The Unmanned Aerial Vehicle (UAV) market will reach $14.9 billion by the year 2020, according to a new report by Markets and Markets. The market is currently worked $10.2 billion and is expected to grow at a Compound Annual Growth Rate (CAGR) of 8 percent between 2015 and 2020.
North America holds an estimated share of 65.53 percent of the global UAV market in 2015. Europe is expected to witness a strong growth, due to increase in investments in defense and commercial applications in the U.K. and Russia.
Technological advancements in UAVs, effectiveness in combat situations, and rising demand for non-defense applications are factors expected to drive the UAV market. The market is also driven by the reduced risks associated with the use of UAVs, and technological innovations that have created a demand for UAVs in performing complex operations, thereby reducing the need for human intervention.