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The global drone software market is expected to gain momentum by reaching USD 5,961.6 million by 2027. This is attributable to the increasing adoption of UAVs for commercial purposes across the globe. Fortune Business Insights, in its latest report, titled, “Drone Software Market Size, Share & COVID-19 Impact Analysis, By Architecture (Open Source and Closed Source), By Platform (Application-Based Software and Desktop-Based Software), By Application (Analytics, Image Processing, and Control & Data Capture), and Regional Forecast, 2020-2027,” mentions that the market stood at USD 1,165.3 million in 2019 and is likely to exhibit a remarkable CAGR of 25.05% between 2020 and 2027.
DroneSheild Launches Drone Tracking Software DroneOptID
In May 2020, DroneSheild, a prominent drone software solutions company, announced the launch of its new camera-based software, DroneOptID. The new software is camera-agnostic that supports wide cameras and efficiently detects, identifies, and tracks UAVs. Additionally, the software is equipped with modern technologies such as machine learning and artificial intelligence (AI) that aid in tracking the drones in real time using the computer vision technology.
Oleg Vornik, CEO DroneShield, comments, “Our core approach to effective mitigation and detection of drones are the multi-layered systems. DroneOptID is a step ahead than the other software sensors as it provides a sophisticated method to obtain vital visual data on the drone. Furthermore, this data can be adopted for several purposes such as reviewing the payload of the drone, extracting evidence, and directing kinetic energy at the drone, while providing additional information to the user.” Such initiatives by the companies are expected to bode well for the UAVs software market in the forthcoming years.
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Increasing Adoption of Drones for Commercial Activities to Surge Demand
The increasing adoption of modern technology is driving the demand for sensors, drones, and robots across several industrial applications such as agriculture, construction, energy, and logistics, among others. The companies are leveraging drone software technology to increase productivity and improve management in day-to-day operations, while minimizing operational costs. For instance, the agricultural sector that is at the cusp of technological revolution is adopting robots, drones, and other moisture sensors, along with sophisticated drone software that is enabling the farmers to be more efficient, profitable, and safer. Additionally, the Food and Agriculture Organization of the United Nations (FAO), estimates that the adoption of modern technologies such as internet of things (IoT) can aid in over 70% increase in agricultural productivity by 2050.
The adoption of drones for several commercial purposes is expected to fuel the growth of the UAVs software market during the forecast period.
Major Companies Focus on Product Launches to Improve Sales Revenue
The global drone software market is highly fragmented with the presence of major companies such as Airwave and DroneDeploy. These companies are introducing new products to leverage the opportunities present in the market, and consolidate their positions by gaining huge sales revenue during the forecast period. The other players such as Dreamhammer, 3D Robotics, and others are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence in the fiercely competitive global marketplace.
List of the Companies Operating in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Million)