Drone market outlook in 2023

Drones for the enterprise hold the most potential in the broader drone market. Insider Intelligence defines enterprise drones as all unmanned aerial vehicles (UAVs) sold directly to a business for use in its operations.

Under that criterion, Insider Intelligence predicts total global shipments to reach 2.4 million in 2023 – increasing at a 66.8% compound annual growth rate (CAGR). Drone growth will occur across five main segments of the enterprise industry: Agriculture, construction and mining, insurance, media and telecommunications, and law enforcement.

Some of the examples…

The UN projects that the world’s population will reach a massive 9.7 billion by 2050, causing agricultural consumption to rise 69% between 2010 and 2050. Considering that most of the farmers and agriculture companies using drones are big-ag-owned farms that manage thousands of acres of land, the potential for drone growth in agriculture is extensive.

Popular applications for drones in agriculture include crop and livestock monitoring, irrigation management, and fertilization – DroneFly estimates that drones can spray fertilizer 40 to 60 times faster than doing so by hand.

Drone use in construction and mining could eventually become a $28.3 billion global market, according to PwC. Businesses within these industries are leveraging drones to more easily adhere to the extensive laws and regulations surrounding worker safety.

Drones are currently used by police forces for a variety of situations including surveilling expansive open areas, negotiating hostage situations, pursuing armed suspects, and investigating bomb threats.

Unmanned aerial vehicles are an innovative, affordable alternative to helicopters, which can be very costly and aren’t always readily available. Most importantly, they allow police to navigate potentially dangerous situations while ensuring the safety of their officers.

While enterprise is the fastest-growing drone market, more inexpensive drones are becoming increasingly popular for recreational use as well. Additionally, flaring competition among drone providers is pushing down costs for these types of consumer drones – particularly among higher-end models that can shoot photos and live-stream video.