The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Drone Service Market.
It was estimated prior to this unanticipated outbreak that the Drone Service Market will reach CAGR of 57.2 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Drone Service Market Insights
Drone Service Market is likely to witness an impressive CAGR of 57.2% during the forecast period. Increased requirement for qualitative data in various industries, growing use of drone services for industry-specific solutions, and improvised regulatory framework are the prime factors expected to bolster the growth of the global drone service market during the forecast period.
Market Share Analysis
Drone Service Market Share: By Application Type
Based on the application type, the market is segmented as aerial photography & remote sensing, data acquisition & analytics, mapping & surveying, 3D modeling, disaster risk management & mitigation, inspection & environmental monitoring, and others. The aerial photography & remote sensing application segment is estimated to register the highest growth during the forecast period. The growth of the segment is owing to the increase in the demand for aerial photography from various sectors, such as architecture, infrastructure, civil engineering, and oil & gas across the world.
Drone Service Market Share: By Solution Type
Based on the solution type, the market is segmented as enterprise and point. The enterprise segment is expected to grow at a higher rate in the coming five years. The growth of this segment can be attributed to the fact that enterprise solutions deliver end-to-end services to various industries. Further, escalating demand for analytical services and software solutions in the drone service market is propelling growth of the segment.
Drone Service Market Share: By Region
In terms of regions, the drone service market in the Asia-Pacific region is estimated to witness the highest growth during the forecast period. This growth is owing to the increasing number of drone services being used by various industries, such as mining, agriculture, and oil & gas in the region. China and India are the growth engines of the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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