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Market Overview of Global Drones For Insurance market:
According to our latest research, the global Drones For Insurance market looks promising in the next 5 years. As of 2022, the global Drones For Insurance market was estimated at USD 577.13 million, and it's anticipated to reach USD 7236.0 million in 2028, with a CAGR of 52.42% during the forecast years.
Drones For Insurance refers to the application of drones in the insurance industry. In the insurance industry, drones can be used in the investigation and claims settlement process to improve quality and efficiency and optimize customer experience.
Strength
More and more insurance companies are using drones to simplify work, complete tasks more accurately and efficiently, and reduce time and costs.
Insurance companies can simplify and speed up the dangerous, hands-on, and time-consuming process of property inspections, reducing claims time from days to hours.
Since drones can greatly improve inspection efficiency, insurance companies can reduce the number of on-site survey personnel, improve the efficiency of resource allocation, and at the same time ensure the safety of employees.
Drones can scientifically help combat fraudulent claims.
Drones are increasingly used in insurance companies' business applications
Since drones can take detailed aerial images, when a disaster occurs, data can be easily collected for the purpose of claim adjustment or disaster model verification.
Drones can be used to cover a wide range of crop insurance claims, and can also be used to create 3D models of major infrastructure damage caused by hurricanes and earthquakes.
Weakness
Failure of the UAV system, flying the UAV over the signal range or entering an area where communication is interrupted due to frequency interference, may cause control errors.
In the event of personal injury or property damage, the court may admit that drone operators should bear tort liability.
Since drones are controlled by radio or Wi-Fi signals, they are vulnerable to hacker attacks. Recorded data may be lost or leaked while the device is flying and transmitting information to the control station, or during a cyber attack where the company collects and stores data.
Opportunities
Not only have drones changed the way insurers reduce their own risks, they also affect how quickly companies can respond to problems when disasters occur, how quickly they can process claims from policy owners, and how quickly they can settle claims. Although the use of drones in the insurance industry is still in its infancy, given the benefits of drones to suppliers and policy owners, the use of drones will definitely accelerate in the coming years.
Threat
Insufficient historical and analytical data will bring challenges in product development.
Over time, insurance companies may expand the use of drones throughout their enterprise. This has increased the demand for drone management and operation to cope with increasing risks and supervision.
Region Overview:
In 2022, the share of the Drones For Insurance market in Europe stood at 36.06%.
Company Overview:
Dajiang Innovation Technology Inc. (DJI) is one of the major players operating in the Drones For Insurance market, holding a share of 25.6% in 2023.
Dajiang Innovation Technology Inc. (DJI)
Dajiang Innovation Technology Inc. (DJI) is a technology company in the People's Republic of China that mainly produces and develops civilian unmanned aerial vehicles and aerial photography systems. The company is headquartered in Shenzhen, Guangdong Province, with offices in the United States, Germany, the Netherlands, Japan, Beijing and Hong Kong.
Yuneec International
Yuneec International Co. Ltd. manufactures drones. It offers manned electric aircraft, radio controlled drones, multicopters, radio controlled helicopters and microcopters, and radio controlled electric powered airplanes, as well as a line of radio controlled aircraft for the hobby market. The company also provides general parts and accessories, repair services, and support services.
Segmentation Overview:
As for product types, the Drones Hardware segment held the largest market share in 2022.
Application Overview:
The market's largest segment by application is the segment Claims Processing, with a market share of 44.84% in 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Drones For Insurance market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Drones For Insurance Market Report:
Market Size Estimates: Drones For Insurance market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Drones For Insurance market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Drones For Insurance market
Segment Market Analysis: Drones For Insurance market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Drones For Insurance market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Drones For Insurance Market: Revenue and sales volume of major countries in each region
Drones For Insurance Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Drones For Insurance market in major regions.
Drones For Insurance Industry Value Chain: Drones For Insurance market raw materials & suppliers, manufacturing process, distributors, downstream customers
Drones For Insurance Industry News, Policies & Regulations
Key players in the global Drones For Insurance market are covered in Chapter 12:
Draganfly Innovations
GoPro, Inc.
Precision Drone
DroneDeploy
Delta Drone S.A.
Kespry Inc.
AeroVironment, Inc.
senseFly/Parrot
Arch Aerial LLC
Yuneec International
Sarl Dronotec
Dajiang Innovation Technology Inc. (DJI)
3D Robotics Inc
In Chapter 2 and Chapter 15.1, based on types, the Drones For Insurance market from 2018 to 2028 is primarily split into:
Drones Hardware
Drones Software
Drones Service
In Chapter 3 and Chapter 15.2, based on applications, the Drones For Insurance market from 2018 to 2028 covers:
Claims Processing
Risk Assessments
Property Appraisal
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Drones For Insurance market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028