Drone Potential Market Set at $127B: PwC

May 12, 2016

According to a new study by PricewaterhouseCoopers (PwC) on the commercial applications of drone technology, the emerging global market for infrastructure and mining services using drones is valued at nearly $50 billion.

According to the PwC report Clarity from above, the addressable market value of drone powered solutions is over $127 billion. This is the value of current business services and labor that are likely to be replaced in the very near future by drone powered solutions, according to PwC predictions.

Worldwide, drones equipped with cameras and sensors provide companies with more comprehensive data, according to the company. 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, the company suggests. 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.

“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” says Michal Mazur, partner and head of Drone Powered Solutions at PwC for Central and Eastern Europe. “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.”

Drone Powered Solutions is the name of a newly established PwC global centre of excellence focusing on the use of drone technology and data analytics in business. It was established in Poland – a country which in 2013 became the first in the world to introduce a complete legal framework and institutions regulating the commercial use of drones. The team has carried out a number of commercial projects for clients in Poland. While they sub-contract the actual piloting of the drones themselves, all the other drone powered technologies have been developed within PwC, such as a geospatial data imaging app that allows the team to present clients with data gathered by drones in a simple and intuitive way on mobile devices.

Source: PwC