The global drone software market size is expected to experience an exponential growth by reaching USD 5,961.6 million by 2027 while exhibiting an astounding CAGR of 25.05% between 2020 and 2027. This is attributable to the increasing adoption of advanced technologies such as artificial intelligence and machine learning in the development of this software across the globe. Fortune Business Insights, in its latest, report, titled, “Drone Software Market Size, Share & COVID-19 Impact Analysis, By Architecture (Open Source and Closed Source) and Regional Forecast, 2020-2027,” observes that the market stood at USD 1,165.3 million in 2019 and is likely to gain momentum in the forthcoming years.
Drones are extensively adopted in situations where human intervention is deemed difficult or risky. They enable all-round support by reverting back real-time audio-video information of the activities at the ground. They are equipped with advanced drone software features that require high processing power to solve complex applications such as accurate monitoring and surveying services. The software executes and stores data efficiently while ensuring less usage of CPU, and less draining of the battery.
What does the Report Include?
The global UAVs software market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Increasing Adoption of Artificial Intelligence in Drones to Favor Growth
The unmanned aerial vehicles (UAVs) or drones have a built-in computerized technology such as GPS, programmable controllers, sensors and cameras, and other equipment that facilitate automated flights. In addition to this, the inclusion of advanced technologies such as artificial intelligence (AI) in drone software is aiding in accurate object tracking, obstacle detection, and prevention, among others. The increasing focus on developing smart cities that include advanced features such as well-connected homes, along with the adoption of AI-based security surveillance is driving the demand for drones. This is expected to further boost the global drone software market growth in the forthcoming years.
List of the Companies Operating in the Global Market:
- Airware, Inc (U.S.)
- 3D Robotics (U.S.)
- Dreamhammer Inc. (U.S.)
- Drone Volt (France)
- DroneDeploy Inc. (U.S.)
- ESRI (U.S.)
- Pix4D (Switzerland)
- Precisionhawk Inc. (U.S.)
- Sensefly Ltd.(Switzerland)
- Skyward Ltd. (U.S.)
- DJI (China)
- DroneDeploy (U.S.)
- Other Players
Open Source Segment to Remain Dominant; Easy Availability of Open Source Software to Spur Demand
The open source segment, based on architecture, is expected to remain at the forefront and hold the highest market share owing to the easy availability and affordability of the open source drone software during the forecast period. Besides, the closed source segment held a market share of 16.4% in 2019 and is likely to gain momentum owing to the rising demand for customized and secured architecture in UAVs from military purposes.
Presence of Major Companies in North America to Promote Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global UAVs market in the forthcoming years. This dominance is attributed to the presence of multiple established commercial UAVs manufacturers in the region. Additionally, the region stood at USD 422.7 million in 2019. The market in Asia-Pacific is expected to showcase a significant growth during the forecast period. This is ascribable to factors such as the increasing adoption of drones that are driving the demand for this software across several industrial applications such as agriculture, construction, and infrastructure, among others between 2020 and 2027.
Collaboration between Major Companies to Consolidate Their Market Positions
The global drone software market is dominated by major companies such as DroneDeploy and Airwave. These companies are collaborating with the other key players to strengthen their positions in the highly competitive global marketplace. The other major companies such as 3D Robotics and Dreamhammer, Inc. are set to adopt strategies such as the introduction of new products, merger and acquisition, and partnership to maintain their market presence during the forecast period.
- July 2020: Aerodyne Group, a Malaysian drone software company, announced its collaboration with Celcom Axiata Berhad to develop IR 4.0 solutions that focus on the agricultural and urban sectors. The collaboration is aimed at jointly developing innovative drone solutions by adopting automation, artificial intelligence (AI), and machine learning technologies.