Global Drones For Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Drones For Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

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.

Market Overview:

The latest research study on the global Drones For Insurance market finds that the global Drones For Insurance market reached a value of USD 577.13 million in 2022. It’s expected that the market will achieve USD 7236.0 million by 2028, exhibiting a CAGR of 52.42% during the forecast period.

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.

Key Companies in the global Drones For Insurance market covered in Chapter 3:

Draganfly Innovations
senseFly/Parrot
Delta Drone S.A.
Sarl Dronotec
Arch Aerial LLC
Ascending Technologies GmbH（Intel）
Precision Drone
3D Robotics Inc
DroneDeploy
Yuneec International
Dajiang Innovation Technology Inc. (DJI)
GoPro, Inc.
Kespry Inc.
AeroVironment, Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Drones For Insurance market from 2018 to 2029 is primarily split into:

Drones Hardware
Drones Software
Drones Service

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Drones For Insurance market from 2018 to 2029 covers:

Claims Processing
Risk Assessments
Property Appraisal
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)