Market Overview:
Security robots are autonomous robots that perform tasks such as patrolling premises, identifying intruders, and collecting security-related data through cameras and sensors. They are equipped with advanced technologies such as artificial intelligence, 3D imaging, and thermal sensors to detect threats and anomalies. They provide 24/7 monitoring and remote surveillance of sites, improving vigilance and reducing security costs. Their autonomous navigation and long operation hours offer advantages over other security systems.
The security robot market is estimated to be valued at US$ 13.32 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the security robot market is the rising adoption of artificial intelligence and machine learning capabilities. AI allows robots to analyze situations autonomously and respond quickly to potential threats. It also enables robots to identify objects and individuals with a high degree of accuracy. Many robots are now able to detect speech, recognize faces, read lips, and understand human emotions using AI. Additionally, vendors are focusing on enhancing robots’ decision-making abilities, environmental perception, and ability to navigate complex terrains through advanced AI and machine learning technologies. This is expected to further boost the demand for AI-powered security robots over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established buyers limit the threat of new entrants in the security robot market. Bargaining power of buyers: Large security firms have significant bargaining power over security robot manufacturers due to their demand for customized products.
Bargaining power of suppliers: Suppliers of electronics, sensors and other key components have moderate bargaining power as security robot manufacturers rely on few component suppliers.
Threat of new substitutes: Emerging technologies like artificial intelligence and computer vision pose a low-to-moderate threat as substitutes to traditional security robots.
Competitive rivalry: The global security robot market is moderately competitive due to presence of major manufacturers and customization requirements of clients.
Key Takeaways
The Global Security Robot Market Size is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing demand for automation and remote monitoring in commercial as well as residential security.
North America dominated the security robot market in 2023, accounting for over 30% of global revenue, owing to widespread adoption across key sectors like infrastructure, commercial spaces and government facilities in the US. Asia Pacific is anticipated to be the fastest growing market during the forecast period, owing to ongoing infrastructure development and expansion of corporate sector in major countries like China and India.
Key players operating in the security robot market are Recon Robotics Inc., Lockheed Martin Corporation, RoboTex Inc., Northrop Grumman Corporation, QinetiQ, Thales SA, Kongsberg Gruppen, BAE Systems PLC, FLIJR Systems Inc., Elbit Systems Limited, Boston Dynamics Inc., Leonardo SpA, SMP Robotics, AeroVironment Inc., DJI, and Knight Scope. Major players are focusing on developing technologically advanced and customized products to cater to diverse security needs across industry verticals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
