In this day and age of advanced technological advancements and cut-throat competition, curiosity and survival instinct is the mother of all inventions.
Drones, also known as, UAVs came into existence for the sole purpose of reaching and traversing areas where it was arduous for man to maneuver.
With time, demand, and further progressions, drones began to be used for a variety of purposes, and newer models, sizes and prototypes were manufactured and produced.
In this article, BI Intelligence, Business Insider’s premium research service, answers questions surrounding UAVs, their uses, manufacturers, and current industry trends and market breakdowns.
What is a UAV?
A UAV or an Unmanned Aerial Vehicle is a miniature pilotless aircraft, which is either controlled by a remote or an app and uses aerodynamic forces to navigate and perform desired functions.
They are used to carry small payloads, perform delivery and minor services, carry video and static cameras for photography and videography, and perform commercial and military inspections and operations.
Rise of Drones (Segments/Market Trends/Forecasts)
BI Intelligence defines drones as aerial vehicles that can fly autonomously or be piloted by a remote individual. Under that criterion, BI Intelligence expects sales of drones to surpass $12 billion in 2021, which is up by a compound annual growth rate (CAGR) of 7.6% from $8.5 billion in 2016.