Global market for commercial applications of drone technology valued at over US$127bn

11 May

The emerging global market for business services using drone technology is valued at over US$127 billion with the drone revolution disrupting industries ranging from agriculture to filmmaking, according to a new PwC report.

The US$127 billion addressable market for commercial applications of drone technology represents the current business services and labour that are likely to be replaced in the very near future by drone powered solutions.  The industry with the best prospects for drone applications is infrastructure, with total addressable market value of approximately US$45.2 billion.  

“With an estimated market value of over US$127 billion in commercial applications, it’s clear that drones are making the transition from novelty item to indispensable business tool,” PwC Australia’s Digital Experience Centre Leader Nick Spooner said.

“In Australia, drones are already being used in various capacities like undertaking mining survey work.  They are being trialled for parcel delivery.  They also have the potential to be the future workhorses of the agricultural sector.

“Removing regulatory hurdles to encourage innovation and investment in technologies such as Unmanned Aerial Vehicles is vital if we’re going to grow the Australian economy.  The recent relaxation of regulations for commercial drone operations by the Civil Aviation Safety Authority is a great first step.

“This is another sign of how disruption is driving positive change to industry, business and customers.  As with any emerging market, there are significant opportunities to introduce new products and services.”

The predicted value of drone powered solutions in key industries is (global view):

  • Infrastructure: US$45.2bn
  • Agriculture: US$32.4bn
  • Transport: US$13bn
  • Security: US$10bn
  • Media & Entertainment: US$8.8bn
  • Insurance: US$6.8bn
  • Telecommunication: US$6.3bn
  • Mining: US$4.4bn

Worldwide, drones equipped with cameras and sensors are providing companies with more comprehensive data. They are also involved in transport and precise operational activities, exerting an increasing influence on business strategies of enterprises.

Drone-powered solutions are best suited to sectors that require both mobility and a high quality of data.  Specifically, businesses that manage assets dispersed over large areas have a long history of issues that new drone powered solutions can address. 

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