Ocean View, DE -- (SBWIRE) -- 04/20/2020 -- The global commercial drone market has garnered hefty proceeds over the recent years, perhaps attributing to the substantial increase in the deployment of machine learning algorithms and Artificial Intelligence in an effort to augment the competences of the autonomous drones.

As a matter of fact, Google in 2018 joined hands with the United States Department of Defense to support the agency in developing the AI for data analysis.

Key players present in Commercial Drone Market are 3D Robotics, AeroVironment, Amazon Robotics, BAE Systems, DJI, Intel Corporation, Parrot, senseFly, Xiaomi Technology.

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A significant rise in the investments pertaining to the drone technology across the globe has fostered the market dynamics in the recent times. For instance, PrecisionHawk in April 2016 generated over USD 18 million through Series C funding while helping different companies to make use of drones for various commercial purposes.

Further, the technological improvements and innovations in the global commercial drone market are likely to drive the overall industry outlook during 2017-2024.

Boasting of a vast expanse of application spectrum, commercial drone market has gained extensive popularity over the past few years. As far as the wide-scale deployment of UAVs is concerned, the agriculture sector has emerged as one of the most lucrative end use segment of commercial drone/UAV industry in the recent times. It would be prudent to mention that drones are increasingly being utilized across agricultural fields in analyzing soil, assessing the health of crop, appropriate spraying of pesticides, planting of seeds, and irrigating the field throughout the crop cycle.

In fact, the technological advancements in drones have made it easier to formulate a comprehensive 3D map for soil analysis which can aid farmers to seamlessly analyze seed planting patterns. Apparently, the aforementioned benefits of deploying drones in the agricultural sector have impelled the growth potential of commercial drone/UAV industry.

Latin America, driven by Brazil, Mexico, and Argentina is poised to garner commendable gains in the ensuing years, attributing to escalating demands for commercial drones to cater to disaster mapping, precision farming, and investigation missions.

Studies cited that Latin America commercial drone market is likely to depict a CAGR of 25 per cent through 2024.

Meanwhile, the presence of substantial drone manufacturers in the Asia Pacific region would fuel the growth of regional commercial drone industry.

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With a marked increase in the number of collaborations between technology leaders, governments, and commercial drone market players, the utilization of drones is bound to witness a transformative change in the forthcoming years. Furthermore, the deployment of drones across various end use domains including Wildlife Research & Preservation, Aerial Photography, Inspection & Monitoring, Emergency Management, and Remote Sensing & Mapping has observed a substantial increase. All these factors are certain to positively influence the growth potential of commercial drone market, which is forecast to surpass a remuneration portfolio of more than USD 17 billion by 2024.

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