The rising demand for autonomous systems in security and surveillance and the increasing adoption of smart security and surveillance appliances is expected to drive the growth of security robots market. The market for cloud robotics is anticipated to expand at a CAGR of 8.9% during the forecast period from 2017 to 2025. The global security robots market is anticipated to reach US$ 3,881.4 Mn till 2025. There has been a considerable concern for safety aspect throughout the world.
Smart security systems installed into huge commercial applications and also deployed into residential as well as other indoor applications addresses this concern. However, high total cost of ownership of security robot systems is restraining the growth of the market to some extent. On the other hand, some of the problems faced presently by the security industry are lack of training, high turnover, and low wages. To address this concern, companies are deploying security robots which is creating high growth opportunities for the growth of security robots market.
Hardware Segment Emerged Dominant with Leading Share of 53.1%
The global security robots market has been segmented on the basis of component, environment, type, application, industry vertical and region. On the basis of component, the market is segmented into hardware, software and services. In 2016, hardware segment in security robots market accounted for the maximum share, at around 53.1% of the revenue generated in security robots market.
Furthermore, software is expected to show sustainable growth during the forecast period due to exponential growth in robotics as a service (RaaS). Also, demand for advanced software platforms for effortless integration between robot and humans in anticipated to increase during the forecast period. Based on the environment, the market is segmented into indoor and outdoor. Outdoor segment accounted for largest market share of the market in 2016 while indoor is expected to grow at a higher CAGR during the forecast period. The type segment is divided into ground robots, aerial robots and others. In 2016, ground robots accounted for the largest revenue share and it is also expected to grow at higher CAGR during the forecast period.
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Application segment is divided into demining, explosive detection, firefighting, patrolling & surveillance, rescuing operations, spying and others. In 2016, the patrolling and surveillance segment held the largest revenue share, while, spying is expected to expand at a higher CAGR during the forecast period owing to growing demand from defense sector. In terms of industry vertical, the global security robots market is classified into chemical & mining, defense & aerospace, entertainment & leisure venues, oil & gas, manufacturing and others.
North America Held Leading Share of 30.7% in Overall Market
Geographically, North America is the largest market for security robots market, globally. In 2016, the region accounted for 30.7% of the overall security robots market’s revenue. Moreover, Asia Pacific is expected to witness the fastest growth during the forecast period. Countries such as China, Japan and South Korea are expected to be at the forefront of security robots adoption due to increased technological investment in the region.
The security robots market is at an introductory stage and few companies have been able to establish themselves as leaders in the initial phase. However, a large number of other players across different geographies are anticipated to enter the market during forecast period. These players are well established in regional markets, however, they have a limited global presence. Leading players are currently focusing on providing security robots solutions. Moreover, as part of strategy, the companies are engaging in various mergers and acquisitions, focusing on research and development and enriching customer experience through investment in security robots.
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Some of the major players in the global security robots market with the significant developments are Aerovironment, Inc., BAE Systems PLC, Boston Dynamics, Cobham PLC, Elbit Systems Ltd., Knight Scope, Liquid Robotics, Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Omron Adept Mobile Robots LLC, Qinetic Group PLC, Robot Security Systems, SMP Robotic Systems Corp. and Thales Group among others.