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Growing Military Demand to Boost Security Robots Market at 8.9% CAGR Until 2025
June 10, 2019 | PRNewswireEstimated reading time: 2 minutes
According to a Transparency Market Research (TMR) report, the global security robots market is still in incipient stages and is witnessing the growth of a handful of companies. This has created an excellent opportunity for players who want to step into the market. Since the majority of them are likely to have limited regional presence, hence, are focusing on various strategies that can help them grow in the competitive scenario of the global security robots market. As per the experts at TMR, some of the players in the global security robots market are locking horns with competitors with strategies such as mergers, partnerships, and acquisitions in order to strengthen their position in global security robots market.
The players are also focusing on investing in research and development activities to provide better customer experience and have significant influence over the market. Some of the major players of global security robots market are Lockheed Martin Corporation, Boston Dynamics, Northrop Grumman Corporation, Liquid Robotics, and BAE System PLC., These players have a major influence on the market and dominate the dynamics of global security robots market.
As per the Transparency Market Research report, the global security robots market is expected to be worth nearly $3.9 billion by the end of 2025. The market stood at $1.9 billion in 2016. It also states that the market shall exhibit an impressive 8.9% CAGR during the forecast period of 2017 to 2025.
Out of various components, the software segment is likely to dominate the global security robots market in the forecast period. The growth of the segment is attributed to the rising demand for software services such as robotics as a service (RaaS). Also, the demand for software platforms for effortless human robots integration is one of the prime factors that is aiding in dominance.
As a result of growing robotics applications in countries such as China, Japan, and South Korea, the Asia Pacific is likely to emerge as the leading region in the global security robots market in the forecast period.
Rising Security Concerns in the Defense Sector to Boost the Growth of the Market
As a result of multiple applications in the defense sector the global security robots market has a promising future. With multiple applications in various hazardous working conditions, security robots have assumed a significant role. Use of security robots in firefighting, oil and gas accidents, and rescue operations is one of the prominent factors that is encouraging the growth of global security robots market.
Ongoing geopolitical conflicts in countries like Syria, drugs war in Mexico, and recent gun fires in the U.S. are also some the major factor that demands security robots. This growing demand for security robots in conflicts in order to save maximum possible lives is a key growth factor for the global security robots market.
Commercializing Robots in Patrolling Applications to Sustain the High Cost of Production
Security robots are a fine piece of marksmanship and are encapsulated with the latest technologies. However, the development of these technologies and the hardware itself can be costly for various manufacturers. The requirement of massive budgets may hamper the growth of the global security robots market to some extent over the next few years. Nevertheless, the need for security in border patrolling, public safety, and law enforcement divisions has intensified in recent years. As a result of these concerns, industry players in the global security robots market will overcome the challenge, which will continue to sustain high growth in the forecast period.
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