The rapidly growing commercial unmanned aerial vehicle sector is set to continue its upward trend and is predicted to tip $48.8bn (£36.6bn) by 2023.
According to a new market research report on the UAV market by Fixed Wing, VTOL, STUAS, Male, and Hale, the industry is expected to triple its worth, currently valued at $17.8bn (£13bn), over the coming five years.
The growth of the UAV drones market is driven by factors such as an increase in venture funding, rise in demand for drone-generated data in commercial applications, and rapid technological advancements.
Military drones are expected to capture the largest share of the UAV drones market in 2017. The military drones are currently being used by defence agencies to guard borders and enforce law as well as for combat missions.
The market for commercial drones in North America is expected to grow exponentially owing to the release of the Part 107 rule by the Federal Aviation Administration (FAA) of the US in August 2016.
UAVs have been used by the countries in North America for military and defence applications; currently, drones are also adopted for various commercial applications such as media and entertainment, precision agriculture, law enforcement, inspection, and surveys.