Usage Of Drones In Business Operations Has Broadened In Different Industries In The Last Few Years

Most people think surveillance or military uses when they hear the term "drone." Data shows that the future of drones in America is being shaped by the recent U.S. government banning of Chinese-made drones due to spying fears, opening up a large opportunity for North American manufacturers. In addition, the future of the drone market growth will also be in commercial uses. Reports from industry insiders are projecting the rise of revenues in drone markets will be spread over many industries that are not typically associated with the technology. Active companies in the markets this week include Draganfly, AeroVironment, Drone Delivery Canada, Northrop Grumman and Ambarella.

The usage of drones in business operations has broadened in different industries in the last few years due to their ability to drive efficiency and data analytics. VCs have invested a total of $1.5 billion since 2012 in drone commercial startups that are shaping the industry. Unlike most fintech developments such as big data and payment innovation, drones are valuable for their combination of mobile hardware and internet connectedness. Drones are distributed sensors that make the internet smarter. They can serve as a platform on which different applications, software, and business models can be built. Indeed, everything from drone mapping to flight planning software, and increased demand for drone pilots has emerged."

A recent report stated that the commercial market—not consumer or military—will be a key driver moving forward. "In many business activities, drones can substitute traditional methods of operation. This development comes after the Federal Aviation Administration expended permissions for commercial, non-hobbyist usage of drones. With less human operation and no safety infrastructure, drones can reduce time and costs. They can also enhance data analytics, which allow companies to better comprehend and predict operating performance. In some industries, drones will even enable new business models and opportunities. PCW estimates that commercial applications have a total addressable market of $127 billion globally. Drones are expected to become part of daily operations across industries as varied as insurance, agriculture, and journalism. Consulting firm BCG estimates the industrial drone fleet in Europe and the US will be $50 billion by 2050 and more than 1 million units, with most of the value linked to drone services and data collection."

(Source: FinancialNewsMedia.com news release. Image from file)

FMI: www.financialnewsmedia.com