Use of drones is a key part of delivering value in a variety of industries. Unmanned aircraft equipped with cameras are capable of doing things that are not possible through other means.
This bodes well for developing the market. Custom cameras are used to shoot photos and videos. Their performance can be stunning. The market for drone technology looks set to grow in significant ways due to systems providing visualization and navigation that’s more economical.
Digital controls can further automate flying for flight stabilization and ease of use. New materials and new designs can contribute to transformation for the better.
The drone market is vast
The market for drones is growing rapidly. This economic development is partly based on the fact that the drone market actually cuts across multiple market sectors, from billions of dollars in defence contracts to the expanding consumer electronics and RC toys market as well as commercial contracts in areas such as agriculture, real estate, photography and construction.
The commercial drone market is quickly expanding. Two industries dominate the projected spend; Construction holds the first place, as the largest industry sector at $11 billion, covering a very broad area of work including inspection, maintenance, surveying, and mapping.
Drones can be found implemented in construction because a lot of this type of work requires specialized equipment. As an example, very accurate surveying of large areas may require a fixed-wing aircraft and ground control points, or an RTK receiver.
Agriculture is forecast to be the second-largest growing segment at $6 billion. Growth here is likely to be driven by precision agriculture, part of which has traditionally been carried out using satellite imagery, as well as tractor mounted or handheld sensors.
A focus on IoT-powered drones
Gartner’s current forecast has stated that companies are likely to begin deploying additional IoT-powered enterprise drones in a big way in 2020. These drones may be used in the construction, utility, and retail industries.
According to the report, 526,000 items will be completed by international shipments comprising IoT enterprise drones, a 50 per cent increase from 2019. The global analytics agency estimates that international shipments may reach 1.3 m items by 2023.
Companies look to spend on IT
According to Gartner’s forecast, global IT spending is projected to reach a total $3.9 trillion in 2020 and is expected to reach into the $4 trillion territory next year. In 2020, the device market may return to overall growth as emerging nations embrace new phone options. This year, software is likely to be the fastest rising major market, achieving a growth of 10.5 per cent.
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