Drone Market Could Reach $127 Billion By 2020, PwC Believes

The commercial drones market is still nascent, and valued at roughly $2 billion at this time. However, this figure could skyrocket to up to $127 billion over the next four years, consulting firm PricewaterhouseCoopers LLP said in a report issued Monday.

According to the analysts, drones will soon be detecting underproductive agricultural areas, spraying pesticides and nutrients, and verifying insurance claims, among other civilian tasks.

Piotr Romanowski, a PwC partner explained, “The cost of drone technology is falling so quickly that a number of everyday applications are becoming cost-efficient.”

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However, the report pointed out a few legal issues could get in the way of this bound-to-boom industry. It's the lack of legislation that worries PwC analysts. But, this concern may not linger for a very long time, as several countries, including Poland, South Africa and Singapore have already started to draft regulations for the commercial and civilian use of drones.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.