The firm predicts that the total sensors market in security and surveillance applications - which was worth $6,267.9 million in 2016, with image sensors having the largest market share at 23% - is expected to reach $12,012.1 million by 2023. In a press release, the firm presented its "three big predictions" for sensors in the global security and surveillance markets:
- The IoT is paving the way for industry convergence and enabling machine-to-machine (M2M) communications for better business decisions. Sensors form the physical layer of the IoT architecture
- Development of new communication protocols will ensure interoperability and provide standardization, particularly in applications for perimeter security, intrusion detection, and access control systems
- Retail, healthcare, and finance are all expected to offer considerable growth opportunities for sensors in biometrics.
The areas offering the greatest opportunities, says the firm, are robotics as well as biometric and RFID sensors. Robotics is expected to be the future of security and surveillance, with considerable investments in research and development in the space, while the demand for drones and automated guided vehicles (AGVs) is expected to remain strong - especially in the defense, commercial, and institutional spaces.
"In commercial and residential applications, biometric recognition used in access control systems is also witnessing a gradual increase in interest," says Ram Ravi, an industry analyst at Frost & Sullivan. "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."
The types of sensors considered in the report include image, LiDAR, RFID, motion, gesture, biometric, sound, flame detection, smoke detector, biosensor, gas, and explosion detection. Security and surveillance applications covered include perimeter security, intrusion detection, and access control, among others.
The report also provides revenue breakdown by geography,