New Drone Market Projections Estimate Industry at $2 Billion by 2023

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New Drone Market Projections Estimate Industry at $2 Billion by 2023

Back in October of 2015, I reported on the Omnibus Research Report Predicts Blue Skies for UAV Market which estimated “that the global commercial drones market is estimated to grow … to reach $1.27 billion by 2020.” Then just six months later, Business Insider released The Drones Report: Market forecasts, key players and use cases, and regulatory barriers to the proliferation of drones which projected drone sales would top $12 billion in 2021. Now Global Market Insights, Inc. has a new projection for 2023. They believe the commercial drone market will exceed $2 billion by 2023.

Growing need for law enforcement activities is anticipated to drive industry demand from 2016 to 2023. These products are effectively and efficiently used for such applications, since they help investigate the crime scene and gather evidence by flying over the area and obtain high quality aerial pictures and video, without disturbing possible evidence. The technology helps the police and other law enforcement agencies to secure a crime scene and preserve evidence for use in court and criminal proceedings.

Moreover, it can be extensively used in traffic patrol assistance and traffic congestion analysis along with traffic accident investigation. Tensions at sporting events, government protests and other outdoor public events can quickly escalate and require police intervention to prevent injury to people and damage to property. These are also capable to identify unidentified package and act accordingly. The aforementioned factors are driving commercial UAV market size.

Commercial Drone Market to exceed $2bn by 2023

So what happened to the other $10 billion? Projections are, well, projections. They represent a very reasonable forecast, but they are by no stretch, ever a guarantee. My takeaway here is we can expect law enforcement activities to be a big driver of drone industry growth and regardless of the final industry size, $12 billion, $2 billion or even $1.27 billion, it’s going to be a huge market with lots and lots of new employment opportunities. If you want to be a part of this blossoming industry, then take the first step and get yourself properly trained for FAA Part 107.

TL;DR

  1. We’ve got another opinion on the future size of the drone market; specifically for 2023
  2. Global Market Insights, Inc. projects the commercial drone market will exceed $2 billion by 2023
  3. This projection is inline with the Omnibus Research Report projections but not the Business Insider Drones Report
  4. Law enforcement activities are expected to be a big driver of drone industry growth between 2016 and 2023
  5. According to Global Market Insights, Inc., law enforcement drone use will include taking high quality aerial pictures and video of crime scenes, traffic patrol assistance, public event monitoring and unidentified package identification
  6. We also know law enforcement will use drones for search and rescue purposes

About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

By | 2017-08-31T15:23:35+00:00 April 14th, 2017|Drone Investing, Drones, First Responder, Police|Comments Off on New Drone Market Projections Estimate Industry at $2 Billion by 2023

About the Author:

Sam Estrin
I'm an avid drone enthusiast and part-time drone blogger living outside of the DC area. I track drone news and write editorials and timely drone news stories that I find interesting. If you like my stories, you can follow me on Twitter or visit me at LinkedIn. If you'd like me to write for your drone oriented publication or blog, you can contact me at info@droneuniversities.com.