From toys to complex IoT devices, commercial drones now a $43B opportunity

Over the past 20 years, drones have evolved from basic hobbyist toys to complex internet of things (IoT) devices.Market research firm IoT Analytics’ inaugural market report on drones highlights ongoing investment and consolidation of the commercial and private market, which is forecast to grow at 20.5% per year from 2019 to 2024.Annual spending on drone-related hardware, software, and services is expected to surpass the $43.1 billion by the end of the forecast period.“As more and more advanced IoT technology is being integrated into drones it is possible to have drones constantly connected and streaming data in real-time for instant analysis and decision making,” IoT Analytics said in a news release.