A new MarketsandMarkets research report predicts the global drones market will achieve a compound annual growth rate of 32.22 percent from 2015 through 2020, buoyed by regulatory relaxations on unmanned aerial vehicles.
MarketsandMarkets said Monday the report foresees a $5.59 billion industry in five years, up from $663.4 million in 2014.
The report indicates that huge demand for drones will come from media and entertainment, inspection, surveying and precision agriculture sectors, with precision agriculture attaining the highest CAGR during the forecast period.
Rotary blade drones, with a market value of $663.4 million in 2014, will find wide application in the commercial sector, according to MarketsandMarkets.
The report also predicts the Asia-Pacific region will represent the largest market between 2015 and 2020.
It identified DJI, Parrot S.A., 3D Robotics and PrecisionHawk as tier-one market players.