Global Drone Insurance Market showed crucial growth in recent years and is anticipated to witness a steep rise by generating an estimated revenue of US$ xx.xx billion over the forecast period. According to the latest study conducted by our analysts and industry experts, the global market is expected to grow at a CAGR of 6.1% during the forecast period that is 2017-2025. Due to rapidly increased commercial and consumer drone sales in recent years and trend is projected to show continue as well as increased use of drone technology in various sectors. This is also an increased risk of personal injuries or property damage occurring as a result of increased drone insurance in coming years. 

Global Drone Insurance Market Size, Share Analysis, By Region 2017

In a 2016 survey, only 19 percent of drone pilots admitted to owning any form of commercial drone insurance and half of them don’t plan to purchase it. In spite of this, the overwhelming majority of those surveyed thought that liability insurance should be compulsory for all commercial drone pilots in the United States.

Drone Insurance Market: Secondary Research

To recognize and collect authentic and market-oriented information crucial for the research study, several secondary sources have been approached and referred. Press releases, white papers, companies annual reports, investor presentations, and articles present on trustworthy websites, databases, and certified publications are some of the significant secondary research sources that have been used to prepare the report. The data collected as secondary data have been obtained from various reliable journals and associations such as Smart Ticketing Alliance, Association of Professional Social Compliance Auditors, General Service Administration, Department of Transportation, and Association for Intelligent Transport Systems to reach to the market numbers or size. The data obtained through secondary sources has been validated through primary research.

Drone Insurance Market: Primary Research

For conducting primary research, several primary sources of the demand, as well as supply sides, have been approached and interviewed for obtaining quantitative and qualitative information crucial for the report. Vice Presidents, CEOs, technology directors, Product Managers, Marketing Directors and other executives of giant market players and organizations operating in the drone insurance market are included as primary sources of the supply side.

After performing comprehensive engineering of drone insurance market (which includes market size estimations, calculations regarding market statistics, market forecasting, data triangulation, and market breakdown), detailed and vast primary research has been carried out to collect information along with verifying and validating the significant and critical market numbers arrived at.

Regional Analysis

North America dominated the global drone insurance market in 2016 and is projected to show its continued dominance over the forecast period because of the growing demand for commercial drone and consumer drone from various sectors. As per the Federal Aviation Administration, the drone t and manned aircraft incident have been increased in recent years in the U.S that is one of the reasons the drone insurance industry will boost insurance over the forecast period. The statistical data shows consumer drones revenue increased worldwide from 2015 to 2018. Revenue from consumer drones is forecast to amount to around 3.57 billion U.S. dollars by 2018 maybe it will continue boosting the demand in coming years, same time insurance also becomes necessary with a drone for protecting properties and human capsulitis. U.S and Canada will play a significant role in this industry due to modern economies and advanced technologies.

The Asia Pacific is the second largest market in 2014 to 2017 and is estimated to be the fastest growing region in the global market due to increasing adoption of this technology, same time needs to protect casualties accrued from the drone as resulted in it need insurance which will boost the drone insurance industry in region overall forecast period. The emerging countries as well as developed countries in the region boosting demand for drone due to growing packing and delivery sectors as well as defense sector which is projected to drive the drone insurance market in coming years. China, India, Japan, Australia, South Korea, and other major countries in the region will increase demand due to rapidly developing infrastructure and the need for advanced technologies. 

Key Players Landscape

Some of the major key players will contributes significant growth in drone insurance market that are Allianz, State Farm drone liability insurance, DJI Care warranty, Geico drone liability insurance, USAA unmanned aircraft insurance, AIG drone coverage, Avion Drone Insurance, Skywatch, Droneinsurance, Tokio Marine & Nichido Fire Insurance Co., Ltd.,and Mitsui Sumitomo Insurance Co., Ltd.

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