Professionals working within the unmanned aerial vehicles industry are about to cash in as an industry expert is predicting that the sector will grow three times in volume by 2020.
A report from technology analytics firm Counterpoint has revealed that the growing applications of UAVs will lead to a 45% spike in volume over the next two years.
Counterpoint attributed the forecasted boom, in part, to falling operating costs and technological innovations such as collision avoidance, autonomous flight mode, home return and first-person-view.
In terms of the major players in hardware, the company cited DJI as a dominant force in the segment, capturing two-thirds of the total market.
Counterpoint also revealed that because the hardware market is highly concentrated, many players have switched their focus to providing software solutions and services to help the companies in deriving maximum benefits from their drone operations.
Anshika Jain, analyst at Counterpoint and report author, commented in a blog posting: “Currently, in the commercial segment, companies are driving value mainly from media and entertainment, agriculture and construction industry.
“Going forward, commercial drone usage would increase in emerging sectors like insurance, telecom and delivery with a rise in drones as a service model. As per Counterpoint Research, the commercial drone hardware market is estimated to be around $ 0.7 billion (£0.5 billion) by 2020 growing at a CAGR of 33% p.a. with Average Selling Price (ASP) almost double when compared to the consumer drone segment.