The UAV market has been forecast to reach revenues of $51.85 billion (£38.6 billion) by 2025 due to software and application expansion.
The market, which was valued at $11.45 billion (£8.2 billion) at the end of 2016, is set to grow four-fold over the next seven years due to significant growth in UAV sales as well as software licenses.
The rate of growth within the sector has been credited with creating aggressive competition in the market, company layoffs, low entry barriers, and reorganisations and consolidations. The commercial application of UAV has increased considerably, which resulted in companies providing better services and enhanced products to the users.
It has been reported that the absence of defined legal regulations one of the key restraining factors behind the growth of UAV market during the forecast period.
The increasing adoption of UAVs among different industries such as mining, oil and gas, telecommunications and retail, among others, is anticipated to influence the market growth.
The rising trend of drone delivery service is expected to bolster the market during the forecast period and countries in Africa, such as Rwanda, Malawi, Tanzania, and Cameroon, are progressively implementing drone delivery services.