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The Worldwide Unmanned Traffic Management Industry is Estimated to Reach $3.1 Billion by 2031 - ResearchAndMarkets.com

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 27, 2022 GMT

DUBLIN--(BUSINESS WIRE)--Dec 27, 2022--

The “Unmanned Traffic Management Market By Component, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.

According to this report the unmanned traffic management market was valued at $0.78 billion in 2021, and is estimated to reach $3.1 billion by 2031, growing at a CAGR of 15.7% from 2022 to 2031.

Unmanned traffic management (UTM) is a subset of air traffic management that oversees unmanned aerial systems (UAS) operations in a safe, efficient and, cost-effective manner by providing facilities and a unified set of services in cooperation with incorporating both aerial and ground-based operations.

In addition, unmanned aircraft system traffic management (UTM) is a system that delivers UTM through the cooperative convergence of technology, humans, services, facilities, and information aided by ground, air, or space-based navigation, communications, and surveillance.

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Moreover, integration of unmanned aircraft in global airspace by conventional means may need the use of cumbersome and expensive hardware, which is neither possible nor advisable. This necessitates the development of a software-based, modern, and automated Unmanned Traffic Management (UTM) system. These systems could then be integrated into standard Air traffic management (ATM) systems.

The unmanned traffic management market is experiencing immense growth, which is driven by the promising growth rate of the drone market, increase in demand for improved surveillance, and the rise in recent collaborations and developments in unmanned traffic management (UTM) systems.

However, strict drone regulations, privacy and security concerns, and costly and time-consuming certification processes for operation acts are the factors that are anticipated to hamper the growth of the unmanned traffic management market during the forecast period. On the contrary, growing demand for drones in commercial applications, and improved government support are the major factors that are expected to supplement the unmanned traffic management market, thereby providing a better opportunity for the growth of the market during the forecast timeframe.

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The drivers, restraints, and opportunities present in the market are explained in the report, in addition to the analysis of their impact. The report includes the study of the unmanned traffic management market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global unmanned traffic management market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the global unmanned traffic management market with a detailed impact analysis.
  • The current unmanned traffic management market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers in the industry.

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Key Market Segments

By Component

  • Hardware
  • Software

By Application

  • Agriculture and Forestry
  • Logistics and Transportation
  • Surveillance and Monitoring

By End User

  • Airports
  • Emergency Service and Local Authorities
  • Drone Operators or Pilots
  • Recreational Users

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • U.K.
  • Germany
  • France
  • Russia
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Market Players

  • Airbus
  • Altitude Angle
  • Droniq GmbH
  • Intelligent Automation
  • Leonardo SpA
  • OneSky
  • PrecisionHawk Inc
  • Thales Group
  • Terra Drone Corporation
  • Unifly NV

For more information about this report visit https://www.researchandmarkets.com/r/idrhpy

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SOURCE: Research and Markets

Copyright Business Wire 2022.

PUB: 12/27/2022 08:10 AM/DISC: 12/27/2022 08:12 AM

http://www.businesswire.com/news/home/20221227005165/en