The Internet of Things (IoT) will drive strong growth and new commercial opportunities in the security and surveillance sensors market.
That’s one of three predictions made by Frost & Sullivan about the the trajectory of the market in a new report.
Worth $6,267.9m in 2016, the market for sensors in security and surveillance applications is projected by the research firm to grow to $12,012.1 million by 2023 – growth of 91.7%. Image sensors presently account for the largest market share at 23%.
Sensors in Security & Surveillance, Global Forecast to 2023 examines trends in the use of sensors for security and surveillance applications in industrial, commercial, institutional, building automation, infrastructure and defence. The report also examines the implications for the market of the IoT and industrial internet of things (IIoT).
The North American and EMEA markets are driven by upgrades of ageing legacy infrastructures, suggests Frost & Sullivan. But reflecting favourable regulations and strong economic growth, Asia-Pacific is the fastest-growing market for the sector.
The most formidable challenges for sensor manufacturers and suppliers identified by the report include:
- Growing competition and resulting price pressures
- Lack of product differentiation
- Lack of common global standards
The report notes the importance of robotics to the sector’s future. With aviation regulators catching up to the technology, drones and AGVs (automatic guided vehicles) represent a huge opportunity for the sensors market.
Frost & Sullivan also predict that biometric and RFID sensors will be among the most popular products.
“In commercial and residential applications, biometric recognition used in access control systems is also witnessing a gradual increase in interest,” said Ram Ravi, the research firm’s Senior Research Analyst for electronics and security.
“In addition, cloud networking, a revolutionary two-way interactive service delivery platform, is expected to create a technological explosion in the homes and buildings services market, particularly in commercial and residential security applications.
“This will enable homes and buildings participants to adopt new business models to provide attractive cloud-based services through a secured network.”
Here are Frost & Sullivan’s three predictions around the global market for sensors in the security and surveillance sphere:
- Internet of Things (IoT) is laying groundwork for convergence and use of machine-to-machine (M2M) communications for better-informed commercial decisions.
- Emergence of new communication protocols to facilitate interoperability and standardisation, particularly in perimeter security, intrusion detection, and access control systems.
- Retail, healthcare, and finance represent huge opportunities for biometric sensor
Sensors in Security & Surveillance, Global Forecast to 2023 is a part of Frost & Sullivan’s Measurement & Instrumentation Growth Partnership Service program.