32.5% CAGR Predicted for Drone Services Market During 2019-27

By Saur News Bureau/ Updated On Tue, Jun 1st, 2021

Experts working at Transparency Market Research (TMR), an Indian market intelligence company, predict a healthy growth period for the drone services market during the tenure of 2019-2027, expecting a whopping 32.5 percent CAGR during such assessment period.

The full report can be read here.

The global drone services market is extrapolated to reach a value of ~US$ 33 bn by 2027, the end year of the forecast period. From supporting military operations to helping hobbyists in exploring their passion, drones are playing a vital role in every aspect. This factor serves as a turning point for the growth of the drone services market.

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Commercial organizations, government bodies of numerous countries, and many individuals altogether have realized the importance and benefits of utilizing drones for numerous purposes, which will further bring extensive growth for the drone services market.

Some of the key findings of the report are as follows:

Thriving E-Commerce Industry to Accelerate Growth across the Drone Services Market: Due to the COVID-19 pandemic, the e-commerce industry is observing great demand. Warehouse and inventory management plays a crucial role in e-commerce management. Identifying and tracking a large number of orders mechanically is a tedious task. Therefore, drones are being deployed for scanning the items in a warehouse. Walmart is testing the deployment of drones in the warehouses for managing and checking inventory. The company states that drones can conduct a full inventory check in a day while doing the same task manually will take a month’s time. Thus, such developments prove to be fruitful for the growth of the drone services market.
Drone Services to Acquire a Permanent Seat in the Wireless Internet Connectivity Sector: Technology giants like Facebook and Google are testing the use of drones in improving internet connectivity. Facebook is researching Aquila, a large solar-powered drone that has the potential to stay in the air for days and months to provide good internet connectivity to remote or rural areas. These factors will bring significant changes to the growth structure of the drone services market.
Drone Services Market during the COVID-19 Pandemic: Drones have served as the supporters of frontline workers during the COVID-19 pandemic. From surveillance of large areas to delivering medical products, drones are supporting many individuals and organizations in the fight against COVID-19. Telangana, a state in India is a part of the Medicine from the Sky project initiated by the World Economic Forum (WEF). Under this project, drones will be under trial for delivering COVID-19 vaccines and then launched for public use. These factors will maintain the growth rate of the drone services market even during the pandemic.