Monday, March 04, 2019 12.30PM / Bukola Akinyele for Proshare WebTV / Image Credit: wikipedia
At the February edition of the Nigeria-South Africa Chamber of Commerce Breakfast meeting, the focus of discourse was “Leveraging Emerging Technology For Improved Business Performance”.
Mr Femi Osinubi Partner & Leader, Data & Analytics/AI Price WaterHouse Coopers discussed perspectives on how Digital technology will transform the global business landscape.
One aspect that was highlighted was the impending “Drone” economy and how drones will be deployed to impact businesses and their operations.
The business evolution will also have far-reaching implications for the global economic space whether developed economies or emerging markets.
According to a PWC Poland study on the commercial applications of drone technology, the emerging global market for business services using drones is valued at over $127 bn.
This the value of current business services and labour that are likely to be replaced in the very next future by drone powered solutions, according to PWC predictions.
From the presentation eight (8) sectors will be among the major ones that will feel the impact of drone technology and innovation.
Infrastructure is very vital to any economy, as it speaks to roads, rail, bridges and even power.
From the analysis the market for drones in global infrastructure is $45.2bn covering investment monitoring, maintenance and asset inventory.
For the global Agric Industry, the drone technology will aid analysis of soils and drainage and crop health assessment. The value will be $32.4bn
Transportation is another critical sector that drives the economy and business activities, the drone technology will enhance delivery of goods and aid logistics particularly in the medical field. The value of the technology for Global transportation is estimated at $13bn.
The Security and Intelligence Industry which is a very vital to national stability and sovereignty will also deploy the drone technology.
From security monitoring lines and sites to a proactive response to potential external attacks, military formations and security firms will secure the services of drone technology, which will have an estimated value of $10.5bn
Entertainment & Media-$8.8bn
The Global Entertainment, Media, Photography and Advertising Industries will also experience massive interventions from drone technology.
This will be manifest in aerial photography, events coverages/shows and special effects to productions.
The drone effect on media, entertainment and advertising is expected to gulp about $8.8bn.
Insurance is a key part of the financial services industry and has various products from Life, Healthcare, Assets etc.
Drones will play a vital role in driving efficiency and transparency for the Global Insurance business, as it will provide support in the area of claims settlement, the processes and fraud detection.
The value of having drone technology scale activities in the insurance will hit about $6.8bn
Telecommunications is a dynamic, robust and innovative industry that has globally contributed to job creation, GDP growth and even boosting the revenue of governments.
The deployment of drone technology in the areas like tower maintenance and signal broadcasting, will help to grow the Telco industry.
Market for drone services in the telecommunications industry is valued at over $6.3bn.
The Mining industry remains a lucrative industry and requires a lot of innovation in the age of the fourth industrial revolution driven by digital technology.
With drone technology the mining industry should see improvement in the areas of planning, exploration and environmental impact assessment.
The estimated value for the drone technology market for mining is $4.3bn