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MarketsandMarkets

Military drone market will surge to $17 billion by 2027

960 640 Stuart O'Brien

The military drone market is projected to grow from $12 billion in 2022 to $17 billion by 2027, representing a CAGR of 7.3% over the duration of the forecast period.

Research analysts MarketsandMarkets attribute the growth to surging investment in development and procurement of modern military solution to enhance defence forces capabilities.

Moreover, the increasing incidences of piracy and island grabbing in Central Asia, South America, East Africa, the Indian subcontinent, Southeast Asia, and West Africa have led to increased maritime patrolling and anti-piracy operations in these regions.

This, in turn, has led to the increased use of UAVs to carry out maritime patrolling to identify hot spots. UAVs can recognize and observe suspicious ships and safeguard routes that are of commercial importance by providing vital real-time information to concerned agencies in an effective manner.

Based on propulsion, the military drone market has been classified into engine, piston engine, and battery. The battery segment includes military drones which are operated on lithium-ion batteries, fuel cells, and hybrid cells. The battery segment is anticipated to record the highest growth rate during the forecast period, with many short-range and medium-range drones adopting batteries besides the small drones.

Battery or electrically-powered military drones use batteries to store energy and power electric motors. These drones are easy to operate and emit lesser noise as compared to turbo engine drones. However, lithium-ion batteries used in military drones need to be recharged once the charge is depleted; the process of recharging consumes a substantial amount of time. In contrast, fuel-powered military drones can be refueled at a quick pace. Hydrogen-powered military drones offer the benefit of electric propulsion, thereby enabling military drones to fly for long durations.

Based on speed, military drone market has been segmented into subsonic and supersonic. The subsonic segment has been further divided into <100 Km/hr, 100–300 Km/hr, and >300 Km/hr. The subsonic segment contributed to the majority share of the market as currently, most military drones operate at conventional subsonic speeds. Drones with a speed of less than 100 km/hr generally include small ISR drones and some close-range drones.

The growing demand for small drone platforms is set to boost the growth of the <100 km/hr segment. Moreover, drones with a subsonic speed ranging from 100–300 km/hr are generally medium endurance, low to medium range drones such as close range, short range, medium range, and tactical drones.

The increasing use of tactical drones for ISR applications is set to boost the growth of the 100–300 km/hr segment. Furthermore, drones with a more than 300 km/hr subsonic speed are high endurance, medium to long range, high-speed drones. The growing demand for armed drones such as lethal drones and target drones is set to boost the growth of the >300 km/hr segment.

The report says China, Malaysia, South Korea, and India heavily invest in military drone development projects. India imports a significant amount of military solutions from North America and Europe. Besides, China is a technologically advanced country with one of the biggest technology manufacturing industries. The country is known worldwide for its speed and efficiency, which are the major focal points for drone manufacturers.

Some well-known military drone, payload, and drone component manufacturing companies in China are Autel Robotics, China Academy of Aerospace Aerodynamics, Chengdu Rainpoo Technology Co., Ltd. Sichuan, Aviation Industry Corporation of China (AVIC), and China Aerospace Science and Technology Corporation.

There are different research teams in China working on launching military drones. New technologies create new products and new processes. Apart from improving quality, technological advancements can also help reduce costs. Advancements in technology and increasing adoption of technologies to improve defense operations will result in the growth of the military drone market.

Physical security market worth $140 billion by 2026

960 640 Stuart O'Brien

The global physical security market is expected to grow from $102.7 billion in 2021 to $140 billion by 2026, driven by the impact of COVID-19 and equivalent to 6.4% growth during the forecast period.

That’s the conclusion of a new report from MarketsandMarkets, which says modern business environments require proficient handling of their business processes by implementing tested solutions across organisations.

Specifically, a lack of resources and the overheads involved in managing in-house services are forcing businesses to outsource certain processes, including security.

The retail vertical. which includes online and offline retailers, manufacturers, distribution channels and consumers, is leading investment in CCTV surveillance and video analytics systems, not just for security, but also in terms of optimising customer journeys in-store.

In APAC, the physical security systems are becoming rapidly popular because of the increasing crime rate, especially in China, India, Australia and India, with governments in many of these countries is supporting the deployment of physical security systems.

For example, APAC is home to 60% of the world’s cities and is a hub for the development of large so-called smart cities. China is planning to spend $39 billion on smart cities.

The COVID-19 pandemic has also disrupted the supply chains, increased distributed terrorist threats, and imposed travel restrictions. As such, cities integrating smart technologies need to overcome the challenges of physical security infrastructure.

Physical security market worth $120.3 billion by 2025

960 640 Stuart O'Brien

The physical security market is expected to grow from $93.5 billion in 2020 to $120.3 billion by 2025, equivalent to a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.

New analysis by MarketsandMarkets pinpoints the major drivers as the rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of Internet Protocol (IP)-based cameras for video surveillance, implementation of mobile-based access control, and adoption of Internet of Things (IoT)-based security systems with cloud computing platforms.

The reports says systems integration is becoming an increasingly important part of a physical security strategy, as it involves the collective use of a variety of components or subsystems as one large system. System integrators provide solutions based on the size and complexity of the security to be provided. As such, it says the demand for integrators of security systems is growing rapidly, owing to the deployment of diverse security strategies in organisations of all sizes across the globe.

In general terms, the large enterprises segment is expected to hold the highest market share. The report asserts that these enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected.

These customers operate across multiple locations in different geographies, hence they require a solution, which offers elevated integration capabilities and is capable of large-scale seamless integration of security operations. In addition to the complexity and requirements, large enterprises are at high risk for breaches and other cyber and physical crimes. The combination of the complexity and high risks require large systems that are fully integrated and can utilize the best and the most reliable technology.

In addition, MarketsandMarkets highlights that physical security systems and services play an important role in the retail vertical and that security is one of the top priorities for retailers globally. In retail, it is crucial to ensure workplace safety, prevent business interruption, and avoid financial loss. The number of retail stores and malls in urban areas has increased drastically over the last few years. Investing in access control systems as a solution for security needs provide numerous long-term benefits, such as reduced retail losses, maximized store profits, lowered insurance rates, and most importantly decrease in the number of theft cases.

Finally, in terms of geography, APAC is set to grow with the fastest CAGR during the forecast period as the countries in the region are emerging economies with a growing number of manufacturing bases, and there is also a constant risk of terror threats in the region.

The market in APAC has high growth potential, owing to the increased security concerns, especially in India and China, and governments in these countries have started investing heavily in security. Furthermore, emerging economies are working toward improving their infrastructure, which is further expected to lead to the high growth of the Physical Security Market.

The rising adoption of access control systems in SMEs, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others are expected to drive the Physical Security Market.

Voice biometrics demand to hit $2.8bn by 2024

960 640 Stuart O'Brien

The global Voice Biometrics Market size is expected to grow from $984 million in 2019 to $2,845 million by 2024, equivalent to a Compound Annual Growth Rate (CAGR) of 23.7%

That’s according to a new report from MarketsandMarkets, which says the key factors driving demand include an increasing need for robust fraud detection and prevention systems across the Banking, Financial Services, and Insurance (BFSI) industry vertical and a need for reducing authentication and identification costs.

North America is expected to account for the largest market size in the Voice Biometrics Market by region during the forecast period. The region is home to many key vendors, such as Nuance Communications, Verint, and Pindrop.

APAC is expected to grow at the highest CAGR during the forecast period with increasing investments in strengthening security infrastructure. An increasing demand for cloud-based solutions from retail and eCommerce and healthcare verticals is expected to drive the Voice Biometrics Market in the region.

Overall, the report identifies the key market players as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK) and Auraya (Australia).

Physical security market worth $119.4 billion by 2023

960 639 Stuart O'Brien

The Physical Security market is expected to grow from $84.1 billion in 2018 to $119.4 billion by 2023, equivalent to a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.

The findings, published by MarketsandMarkets in its Physical Security Market report, found that the rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of Internet Protocol (IP)-based cameras for video surveillance, implementation of mobile-based access control, and adoption of Internet of Things (IoT)-based security systems with cloud computing platforms, has driven market growth.

Security systems integration is expected to lead the Physical Security Market in 2018. This involves the collective use of a variety of components or subsystems as one large system. System integrators provide solutions based on the size and complexity of the security to be provided. The demand for integrators of security systems is growing rapidly, owing to the deployment of diverse security strategies in organisations of all sizes across the globe.

The large enterprises segment is expected to hold the highest market share. These enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected. Large enterprises need complex and highly scalable security systems and services in comparison to Small and Medium-sized Enterprises (SMEs).

These customers operate across multiple locations in different geographies, hence they require a solution, which offers elevated integration capabilities and is capable of large-scale seamless integration of security operations. In addition to the complexity and requirements, large enterprises are at high risk for breaches and other cyber and physical crimes. The combinations of the complexity and high risks require large systems that are fully integrated and can utilise the best and the most reliable technology.

Physical security systems and services play an important role in the retail vertical and security is one of the top priorities for retailers. In the retail vertical, it is crucial to ensure workplace safety, prevent business interruption, and avoid financial loss. The number of retail stores and malls in urban areas has increased drastically over the last few years. Investing in access control systems as a solution for security needs provide numerous long-term benefits, such as reduced retail losses, maximised store profits, lowered insurance rates, and most importantly decrease in the number of theft cases.

As per the geographic analysis, Asia Pacific and APAC regions iare predicted to grow with the fastest CAGR during the forecast period. Security systems are expected to witness increasing adoption in APAC as the countries in the region are emerging economies with a growing number of manufacturing bases, and there is also a constant risk of terror threats in the region.

The market in APAC has high growth potential, owing to the increased security concerns, especially in India and China, and governments in these countries have started investing heavily in security. Furthermore, emerging economies are working toward improving their infrastructure, which is further expected to lead to the high growth of the Physical Security Market.

The rising adoption of access control systems in SMEs, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others are expected to drive the Physical Security Market.