(MENAFN- Market Press Release) According to the new market research report on the 'Unmanned Traffic Management (UTM) Market by End Use (Agriculture, Logistic, Surveillance), Solution (Communication, Navigation, Surveillance), Component (Hardware, Software, Service), Type (Persistent, Non-Persistent), Region - Global Forecast to 2025', The unmanned traffic management market is estimated to be USD 538.2 Million in 2018 and is projected to reach USD 1,960.6 Million by 2025, at a CAGR of 20.28% from 2018 to 2025. The increasing demand for Internet of Things (IoT), augmented reality, and ADS-B control & tracking of UAS are some of the key technologies driving the unmanned traffic management market.
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America is expected to be the fastest-growing unmanned traffic management market during the forecast period.
North America is expected to be the fastest-growing market during the forecast period. The growth of the unmanned traffic management market in North America can be attributed to the increasing investments by governments to carry out UTM trails on various sites including airports and other urban sites.
Based on end use, the surveillance & monitoring segment of the market is projected to grow at the highest CAGR during the forecast period.
The surveillance & monitoring segment of the UTM market is projected to be the fastest-growing end-use segment during the forecast period. The growth of this segment can be attributed to the rise in the need for continuous surveillance and monitoring by small unmanned aerial vehicles in developed countries.
Based on component, the software segment of the unmanned traffic management market is projected to grow at the highest CAGR during the forecast period.
Based on component, the software segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing use of drones in a variety of tasks, such as search & rescue operations, infrastructure monitoring, and package delivery services.
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