Once the preserve of massive military budgets, drones are now making significant strides in commercial industry, initiating substantial efficiency gains. Now drone technology has reached commercial relevance, and much more is predicted to follow.
A future as a vital part of infrastructure beckons, not just in maintenance but also in mobile infrastructure in isolated areas of the world. Regulations allowing, drones are entering a period of development during which many industries – most notably construction and agriculture – will very quickly look very different.
The drone industry has grown significantly with the rising demand from various end users including military, law enforcement, and commercial. Drones can carry out operations with much more efficiency and accuracy as compared to humans.
Drones are used to capture the data through aerial photography and videography. Drones collect the data and automatically generate the maps and 3D data models.
The data collected by the drones can be analyzed to identify the details about environment or asset. In addition, there is significant growth in the number of drones every year.
Policy and Background:
The Union Minister for Civil Aviation has recently announced the clearance for flying drones or Remotely Operated Aircraft Systems (ROAS) from December 1st this year. With certain regulations under Drone Regulations 1.0 – you have to acquire a licence & permission for flying a Drone whereas drones under 2kg of weight for the use of toys do not need the licence & permission.
According to BIS Research analysis, the global drone data services and analytics market generated $3,054.9 million in 2017, and the market is estimated to grow at a CAGR of 53.9% during 2018-2023. North America dominated the global drone data services and analytics market in 2017 with the U.S. acquiring the most significant market share, globally. However, Asia-Pacific is expected to have the highest growth rate during the forecast period, 2018-2023.
The commercial sector is the primary end user of the drone data services and analytics applications. Some of the prominent commercial industries that have deployed drone data services and analytics include agriculture, construction, utility, real estate, mining, and others. The drone data service providers carry out commercial operations across different industries and enable operators to analyze the information gathered with the help of the analytics platform provided by the drone data analytics organizations.
Result:
This is definitely good news for the real estate, manufacturing and industrial sectors in India. We are for sure to see a big transformation in the realty sector with this new permission. Moreover, the growth of the market can be attributed to the emergence of artificial intelligence, machine learning, and blockchain technology for drone industry. The global drone data services and analytics market has been classified into two types: services and analytics.
Services market is expected to have the highest growth rate during the forecast period 2018-2023, due to the extensive demand for drones in the commercial applications. Furthermore, the drone data services and analytics solutions have been deployed by various industries including agriculture, construction, utilities, real estate, mining, and others.
Details on the impact:
Using drone will help in increasing efficiency and quality results in real estate Marketing. Aerial footage, high quality visuals of the site / property with timely updates will be now possible. On the basis of that, 3D models can be developed for a better usage of the land and properties. The cost of videos and pictures of the property will be reduced considerably. The global drone market is expected to witness significant growth over the forecast period 2018-2023, due to the rising demand across various industries including agriculture, construction, and utilities, among others. The applications of drones have proved to be very beneficial in terms of cost and efficiency.
Not only talking from the marketing point of view, drones can be put to work on construction projects safely taking care of quality-control and inspection jobs in place of human workers. Drones can solve all of real estate’s dangers and inefficiencies by limiting the exposure to workers. Lastly, accurate and timely drone-based assessments of property conditions will also help reduce investment risk and help property managers, owners and insurers make key decisions about their properties.
Market Growth:
The market generated a revenue of $3,054.9 million in 2017, and the market is expected to grow at a significant CAGR during the forecast period 2018-2023. The global drone data services and analytics market has been segmented into two types: services and analytics. The services market acquired the largest share and is also expected to grow at the highest CAGR during the forecast period 2018-2023.
This high scale growth of the drone industry is subsequently influencing the growth of the market. The growing commercial drone market and exemptions provided by the government for commercial drone operations are some of the key drivers propelling the growth of the global drone data services and analytics market.
There are ample opportunities for new entrants in this region as the demand for drone data services and analytics is anticipated to increase for commercial applications.
Key Highlights
- Major computer companies are getting involved, realizing the lucrative opportunities about to become commonplace. Dubbed ‘Mission Control Software’, an Intel designed system claims the capacity to handle flight planning and management, beaming back data. Now future infrastructure is beginning to be influenced by drones.
- Many industry insiders have theorized over the potential use of drones in modern society, especially those in advanced economies. Yet the ideas to have been imagined have so often been predicated upon a view of the world which includes full support from the authorities.
- Despite being worth trillions of dollars, the global construction industry is beset by problems staying on budget and completing work on time. Modern drones offer the prospect of collecting information that would have taken a human team a prolonged period to gather, but also in much greater detail than is often possible using alternative means.
