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Home | Search Global IT News: IT News & Press Release Distribution: Unmanned Traffic Management Market to Soar at 33.9% CAGR, Reaching USD 1,098 Million by 2030 (IT-NEWSWIRE.COM, July 24, 2023 ) The report "Unmanned Traffic Management Market by Component (Solutions, Software, Services), Type ((Persistent, Non-Persistent), End-User, Application (Aviation, Homeland Security, Agriculture, Logistics & Transportation) and Region - Global Forecast to 2030" The unmanned traffic management market is anticipated to reach USD 1,098 million by 2030, growing at a CAGR of 33.9% from USD 106 million in 2022. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=169968151 The goal of unmanned traffic management (UTM) is to enable unmanned aerial vehicles (UAVs) safe and efficient low-altitude airspace operations by providing services, such as airspace design & dynamic configuration, dynamic geo-fencing, severe weather & wind avoidance, congestion management, terrain avoidance, route planning & re-routing, separation management, sequencing & spacing, and contingency management. In managing small, unmanned aircraft systems (UAS), UTM provides authentication, airspace design, airspace corridors, dynamic geo-fencing, weather integration, constraint management (congestion prediction), sequencing and spacing as needed, trajectory changes to ensure safety, contingency management, separation management, transition locations and locations with National Airspace (NAS), and geo-fencing design and dynamic adjustments. Based on application, the aviation segment of application is expected to lead the unmanned traffic management market from 2022 to 2030. Based on application, the unmanned traffic management market has been classified into aviation, homeland security, agriculture, logistics and transportation, and others. Other applications include energy & power, construction & mining, media & entertainment, insurance, wildlife & forestry, and academic research. The drone industry is a rapidly growing market, and the use of drones is expected to significantly increase in the coming years. UTM systems are necessary to support the growth and development of the drone industry by providing the necessary infrastructure and services to enable the safe and efficient integration of drones into the airspace and are necessary for the continued growth and development of the drone industry. The aviation segment is estimated to lead the market as UTM systems help to ensure that these drones are operated safely and efficiently near airports and avoid collisions with other aircraft, ensuring compliance with regulations and safety standards. Based on Component, the software segment is estimated to lead the unmanned traffic management market from 2022 to 2030. Based on component, the unmanned traffic management market has been segmented into solutions, software, and services. The integration of sensors, equipment, and software modules is vital to ensure the efficient operation of unmanned traffic management (UTM) systems. Several companies operating in the unmanned traffic management market are engaged in the development of software solutions that aid UTM services. The software segment is estimated to lead the market because drone software providers have been focusing on the development of software that are cost-effective and efficient since without the right software, one cannot manage a fleet of drones, perform automated BVLOS flights, or maintain the required flight data log for compliance purposes. The North America region is estimated to account for the largest share of unmanned traffic management market in 2022. Based on region, In 2022, North America is estimated to account for the largest share of the unmanned traffic management market in 2022 and is projected to continue its dominance in the market from 2022 to 2030. The commercial drone industry is heavily concentrated in North America, and from 2022 to 2030, the market is predicted to grow at a faster rate due to the rising expenditure in the development of UTM solutions from the US and Canadian private companies and government organizations. In the US and Canada, there is an increase in the number of drones deployed in the commercial sector, drones are being used in diverse and risky environments to carry out atmospheric research, including weather and atmospheric gas sampling; emergency & disaster monitoring; cartography & mapping; agricultural spraying; and promotion & advertising. Key Market Players The major players in the unmanned traffic management market mainly resorted to government funding, and R&D expenditure to drive their growth. They also entered new markets by launching technologically advanced and cost-effective software, and services. Altitude Angel (UK). Thales Group (France), AirMap, Inc. (US), Airbus (Netherlands), and ANRA Technologies (US) are a few of the leading players in the market who adopted this strategy. 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