The market research and strategy consulting firm Graphical Research recently looked into the UAV market. They found out that by 2024, the European Commercial Drone market will expand and therefore reach $2bn.
Furthermore, research showed that the causes for this market growth are due to design, technology, and the decrease in cost. However, the safety and security regulations for flying drones are still in the testing phase, which is one of the major constraints that will hinder the market growth.
“Emergency management has emerged as one of the most important applications of drones. This growth is attributed to advancements in the drone technology over the years such as artificial intelligence in drones, the advent of IoT-based drones, and high-resolution cameras.”
Interested in what else Graphical Research looked into? Read more about it here.