February 25, 2024
Ict

Drone Service Market Growth Accelerated by Increased Demand for Commercial Drone Services

Drones have become very useful in various commercial applications like precision agriculture, insurance, real estate, photography and videography. Commercial drones help farmers monitor crops and detect diseases, insurance companies assess property damage, realtors capture aerial photographs of properties, filmmakers capture breathtaking shots and photographers providing aerial services. The global drone service market is witnessing significant growth due to growing demand for commercial drone services across industries.

The global drone service market is estimated to be valued at US$ 12.57 Bn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased demand for commercial drone services is one of the key trends driving the growth of the global drone service market. Industries are increasingly adopting drones to improve productivity and efficiency. For example, farmers are using drones to monitor crop growth, detect diseases and assess water requirement of crops. Similarly, insurance companies are deploying drones for roof inspections and property assessment to expedite insurance claims. Real estate firms are leveraging drones to capture high-quality aerial photographs and videos of properties to better market listings. This growing demand for drones across industries is expected to accelerate the market growth over the forecast period.

Segment Analysis
The Drone service market is segmented into construction and real estate, agriculture, industrial, media and entertainment, and others. Construction and real estate sector dominates the market, accounting for around 25% share. This is because drones are extensively used for aerial photography, survey mapping, 3D modeling, and thermal inspections in construction and infrastructure projects. It provides accurate data in shorter duration with minimal errors and helps in efficient monitoring and planning.

Key Takeaways
The global Drone Service market is expected to witness high growth.

The Asia Pacific region is expected to witness the fastest growth in the drone service market during the forecast period. Countries like China, India, and Japan are increasingly adopting commercial drone services for various industries like agriculture, construction, and utilities inspection. Rapid infrastructure development and government support for commercial drone usage is fueling market growth in the region.

Key players operating in the drone service market are Unmanned Experts Inc., Aerodyne Group, Terra Drone Corporation, Cyberhawk, Sharper Shape, Dronedeploy, Sensefly, Edall Systems, Precisionhawk, and Phoenix Drone Services LLC. Large players are focusing on expanding their service offerings and geographical reach through partnerships and acquisitions. Newer technologies around data analytics, AI, and computer vision are also expanding commercial opportunities for drone service providers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it