Market Challenges And Opportunities

Global Drone Service Market Drivers:

Increasing demand for time-efficient delivery service to boost the market growth

In recent years, the e-commerce and logistics industries have witnessed substantial growth. Due to the growth of these industries, the demand for time-efficient delivery solutions to transport critical goods all over the world is has increased rapidly. For instance, in April 2021, ANA Holdings Inc. partnered with Wingcopter to accelerate the development of various consumer products along with vital pharmaceuticals drone delivery systems. Thus, the rising demand for time-efficient delivery service is expected to augment growth of the global drone service market over the forecast period.

Need for industry-specific solutions to fuel the market growth

The demand for cost-cutting and high-efficiency solutions is increasing across various industries due to economic intensification all over the world. As a result, the demand for easy-to-implement, affordable, and high-value customized systems is increasing for the varying needs of different industries. Thus, development of customized drones by drone manufacturers has increased for warehouse management, viewing, capturing, and analyzing aerial imagery for various industries such as utility, mining, agriculture, power, telecommunication, media, construction, oil and gas, and logistics among others. Thus, the demand for drone services is likely to increase across these industries in the near future, which in turn is expected to drive growth of the global drone service market over the forecast period.

Global Drone Service Market Opportunities:

Refurbished government regulatory frameworks are expected to offer multiple growth opportunities in the global drone service market over the forecast period. Drone operators are required to pass specific regulatory frameworks around aviation of the country they are operating in. The use of drones has increased internationally leading to incorporation of drones by regulatory bodies in their framework to support development of drone services, as they offer several benefits. Thus, this factor is likely to create lucrative opportunities in the market in the coming future.

Growing technological developments in drone technology to create business opportunities in the global drone service market over the forecast period. With significant evolution of drones in past few years, consumers and businesses all over the world are offered with smart mobility alternative. The adoption of these advanced drones is increasing to accomplish time-sensitive missions due to evolution of technologies such as 3D imaging, AI, and big data analytics among others. Due to such technological advancements the use of drones has increased across various industries. This in turn is creating growth opportunities in the market.

Global Drone Service Market Restraints:

Cybersecurity issues related to drones to hamper growth of the market

Due to the high efficiency, cost-effectiveness, and flexibility, drone deployment is proliferating in private and commercial applications. With increasing use of drones, the threats of cybersecurity are also growing. Modern drones are equipped with USB ports, GPS, and other technologies that can be critical cybersecurity target for hackers. This can further cause exploitation of drones. As a result, this factor is anticipated to limit growth of the global drone service market over the forecast period.

Limited bandwidth of operations to hamper the market growth

The use of drones has spread across several data-intrinsic applications such as data analytics, mapping, and surveying operations. For this drones need a high bandwidth connection to transmit or communicate the high-definition image or video in real-time. When drones operate on ground they have enough bandwidth available, however, as they move away from the ground, the bandwidth availability starts reducing. This further limit the drone operations. Thus, this factor is further anticipated to hamper growth of the global drone service market over the forecast period. However, the advancements in drone technology will offer advanced solutions addressing this issues, which is likely to aid in growth of the market.