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The “Global Commercial Purpose Drone Market Insights, Opportunity Analysis, Market Shares and Forecast, 2017 – 2023” report has been added to Research and Markets’ offering.
A commercial drone is an aerial vehicle that does not carry a human operator. It uses aerodynamic forces to lift the vehicle, and it can fly autonomously and is controlled by remote. The global commercial purpose drone market is expected to grow with a compound annual growth rate of about 55 percent during the forecast period of 2016 to 2023.
The applications of commercial purpose drones include product delivery; rescue operations; high altitude mapping along with inspections; agriculture; security; search and land surveying. These applications are surging the growth of the global commercial purpose drone market during the forecast period.
However, increasing privacy concerns among consumers and lack of regulatory framework are the factors restraining the growth of this market during the forecast period.
Geographically, North America held a major share for the commercial purpose drone market, in terms of revenue in 2016. The region is expected to dominate the market during the forecast period.
The market is widely experiencing a growth rate in the region because of increasing usage of commercial purpose drones in precision agriculture, irrigation equipment monitoring and cattle monitoring applications.
Moreover, Asia Pacific is considered to be the fastest growing region during the forecast period in the field of commercial purpose drone market due to technological advancements such as Internet of Things in the region.