SECURITY ROBOT MARKET ANALYSIS

Market Challenges And Opportunities

Global Security Robot Market Drivers:

Rise in use of robots in surveillance and security applications to drive the market growth

The use of smart security robotics helps in tracking people and assets, patrol physical areas, record data, and in other applications. These robots can pinpoint problems that could be not easy for humans to detect. Moreover, these robots can operate 24/7. Security robots can move around for monitoring security-sensitive locations, can consist significant sensors including thermal, infrared, LiDAR, and ultrasonic. The use of these robots is increasing to assist human security personnel as they take over some monotonous, manual labor such as patrols. Thus, growing use of robots in surveillance and security applications is expected to fuel growth of the market during the forecast period.

Increasing concerns regarding safety to augment market growth

The crime rates are increasing all over the world, due to which safety concerns are increasing. This in turn is creating strong demand for security robots. For instance, as per the National Statistics of the U.K., the rate of crime in the country has increased from 69 per 1,000 inhabitants in 2014 to 95 per 1,000 inhabitants in 2019. Several private and public institutions around the world are finding cost-effective ways for deterring crime and protecting property and people. From neutralizing threats in real-time to capturing data for forensic investigation, autonomous systems are effective in detection and discouragement of vandals, trespassing, break-ins, and theft. Thus, demand for security robots is increasing with increasing safety concerns around the world. This factor is expected to boost growth of the global security robot market during the forecast period.

Global Security Robot Market Opportunities:

Growing popularity of security robotics due to their benefits will bring multiple opportunities in the global security robot market during the forecast period. The autonomous security robotics continues advance as it is still in its early stage. Current smart security robots are capable of tracking assets and people, recording data, and patrolling physical regions among others. This technology can pinpoint all the issues that are hard for humans to detect. Moreover, these robots can work non-stop without requiring breaks. Thus, such benefits of security robotics is driving their popularity, due to which the market is likely to see ample opportunities.

Emergence of AI technology to create business opportunities in the global security robot market during the forecast period. Artificial Intelligence (AI) field is showing rapid growth with potential significant use for national security. With increasing technological development, AI technologies are increasingly becoming advanced. The U.S. for instance along with other nations are focused on development of AI applications for various military functions. Thus, emerging AI technology is likely to bring various lucrative opportunities in the global security robot market during the forecast period.

Global Security Robot Market Restraints:

Growing privacy and intrusion concerns to impede growth of the market

Security robots are utilized in various places including public spaces, offices, and malls. These robots are however, collecting large amount of data compared to humans, which suggests that these robots are like mobile surveillance machines than traditional guards. This factor can cause concerns linked to intrusion and privacy. As these robots scan areas with the use of LiDAR, camera and optional thermal imaging, they can also identify wireless devices. Due to this ability, they can track individuals in their proximity. Such technologies are being called out as invasive and unlawful by privacy activities. Thus, this factor is likely to hinder growth of the global security robot market during the forecast period.

Lack of reliability of this technology to restrain the market growth

Security robots are unreliable in terms of functionality in military operations, and this is an important aspect in several defense applications. Failure of these robots can be divided into technology failures, design failures, environmental failures, manufacturing failures, and operational failures. In case of a failure, it requires potential precautionary measures and contingency plans. Due to their unreliability, in terms of their functionality, the use of security robots in military as well as convert operations can cause loss of confidential data. Thus, this factor is expected to hamper the market growth in the near future. However, the growing innovations in this field is likely to bring technology with high reliability and efficiency. This will further support the market growth in the coming future.