture. The use of drones in agriculture helps in optimizing the use of resources, increasing crop yield, and reducing operating costs. The integration of sensors and imaging technologies in drones enables farmers to monitor crop health, detect pest infestations, and make informed decisions for crop management.
Rapid adoption of drones in the construction industry: The construction industry is increasingly adopting drones for site surveying, monitoring construction progress, and inspecting infrastructure. Drones equipped with high-resolution cameras and sensors provide real-time data and imagery, enabling construction companies to improve project management, reduce costs, and enhance safety. The use of drones in construction also allows for accurate measurements, reducing human error and improving overall efficiency.
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Recent Developments:
In October 2020, Cyberhawk secured multiyear deal with Middle East LNG producer for drone inspection and data visualization services.
In May 2021, Aerodyne Group teamed up with Real Tech Fund, Kobashi Holdings, and ACSL to boost agricultural development in ASEAN countries and expand Aerodyne's operations in Japan.
Key Market Takeaways:
The drone service market is anticipated to witness a CAGR of 39.3% during the forecast period 2024-2031, owing to the increasing adoption of drones in various industries.
On the basis of type, the drone platform services segment is expected to hold a dominant position, owing to the technological infrastructure and systems provided by companies that enable efficient drone operations and data management.
In terms of duration of service, short-duration services are expected to dominate the market, as they are more commonly used in industries such as agriculture and construction for quick data collection and monitoring purposes.
In the application segment, aerial photography and remote sensing services are expected to hold a dominating position, driven by the increasing need for high-quality images and accurate data for decision making in industries such as agriculture and environmental monitoring.
The enterprise solution segment is expected to dominate the market, as companies seek to integrate drone services into their existing operations and workflows.
By region, North America is expected to hold a dominant position over the forecast period, due to the presence of key players, advanced drone technology, and favorable regulations supporting the use of drones.
Key players operating in the drone service market include Unmanned Experts Inc., Aerodyne Group, Terra Drone Corporation, Cyberhawk, Sharper Shape, Dronedeploy, Sensefly, Edall Systems, Precisionhawk, and Phoenix Drone Services LLC. These players are focusing on strategic partnerships, technological advancements, and geographical expansion to strengthen their market position.
Read complete market research report, "Drone Service Market, By Type, By Duration of Service, By Application, By Solution, and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Opportunities:
The drone service market is expected to witness a significant growth in the adoption of drone platform services during the forecast period. Drone platform services refer to the technological infrastructure and systems provided by companies that enable the operation and management of drones. These services include drone flight planning and management, data collection and management, and analytics and reporting. The increasing demand for drone platform services can be attributed to the growing use of drones in various industries such as agriculture, construction, and energy. With the advancements in drone technology and the integration of artificial intelligence and machine learning capabilities, the use of drones is becoming more efficient and cost-effective. This is driving the demand for drone platform services as companies seek to streamline their drone operations and maximize the value of drone-collected data.
Another market opportunity in the drone service industry is the growing demand for aerial photography and remote sensing services. Aerial photography involves the use of drones equipped with high-resolution cameras to capture images and videos from above. Remote sensing refers to the collection of data about the Earth's surface using sensors and instruments mounted on drones. These services find application in various industries such as agriculture, construction, and environmental monitoring. The ability of drones to capture high-quality images and collect accurate data from hard-to-reach areas is driving the demand for aerial photography and remote sensing services. With the increasing need for data-driven decision making and the adoption of advanced analytics, the demand for drone services in this segment is expected to grow significantly.
In conclusion, the drone service market presents exciting opportunities for growth, particularly in the adoption of drone platform services and the demand for aerial photography and remote sensing services. The market is expected to witness significant growth with the increasing use of drones across various industries and the advancements in drone technology. Key players are actively participating in the market, driving innovation and providing services to meet the growing demand.
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Detailed Segmentation:
- Global Drone Service Market, By Type
- Drone platform services
- Drone maintenance, repair, and overhaul (MRO) services
- Drone training & education services
- Global Drone Service Market, By Duration of Service
- Short-duration services
- Long-duration services
- Global Drone Service Market, By Application
- Aerial photography & remote sensing
- Data acquisition & analytics
- Mapping & surveying
- Modelling
- Disaster risk management & mitigation
- Inspection & environmental monitoring
- Others
- Global Drone Service Market, By Solution
- Enterprise
- Point
- Global Drone Service Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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