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Unmanned aerial vehicles (UAVs)—better known as drones—have been used commercially since the early 1980s. Today, however, practical applications for drones are expanding faster than ever in a variety of industries, thanks to robust investments and the relaxing of some regulations governing their use. Responding to the rapidly evolving technology, companies are creating new business and operating models for UAVs.
The total addressable value of drone-powered solutions in all applicable industries is significant—more than $127 billion, according to a recent PwC analysis. Among the most promising areas is agriculture, where drones offer the potential for addressing several major challenges. With the world’s population projected to reach 9 billion people by 2050, experts expect agricultural consumption to increase by nearly 70 percent over the same time period. In addition, extreme weather events are on the rise, creating additional obstacles to productivity.
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