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Commercial Drone Market Projected to Expand at a CAGR of 57.5% from 2022 to 2030, According to, Data By Contrive Datum Insights

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Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) — The global Commercial Drone Market size was valued at USD 13.44 Billion in 2022. It is expected to expand at a compound annual growth rate (CAGR) of 57.5% from 2023 to 2030. In terms of quantity, it was anticipated that in 2020 there would be a demand for 689,4 thousand units. There are now a variety of applications for drones, including cinematography and emergency response. In addition, the real estate and construction industries have a significant need for these devices due to their ability to survey land, provide constant and accurate project notifications, boost safety, and prevent hazardous mishaps on construction sites.

Request Sample Copy of Report “Commercial Drone Market – Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.

There has been a tremendous increase in the number of commercial use cases for drones during the past few years. Market participants, such as firms that build drones and companies that provide software solutions, are constantly designing, testing, and enhancing products that can be utilised in multiple markets.

Commercial Drone Market Recent Developments:

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  • February 2022 – Saudi Arabia and a significant territorial media communications organization declared a cooperation to foster commercial drone’s innovation. An update of understanding was endorsed between the King Abdulaziz City for Science and Technology and Zain Saudi Arabia. The two will cooperate on drone innovative work, as indicated by the Saudi Press Agency.
  • Under the Trade Initiative’s Joint Working Group Air Systems andDefense Technology, the United States and India’s Ministry of DefenseDepartment of Defense settled on a Project Arrangement for an Air-Launched Unmanned Aerial Vehicle in September 2021.

Commercial Drone Market Segmentation Analysis:

In terms of volume, the segment of rotary blades accounted for almost 80.0% of the market in 2020 and is predicted to maintain its dominance during the forecast period. Due to its ability to retain a visual on a single target for an extended amount of time, hover, and perform agile manoeuvres, the inspection market for rotary-blade drones is projected to develop. Typically, these drones are useful for a wide range of commercial applications, including filmmaking and photography, surveillance, and monitoring. In addition, they are simpler to manage than their fixed-wing and hybrid equivalents.

In 2020, the filming and photography category accounted for around 31.0% of the market’s revenue and is predicted to maintain its dominance throughout the forecast period. Professional photographers are increasingly accepting drones as a means of gaining a competitive advantage, as they are becoming an intrinsic part of the field. Companies such as DJI are manufacturing miniature drone cameras capable of capturing high-quality photographs for professional photographers. Additionally, previously inaccessible landscapes and locations are now easily accessible.

In 2020, the media and entertainment sector owned almost 27.0% of the market share and is likely to maintain its dominance throughout the forecast period. Drones have a number of media and entertainment uses. Filmmakers have begun using professional drones to take precise shots at the lowest possible cost. The rising demand from clients and owners for advertising resorts, hotels, tourist spots, public spaces, and amusement parks via aerial photography is likely to fuel the segment’s expansion.

Regional Outlook:

North America represented roughly 37.0% of the market share in 2020 and is anticipated to witness considerable growth over the next seven years as a result of favourable government efforts, developments in drone technology, and increased demand from enterprises in a range of industries. Additionally, the Federal Aviation Administration (FAA) of the United States has established new regulations to provide clearer and more uniform guidelines for the legal and safe flying of UAVs in commercial situations. These rules and regulations are predicted to reduce entrance barriers and increase product adoption in the region.

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Asia-Pacific is projected to experience the biggest volume growth between 2021 and 2028, with a compound annual growth rate of 63.1%. Regional demand for commercial drones is anticipated to approach 9 million units by 2028, surpassing that of North America. Positive regulatory conditions, particularly in developed nations, are anticipated to propel the market’s growth.

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Scope of Report:

Report Attributes Details
Growth Rate 57.5% from 2023 to 2030
Market Size in 2022 USD 13.44 Billion
By Product Fixed-wing, Rotary Blade, Hybrid
By Application Filming & Photography, Inspection & Maintenance, Mapping & Surveying, Precision Agriculture, Surveillance & Monitoring, Others
By End User Agriculture, Delivery & Logistics, Energy, Media & Entertainment, Real Estate & Construction, Security & Law Enforcement, Others
By Companies Yuneec Holding Ltd, Skydio, Inc., Parrot Group, Intel Corporation, Teal Drones, Ehang Holdings Limited, AeroVironment Inc., 3D Robotics, Inc., and Others
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 to 2030

Commercial Drone Market Growth Factor:

As a result of ongoing specialised developments in devices such as cameras, portable equipment, CPUs, microcontrollers, and current personal computers, robot manufacturers have modernised their product offerings. As a result of these enhancements, organisations can now develop and operate within their own walls estimation and explanation tools for estimating distance, volume, and area. As a result, organisations from all over the world are increasingly seeking artificial intelligence (AI) and man-made intelligence (MI) solutions to extract valuable outcomes from a mountain of data and information obtained from a huge variety of data of interest.

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ADVANCES IN ARTIFICIAL INTELLIGENCE TECHNOLOGY, WHICH MONITOR AND STORE ENORMOUS AMOUNTS OF DATA, make it possible for UAVs to work more efficiently As a result of the global COVID-19 pandemic, there has been a huge increase in the use of robot technology in a number of settings, with drones proving to be of tremendous service in such scenarios. In order to reduce the amount of time spent travelling and the risk of infection, drones are rapidly being utilised in the medical care industry for a number of functions, including the transportation of lab tests and clinical supplies. More than eighteen countries, according to the United Nations Children’s Fund (UNICEF), have utilised drones as a form of transportation and conveyance during the pandemic. rambles’ adoption of cutting-edge technology such as Artificial Intelligence (AI) and Machine Learning (ML) helps the company to capitalise on enormous new economic prospects.

Commercial Drone Market Key Segments Covered:

Top Market Players:
Yuneec Holding Ltd, Skydio, Inc., Parrot Group, Intel Corporation, Teal Drones, Ehang Holdings Limited, AeroVironment Inc., 3D Robotics, Inc., and Others.

By Product

  • Fixed-wing
  • Rotary Blade
  • Hybrid

By Application

  • Filming & Photography
  • Inspection & Maintenance
  • Mapping & Surveying
  • Precision Agriculture
  • Surveillance & Monitoring
  • Others

By End-use                

  • Agriculture
  • Delivery & Logistics
  • Energy
  • Media & Entertainment
  • Real Estate & Construction
  • Security & Law Enforcement
  • Others

Regions and Countries Covered

  • North America: (US, Canada, Mexico, Rest of North America)
  • Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
  • Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
  • The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
  • Latin America: (Brazil, Argentina, Rest of Latin America)
  • Rest Of the World

Check out more related studies published by Contrive Datum Insights:

  • Photocatalysts Market – The global Photocatalysts Market was valued at nearly USD 2.5 billion at the end of 2018. Growing at CAGR of nearly 10%, the photocatalyst market is expected to cross the USD 6 billion mark by the end of 2018 over the forecast period. Japan accounted for USD 560.5 million in revenue in 2016, dominating the market owing to the highest number of technology patents, presence of major manufacturers, and high adoption of technology. Furthermore, increasing R&D activities in the country are expected to drive growth over the forecast period.
  • Digital Vacuum Gauge Market – The Digital Vacuum Gauge Market was valued at USD 3.15 billion in 2021 and is projected to grow at a CAGR of 5.2% during the forecast period from 2021 to 2030. North America is expected to dominate the market with a staggering 42% share in 2019, followed by Europe and Asia Pacific. Growth in these regions is primarily attributed to factors such as rising R&D activities and investments in technological advancements and increasing demand from end-use industries such as coating & printing, space simulation, and vacuum drying/heat treatment.
  • Vacuum Insulated Pipe Market – The global Vacuum Insulated Pipe market is expected to grow from USD 1.02 Billion in 2022 to USD 2.06 Billion by 2030, at a CAGR of 7.5% from 2022 to 2030. North America is expected to be the largest region in terms of revenue during the forecast period. This is due to a number of factors such as increasing industrialization and infrastructure investment, and growing demand from oil and gas companies. 
  • Liquid Ring Vacuum Pumps Market – The global Liquid Ring Vacuum Pumps Market is expected to be reach at USD 2,493.3 million in 2021 and is projected to grow a CAGR of 5.2% over the forecast period from 2021 to 2028. Asia Pacific is attracting investors to set up their production facilities owing to the easy availability of raw materials and labor at low costs. Industrial activities are growing in this region owing to low manufacturing costs and support of local governments.

Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on [email protected] or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.

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ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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