Global Drone Services Market is projected to be valued at USD 65.18 Billion by 2028, registering a CAGR of 34.6% from 2020 to 2028.
Technological advancements in drones have significantly contributed to the growth of the drone services market. High competition owing to the presence of a large number of players in this market is forcing service providers to offer enhanced services. Furthermore, the development of industry-specific solutions and improved regulatory framework is also driving the growth of the market.
However, the absence of skilled operators, limited drone operation bandwidth, and safety concerns might hamper the growth of the market.
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The increasing demand for high-quality data and technology advancements in drones is expected to drive the market growth.
Growth Opportunities in the Market
Enterprise segment to register the higher growth rate: The enterprise segment is expected to exhibit the highest CAGR during the forecast period. The growing demand for end-to-end solutions and the development of industry-specific solutions are expected to drive the growth of the segment.
Drone platform services to remain a popular choice: The drone platform services segment dominated the market in 2019 owing to the rising demand for drones by industries such as construction and agriculture.
3D Modeling segment expected to exhibit the highest CAGR: The 3D modeling segment is expected to grow at the highest CAGR during the review period from 2020 to 2028. 3D modeling offers benefits such as workflow optimization, real-time insights, and inventory management. Hence, the segment is expected to grow at the highest CAGR during the forecast period.
Agriculture segment to dominate the market in 2019: The agriculture segment dominated the market in 2019 as drones offer various benefits to farmers and farming companies such as geospatial data, crop stress detection data, and inventory analysis. These benefits enable users to manage crop production.