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Drones could grow to $11 billion industry by 2024

Staff writer |
A new report detailing the growth of the drone industry finds that over the next 10 years, the amount of money spent annually on drones and their accompanying technologies will likely double worldwide.

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An estimated $6.4 billion is currently being spent each year on developing drone technology around the world, according to a report published earlier this month by the Teal Group Corp., an aerospace and defence market research firm headquartered in Fairfax, Virginia.

That number is expected to nearly double in future years, bringing the total amount spent on drones for both military and commercial applications to $11.5 billion annually by 2024.

Within a decade, the total amount spent worldwide on research, development, testing and evaluation (RDT&E) of drone technology will reach $91 billion, Teal Group analysts predict.

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