LOS ANGELES–The market researcher IBISWorld has published a list of five emerging markets of goods or services that businesses should keep an eye on due to their rising demand and the changing regulations impacting them. Topping the IBISWorld list are drones and body cameras.
With UAVs used predominately by the US military in the past, commercial and hobby purposes for them have emerged in recent years. Reasons for this, according to the report, is that drones now have “improved functionality and features that allow users to capture high quality video and stream it to their portable devices” and increased affordability. Specifically, IBISWorld says the price of drones have fallen at “an estimated annualized rate of 1.4% in the three years to 2016.”
A new factor to consider with UAVs is the recently implemented FAA rules, which opened up a pathway for commercial consumers to fly legally. The report says these rules should drive stronger demand for drones from retailers like Amazon, oil and gas operators, farmers and media production teams. However with this demand in mind, a price hike is possible for 2017, with IBISWorld projecting a 0.9% rise.
The demand for body cameras is stemmed by new legislation from local and state entities requiring their police departments be outfitted with them, as well as by entities seeking to prove or disprove events for legal reasons. The report says input costs are making body cameras cheaper with prices “forecast to drop 2.4% during 2017.”
The other three emerging markets detailed in the IBISWorld report were solar panels, 3D printers and cybersecurity insurance. For those interested, the whole report can be found here.