Unmanned Traffic Management Market to Reach $3.1 Billion, Globally, by 2031 at 15.7% CAGR: Allied Market Research

Drivers, restraints, and opportunities

Growth of the drone market, surge in demand for improved surveillance, and increase in product launches and partnerships drive the growth of the global unmanned traffic management market. However, strict drone regulations, technological challenges in implementation of UTM hinder the market growth. On the contrary, rise in demand for drones in commercial applications and support of government would unlock new opportunities in the future.

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The software segment held the largest share

By component, the software segment held the largest share in 2021, accounting for more than 90% of the global unmanned traffic management market, due to high demand for unmanned traffic management software that can enable the development of future-centric unmanned traffic management system across the globe. However, the hardware segment is expected to register the highest CAGR of 17.4% during the forecast period, owing to rise in demand for the installment of superior sensing, communication, and data transfer devices in UAVs globally.

The surveillance and monitoring segment dominated the market

By application, the surveillance and monitoring segment held the lion's share in 2021, contributing to nearly three-fourths of the global unmanned traffic management market, due to high demand for systems that can ensure accurate surveillance and monitoring of UAVs. However, the agriculture and forestry segment is estimated to manifest the highest CAGR of 18.9% from 2022 to 2031, due to rise in demand for the UAVs to be deployed in agriculture sector globally.

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North America held the largest share

By region, the global unmanned traffic management market across North America dominated in 2021, holding nearly two-fifths of the market, due to increase in R&D activities; technological developments by key players; and increase in government support. However, the market across Asia-Pacific is projected to portray the highest CAGR of 17.9% during the forecast period, owing to rise in adoption of unmanned aerial vehicles or drones across several Asian nations, for instance, China, India, Japan, South Korea, and Australia, among others.

Major market players

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