Research and Markets predicts in a report that the global market for unmanned aerial vehicles will climb in value to $5.59 billion by 2020 at a compound annual growth rate of 32.22 percent.
The company said Monday its report identifies the Federal Aviation Administration‘s relaxed regulation of commercial UAV drone operations after 2014 as the factor that drives growth in the market.
The report focuses on small UAVs used in law enforcement and public safety, media and entertainment, retail, precision agriculture, surveying and mapping, education and other commercial applications.
Research and Markets noted that precision agriculture is the application with the highest projected growth at 42.25-percent CAGR from 2015 to 2020.
The report also identified the following key market players:
- 3D Robotics