Global Security Robotics Market Growing Annually at 8% Clip, Report Says
Robots are moving steadily into the surveillance market to patrol shopping malls, parking lots, college campuses and other public areas.
NEW YORK — The security robotics market is forecast to reach $3.33 billion by 2024, increasing at a compound annual growth rate (CAGR) of 7.93%, according to a new study added to researchandmarkets.com’s offering. The market is currently valued at $2.11 billion.
The inclusion of different sensors has improved the capabilities of robots in analyzing their environment and providing more reliable data, according to a press release. This has significantly benefited the incorporation of robots into military devices.
Robots are moving steadily into the surveillance market to patrol shopping malls, parking lots, college campuses and other public areas. Surveillance robots are mainly equipped with inertial, GPS, LiDAR, biomimetic and ultrasound-based range sensors.
In addition, the remote sensing abilities provided by robots (owing to the inclusion of wireless sensors) are also expected to result in the growth of their residential and commercial applications.
Key Robotics Market Trends
Commercial enterprises and related business account for a massive portion of the economy, with the prosperous industry boasting huge budgets to spend on enhancing security. Thus, security robots in this sector offer an appealing and quantifiable value proposition, according to the report, “Security Robot Market – Growth, Trends and Forecasts (2019 – 2024).”
While billions of dollars are being spent on R&D in autonomous vehicles, indoor robots for commercial spaces reap the technology and cost benefits on sensors, computing, machine learning and open-source software. With the increase in the budget for commercial security spending and availability of a largely untapped market, the security robots sector is anticipated to grow at a significant pace.
The trend of indoor robots is gaining wide popularity in the market, with their diverse range of applications across different sectors, such as offices and hospitals, among others.
Robots have the potential to deliver a range of safety and commercial benefits, and the companies in the market are developing novel robotic systems for specific applications.
The market is highly fragmented, with the presence of new entrants and start-ups in the developed regions. Relatively high barriers to entry and exit lead to higher market penetration.
However, the tendency to vertically integrate across different segments of the value chain tends to offer a competitive edge to leading vendors in the market.
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