The report comes from analysts Frost & Sullivan where it is predicted that the sensors market in security and surveillance applications will move from $6,267.9 million (as valued in 2016) to $12,012 million by 2023. This will be foremost fueled by image sensors (which account for 23 percent of the market share).
As to what is driving this, the company reports on “three big predictions” for sensors. These factors are, as summarized by Smart2Zero.
The first is that IoT technologies are directing industry towards convergence (such as with sensors providing the physical layer of the IoT architecture). This allows for machine-to-machine communications. Such compatibility reduces trade barriers and thus allows for improved business decisions.
The second is with the development of new communication protocols. This will ensure interoperability and provide standardization. This has already been seen with applications designed to enhance perimeter security, intrusion detection, together with access control systems.
The third pillar is sector specific, with the retail, healthcare, and finance sectors each expected to offer considerable growth opportunities for sensors in the field of biometrics. Another area of growth is with automation and robotics, together with radio-frequency identification, the technology that uses electromagnetic fields to automatically identify and track tags attached to objects.
A second type of sensor for which growth is expected is LiDAR, which provides the basis of many types of autonomous vehicles. With robotics, this is most likely to be seen with drones and automated guided vehicles.
Commenting on the survey, the lead researcher Ram Ravi of Frost & Sullivan said: “In commercial and residential applications, biometric recognition used in access control systems is also witnessing a gradual increase in interest.”
He adds “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.”
