Top Trends to Watch in the Drone Industry in 2022
The drone industry is still in its infancy but is growing rapidly. Drones are expected to become a $100 billion industry by 2022 and their use in various sectors such as agriculture, security, inspection, and filmmaking will only increase from there. As technology continues to evolve at an unprecedented pace, businesses need to stay ahead of the curve so they can capitalize on emerging trends as they emerge. To do this, we have identified four key trends that we expect will rock the drone industry this year and beyond.
Intelligent Aerial Vehicles
The intelligent aerial vehicle trend will be the most important to watch in the drone industry. This includes autonomous drones that can fly without a remote pilot or GPS coordinates and drones that are equipped with artificial intelligence (AI). These types of innovations will create a wide range of opportunities for businesses in the future. Intrapreneurial Innovation Businesses need to find ways to innovate in order to stay ahead of their opponents. Drones offer an opportunity for businesses to experiment and get their hands dirty like never before, but with some risks involved. However, it is worth it for companies to try something new because that’s where the innovative ideas lie! Market Consolidation Over the past few years, businesses have seen increasing difficulty competing against other companies who are working on similar products and services as they are. As such, market consolidation has been occurring on a regular basis. This trend is expected to continue as companies aggressively compete to gain market share in an increasingly concentrated marketplace.
Innovative solutions for the drone industry are slowly emerging, but it will continue to be a tough task for businesses looking to innovate in this market. The sheer number of companies operating in this space, combined with the fast pace at which technology is advancing in general, makes innovation difficult. However, as more and more consumers start to adopt this technology, they will be able to demand better solutions from the companies they patronize. Innovations may not come from existing players and new entities must step up to fill that void. The increasing need for innovation will only increase the pressure on entrepreneurs to find creative solutions.
The market has been growing rapidly, but it is also changing quickly. We expect the trend towards consolidation to continue as larger companies like DJI and Amazon invest in smaller companies and push them to create new innovations at a faster rate. One example of this is how Amazon owns Ring. With the purchase, Amazon has invested heavily in the security market, which is expected to grow at a rapid rate as people adopt more home security systems. The company already sold some $1 billion worth of products over Prime Day last year.
Services Industry Consolidation
This trend is predicted to be the most significant of the five and will certainly have an impact on the way businesses approach their marketing strategies. Drones are beginning to flip industries, create new opportunities and disrupt old ones – like insurance, media, telecommunications, and real estate. The merger of these industries will result in a lot more companies entering the drone business but not enough for everyone to succeed. As these companies battle it out for market share, they’ll need to rely on their own aerial drone services and innovation to stand out from the crowd.
In the coming years, drone-related businesses will expand with the introduction of intelligent aerial vehicles and intrapreneurial innovation. The market will also be consolidated as more companies enter the drone industry and there will be market-wide consolidation. There are some risks with this, though, as companies could lose their uniqueness and become more of a commodity.