Frost & Sullivan: IoT security & surveillance sensor market set to flourish
Frost & Sullivan says image sensors used for security and surveillance are dominating the market as the Internet of Things brings about a new era of connectivity in the digital age – and it brings new opportunities for those who include sensors in security technologies.
According to the research firm’s recent report, titled Sensors in Security & Surveillance, Global Forecast to 2023, security technologies are requiring sensors for remote services and enhanced accessibility of devices.
In 2016 the total sensors market in security and surveillance applications reached more than $6.2 million – a number that’s set to double by 2023 to reach more than $12 million. Frost & Sullivan says that image sensors hold the lion’s share of the market at 23%.
Asia Pacific’s rapid infrastructure development, strong economic growth and favourable government regulations have transformed the region into the fastest-growing market, however North America and EMEA still dominate the market because of their aging infrastructures.
There is turbulence in the market for both sensor manufacturers and suppliers as increased competition, pricing pressures, a lack of product differentiation and a lack of common global standards create challenges.
Frost & Sullivan points out that the Internet of Things is playing a large part in the rapid evolution of security requirements.
Biometrics and RFID sensors are tipped to hold the greatest opportunities. Robotics also provides ‘the future of security and surveillance’ as firms continue significant research and development in the space.
“In commercial and residential applications, biometric recognition used in access control systems is also witnessing a gradual increase in interest,” comments Frost & Sullivan industry analyst Ram Ravi.
“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."
Frost & Sullivan predicts three major developments for sensors in the global security and surveillance market:
- Internet of Things (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 standardisation, particularly in applications for perimeter security, intrusion detection, and access control systems; and
- Retail, healthcare, and finance are all expected to offer considerable growth opportunities for sensors in biometrics.