The global in-store drones market is estimated to garner a significant revenue by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated a moderate revenue in the year 2022. The growth of the market can primarily be attributed to the growing retail sales worldwide.It was found that the total global retail sales accounted for more than USD 23 trillion in 2020.
A flying drone is an aircraft without a human pilot aboard, or in other words, an unmanned aerial vehicle (UAV). Drones are robots typically remotely controlled by a pilot, though fully autonomous drones are in the late stages of development. The drone itself is an aerial robot, with a small camera that acts as a set of "roving eyes". The drone is low-cost, very agile, and can be deployed easily. It can literally move within a few seconds to any aisle or portion of the store. In-store drones that buzz around scanning shelves to give retailers real-time inventory data and extract useful data, are one of the companies at the forefront of the retail revolution. The drone moves through the air and peers at the shelves. It is able to see the items on the shelf from many angles and perspectives. With the recent advancements in robotics along with its rising sales, the demand for in-store drones is on the rise amongst the retail establishments as well, which, in turn, is expected to create massive revenue generation opportunities for the key players operating in the global in-store drones market during the forecast period. For instance, the global sales of new robots in 2019 were estimated to be more than 370,000 units.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~20% |
Type (Fixed Wing Drones, Rotary Wing Drones)
The global in-store drones’ market is segmented and analyzed for demand and supply by type segment into fixed wing drones, rotary wing drones.
Amongst these segments, the rotary wing drone segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing number of retail establishments visited along with the surge in shoplifting as well as security threats worldwide. For instance, it was found that, in 2021, shoplifting accounted for between 2% and 3% of total sales in shops in the United States.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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Regionally, the global in-store drones market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2033, backed by the rising economic impact of the retail industry in the region along with an increasing number of retail establishments. For instance, The National Retail Federation with PwC revealed the Economic Impact of the US Retail Industry report, according to which there were ~4.2 million retail establishments (inclusive of food services and drinking places) in the United States in 2018.
Amazon Inc., - announced that it will be delivering orders to customers in Lockeford, California, United States, using its Prime Air drone service.
Walmart Inc.,- entered into a partnership with DroneUp to facilitate drone delivery to reach 4 million U.S. households across six states – Arizona, Arkansas, Florida, Texas, Utah and Virginia.
Author Credits: Abhishek Verma
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