Drones can substitute traditional methods of operation in many business activities, this development arises after the Federal Aviation Administration extended permissions for commercial, non-hobbyist usage of drones. With minimum human operation and no safety infrastructure, drones can decrease time and costs. It can also increase data analytics, which allow companies to better understand and calculate operating performance. In some industries, drones will be even enabling new business models and opportunities.
As drone hardware are becoming more inexpensive to produce and purchase, manufacturing and the hardware itself will not drive industry growth going forward. Instead, services that work and manage drones for companies will produce most of the value. End-user companies will turn over services that operate drones, manage maintenance, and manage drone data, to third parties. For example, telecommunications companies may end up selling drone data communications services for managing drones and transmitting the data which they are collecting.
Growing applications of drone services across several industries is one of the major driving factors which is contributing to the growth of global drone services market during forecast period. However, lack of skilled and trained workers and safety concerns during drone operations are major factors restraining the growth of global drone services market during forecast period.
North America is dominating the market with near about 44% share in global market. In U.S more than 325,000 drones were registered in FAA, and it is expected that more than 5 million drones will be shipped to U.S by 2020. Europe is being second largest market with more than 30% share in global drone services market. Growth in drone services market shows considerable potential, with European demand for drone services, market is projected to exceed US$ 7 billion by 2035 and over US$ 14 billion by 2050. In Asia Pacific, Australia occurred as a hotspot for drone service market and is the fastest growing market in Asia Pacific.
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