Drone-Powered Business Solutions Market: Rapidly Evolving Industry…… COVID-19….



The global drone-powered business solutions market size is anticipated to reach USD 84.31 billion by 2025, according to a new report by Grand View Research, Inc. Drones have now moved past the hobby realm and are increasingly being used for a wide range of applications. Businesses across the world are exploring new applications of drones in their day-to-day operations.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
Real-world applications for Unmanned Aerial Vehicles (UAVs) are expanding faster than ever across a broad range of industries, mainly due to the relaxation of some stringent regulations governing their use and robust investments. Responding to the rapidly evolving drone technology, various companies across the world are now creating new business and operating models for drone-based services.
The integration of drones into day-to-day business is presumed to significantly benefit agriculture, mapping and surveying, infrastructure maintenance, inspection, security & surveillance, and large-scale capital projects. Mining and insurance are expected to leverage the potential expansion of integrating drones into their operations to drive process improvement by gaining easy accessibility to high-quality data.
Businesses across the world are seeking to purchase data and information services rather than investing directly in the equipment. Innovative companies are rapidly exploring the usage of drones in aerial firefighting and emergency situations as well as to aid in the design of infrastructure and residential/commercial complexes.
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Further key findings from the report suggest:
·         Commercial drones and their applications are expected to become the next big export product for many European companies.
·         Drone service providers are now shifting their focus to data collection and processing due to limitations and difficulties in day-to-day data capturing operations, which, in turn, reduces the ability to scale business.
·         Legislative and regulatory aspects of drone operations are presently the key factors propelling the adoption of drone-powered business solution by various organizations across the world.
·         Bowing out of managing their in-house fleets of drones has been observed as an emerging trend among organizations. Instead, organizations are contracting with third-party service providers under the Drone as a Service (DaaS) license.
·         Poland was the pioneer to roll-out a legislation regarding the commercial application of drones, including insurance regulations, rules for Beyond Visible Line of Sight (BVLOS) flights, and required training for pilots, followed by Singapore and South Africa.

The global drone-powered business solutions market was valued at USD 692.6 million in 2015 and is anticipated to witness a profound growth in the near future. This growth can be attributed to the proliferation of the drone technology, which, in turn, is enabling new markets and giving rise to new applications in the commercial sector.
There has been an increasing need for Unmanned Aerial Vehicle (UAV)-powered business solutions across specific verticals that require high-quality data coupled with mobility. UAV-enabled commercial solutions possess the ability to address a long history of issues faced by various industries that manage assets dispersed over large areas, such as railway, utilities, roadways, and infrastructure.
Initially, a major portion of the industry perceived drones as an unknown new tool; very few were able to recognize their potential strength and the resultant impact on the business processes. However, the rising need to address various issues had led to an increasing awareness of the impact of this technology in large-scale industries.
The application of UAV technologies in the current commercial process permits organizations from those industries to create new operating and business models. Each sector has diverse needs and, as a consequence requires numerous Unmanned Aircraft System (UAS) functionalities and different types of UAV-enabled business solutions. A part of the industry is focusing on payload and flight speed while the other is focusing on solutions delivering real-time, high-quality data in a cost-effective way.
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The two primary solution types analyzed in the report include services and software. Services accounted for the largest market share in 2015. The software solution type is anticipated to witness a profound growth, registering an estimated CAGR of over 70% over the forecast period. The growth in this segment can be attributed to the transformation of drone service providers from companies selling a vertically integrated solution to companies providing generic software solutions to service providers.
UAV service providers are now increasingly focusing their efforts on developing and providing their own exclusive software, acquiring data on the site, and processing and customizing it to their own target industry, thereby providing an overall end-to-end/turnkey solution. The majority of the companies start off as a fully integrated solution, a typical strategy for young tech industries/products.
Grand View Research has segmented the global drone-powered business solutions market on the basis of solution type, drone type, application, end-use industry.
Drone-Powered Business Solutions Type Outlook (Revenue, USD Million; 2014-2025)
·         Services
·         Software
Drone-Powered Business Solutions Drone Type Outlook (Revenue, USD Million; 2014-2025)
·         Multi-Rotor
·         Fixed-Wing
·         Others
Drone-Powered Business Solutions Application Outlook (Revenue, USD Million; 2014-2025)
·         Filming & Photography
·         Mapping & Surveying
·         Data Acquisition & Analytics
·         Surveillance & SAR
·         3D Modeling
·         Delivery Service
·         Others
Drone-Powered Business Solutions End-Use Industry Outlook (Revenue, USD Million; 2014-2025)
·         Real Estate & Construction
·         Media & Entertainment
·         Energy
o    Oil & Gas
o    Utility & Power
o    Renewable Energy
·         Agriculture
·         Security & Law Enforcement
·         Logistics & Transportation
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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