Business potential and strategy for drone based service startup in India

Abstract

Agriculture worldwide is going through a digital transformation with the usage of drones, IoT, and Data analytics. The drone market is expected to grow at a CAGR of 35.5% to around $5.7 billion by 25 years. The drone market in India is also growing rapidly. With the intervention and initiative from the Government for the usage of drones in agriculture, it is no longer a western phenomenon. Farmers and allied services are learning the benefits of drone usage. With the change in the social structure and reduced farm labor situations in India, the need is to adopt the technology further. This project is undertaken to check the feasibility of businesses that can be built using drones for agriculture with the change in awareness, interest, industrial developments for agriculture drones, and government subsidies, policies, and support. To study the feasibility of drone-based business to support agriculture, we have used two strategic frameworks, PESTEL and porter's five forces framework. Using the PESTEL framework, we have looked at the political, economic, social, technological, environmental, and legal factors that impact drone usage, adoption, and in turn, drone business. This project intends to derive a business model feasibility through Porter's five forces of business strategy development.