If you were to gauge the market for drones solely on recent media headlines, it would be easy to come away with mixed messages. In August, Bloomberg reported that a period of hype surrounding drone tech is beginning to wane and startups in the sector are failing.
However, a few months later, Goldman Sachs published a report predicting the industry would reach $100 billion by 2020. Morgan Stanley predicted that number could potentially grow to $1.5 trillion by 2040.
One possible explanation for the juxtaposition between startup failure and robust market projections is that many companies wading into the market have spread themselves thin by attempting to develop innovative hardware and software, according to Mike Winn, founder and CEO of startup DroneDeploy. Winn says that’s beginning to change, though.
“We’re seeing a wave of startups that are focused on specific markets or specific technologies,” he says. “At DroneDeploy, we’ve been able to just focus on software. Rather than juggle many challenges at once, our only aim is to create the best drone software in the commercial world.”