Global Market for Commercial Applications of Drone Technology to Top $127B
May 9, 2016 | PwCEstimated reading time: 4 minutes
The drone revolution is disrupting industries ranging from agriculture to filmmaking. According to a new study by PwC on the commercial applications of drone technology, the emerging global market for business services using drones is valued at over $127 bn.
With drones poised to have an impact on business operations of companies in a broad range of industry sectors, PwC has also established in Poland a global centre of excellence that uses drones and data analytics to help clients solve their business challenges.
Olga Grygier-Siddons, Chief Executive of PwC in Central and Eastern Europe, says:
“I am very proud that we have developed a global centre of excellence right here in Central and Eastern Europe that uses drones and geospatial data analytics to help clients. This is the first PwC team of its kind anywhere in the world. If you ask me, it’s no surprise that this team was formed right here in our region. We see real change happening in the business culture of CEE.
“For a long time, business success in our region has been based on cost competitiveness, but now there is a real desire on the part of our clients and colleagues to compete instead on value, created through innovation.”
The application of drone technologies in existing business processes is allowing companies from those industries to create new business and operating models. Each industry has diverse needs, and as a consequence requires different types of drone-powered solutions and various drone functionalities. Some of them value flight speed and payload capacity, while others wish to concentrate on solutions delivering high-quality, real-time data in a cost-effective way.
Michal Mazur, partner and head of Drone Powered Solutions at PwC for Central and Eastern Europe, adds:
“We are currently in discussion with several major companies from a wide range of industries about how they can use drones to improve their business processes. This got us thinking about the potential value of the global drone-powered solutions market. With an estimated market value of over $127 bn in commercial applications, drones are making the transition from novelty item to indispensable business tool.”
Clarity from above
According to the PwC report Clarity from above, the addressable market value of drone powered solutions is over $127 bn. This is the value of current business services and labour that are likely to be replaced in the very near future by drone powered solutions, according to PwC predictions. The industry with the best prospects for drone applications is infrastructure, with total addressable market value of approx. $45.2 bn.
Worldwide, drones equipped with cameras and sensors provide companies with more comprehensive data. They are also are involved in the transport and precise operational activities, exerting an increasing influence on business strategies of enterprises.
Drone-powered solutions are best suited to sectors that require both mobility and a high quality of data. Specifically, businesses that manage assets dispersed over large areas have a long history of issues that new drone powered solutions can address. Large-scale capital projects, infrastructure maintenance and agriculture can all benefit greatly from the integration of drones into day-to-day business. Insurance and mining will find potential process improvements as they gain new levels of data quality and accessibility. And the entire transport industry will surely change its concept of last-mile delivery.
One of the primary usage of drones is to supervise the ongoing investments and maintenance of existing infrastructure. Drones are also used in transport, for last mile services, as well as in agriculture, not only gathering and quickly analyzing data on land and crops, but also doing precise spraying of plants.
Piotr Romanowski, Business Advisory Leader at PwC in Central and Eastern Europe, concludes:
“At PwC, we are expanding our business advisory capabilities to help clients across the full life cycle of their business projects, from strategy through execution. The implementation of business projects now involves a strong technology component. That is why we are investing in becoming more technology enabled, through acquisitions of specialised technology companies such as Outbox and through the development of our own technology services, such as our Drone Powered Solutions team.”
Page 1 of 2
Suggested Items
SiPearl: Partnership with Samsung Electronics for built-in HBM in Rhea
05/14/2024 | BUSINESS WIRESiPearl, the company building the high-performance low-power European microprocessor for HPC and AI inference, has signed a partnership with Samsung Electronics Co. Ltd., a world leader in advanced memory technology, to equip its Rhea series with Samsung’s advanced memory solution ideal for HPC and AI applications.
ispace EUROPE, CDS Sign Payload Service Agreement to Transport Precise Location Measurement Technology to the Moon
05/14/2024 | BUSINESS WIREispace EUROPE S.A., the Luxembourg-based subsidiary of ispace, inc., and Control Data Systems SRL (CDS) have signed a payload services agreement to transport precise location measurement equipment to the Moon, the two companies announced.
MerlinTPS Partners with Bluespec to Provide Urgently Needed GPS Augmentation and Backup Without Satellites
05/14/2024 | Globe NewswireThis collaboration enables the two companies to bring to life the next phase of MerlinTPS’ next-gen platform, which is capable of providing positioning, navigation, timing (PNT) and geospatial radio frequency data.
Stefanik’s Advocacy Leads to Biden Administration Revoking Communist Chinese Huawei’s Export Licenses
05/14/2024 | Elise StefanikCongresswoman Elise Stefanik announced that following her advocacy the Biden Administration revoked export licenses that allowed American company Intel to supply Communist Chinese spy company Huawei with semiconductors.
Kevin O’Buckley to Lead Foundry Services at Intel
05/14/2024 | Intel CorporationIntel Corporation announced the appointment of Kevin O’Buckley as senior vice president and general manager of Foundry Services, the customer service and ecosystem operations division of Intel Foundry. O’Buckley starts today and becomes a member of Intel’s executive leadership team reporting to CEO Pat Gelsinger.