Drone Telematics Market CAGR Status and Challenges, Assessing the Landscape by 2027
Market Overview:
Global Drone Telematics Market is projected to grow at a 6.8% CAGR between 2020 and 2027.
The increasing use of drones for countering internal and external security threats is primarily driving the growth of the market. Furthermore, increasing the demand for drones for border monitoring is driving the growth of the market.
Global drone telematics market development has been witnessed high in recent years owing to the increasing use of drones for countering internal and external security threats globally. Moreover, the rising use of drones in logistics and transportation and the growing demand for drones for border monitoring are some of the factors driving the growth of the global market.
However, increasing hacking, privacy, and security concerns and limited consumer acceptance for drone telematics are expected to restrain the market growth to some extent.
Market USP
Drone telematics help increase the operational efficiency of the drone fleet of the military and commercial end-users.
Key Players:
The Key Players Drone Telematics Market are Octo Telematics (Italy), Verizon Telematics Inc. (US), EnVue Telematics, LLC (US), DJI (China), vHive Ltd. (Israel), Google LLC (US), Nokia Corporation (Finland)
Market Segmentation:
Quadcopters segment accounted for the largest Drone Telematics Market share in 2019: The quadcopters segment is expected to grow with the highest CAGR during the forecast period, 2020 to 2026. A quadcopter is a type of rotary drone that is lifted and propelled by four rotors. Quadcopters have simple controls and can also hover as required. Furthermore, quadcopters have more lifting power and can carry a slight payload than other types of drones. Such factors are expected to drive the growth of this segment in the global market during the forecast period.
The long-range segment is expected to witness a higher growth in the market: The long-range segment is expected to grow significantly during the review period. This growth can be attributed to the increasing demand for drones with high endurance by the military and commercial end-users and substantial investments in the development of drone telematics solutions for long-range drones.
The medium-range segment is expected to register the highest CAGR during the forecast period, primarily due to the increasing use of medium-range drones for recreational photography & videography, drone racing, fishing, and hunting & wildlife monitoring.
The embedded segment is expected to register the higher growth in the market: The embedded segment is expected to grow with a high CAGR during the review period. This can be attributed to the increasing use of embedded systems in drone telematics, globally.
The commercial segment is expected to register the highest growth in the market: The commercial segment is expected to grow with the highest CAGR during the review period. This can be attributed to the increasing use of drones for commercial applications, such as mapping & surveying, climate & pollution monitoring, and logistics & transportation.
Regional Analysis:
The drone telematics market statistics for drone telematics is dominated by North America. Due to the presence of several notable players like EnVue Telematics, LLC, Verizon Telematics Inc., and Google LLC as well as the significant investments made by these firms in the creation of cutting-edge drone telematics solutions, this region is anticipated to maintain its dominance during the forecast period.
The Drone Telematics Market for drone telematics solutions is anticipated to increase due to the European air forces' growing use of drones for surveillance and reconnaissance tasks.
During the forecast period, the Asia-Pacific market is anticipated to grow at a rapid CAGR. The need for drones for combat operations has greatly increased due to rising defence spending and terrorist activity in nations like Australia, China, Indonesia, and India. During the forecast period, this is anticipated to fuel the expansion of the Asia-Pacific drone telematics market.
The Middle East & Africa market is expanding as a result of rising defence spending by nations like Saudi Arabia, the United Arab Emirates, and Israel. Drone telematics market growth is anticipated to be fueled by an increase in the deployment of drones in Latin America for monitoring deforestation, tracking illegal migration, and gathering intelligence on drug trafficking and rebel organisations.
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