SecurityWorldMarket

15/04/2021

Niche solutions & advancement to power global security industry

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The demand for surveillance technologies such as security cameras and advanced electro-optics, video analytics, Radar, and Lidars to intensify, reveals the Frost & Sullivan report.

Frost & Sullivan’s recent analysis, Digitization and Advanced Analytics Power the Global Security Industry, finds that threats posed by the proliferation of unmanned aerial systems (UAS), frictionless borders, and integrated border stations will expand this industry worldwide.

Segmented into three categories—critical national infrastructure (CNI), public safety, and border security—this market is estimated to garner $230.79 billion in revenues by 2030 from $172.4 billion in 2020, an uptick of 3%. Public safety will lead the growth, securing 72.8% market share and generating the highest revenue as the pandemic has led disaster and emergency management forces to spend significantly on situational awareness systems.

“While the Covid-19 pandemic temporarily paused the industry, key investment areas remain unchanged. It opened new avenues of security spending in terms of pandemic response and public safety for the long and short terms,” said Himanshu Garg, Industry Principal, Aerospace, Defense & Security Practice at Frost & Sullivan. “Escalating need for niche security solutions, rapid advancements in technology, and budget pressures will drive the industry to innovative revenue models to capture opportunities.”

Garg added: “The increasing number of identity theft incidents and security leaks has accelerated the adoption of biometric technology for identity and access control across CNI, public safety, and border security applications. This has further emphasised the deployment of surveillance technologies. As a result, the demand for security cameras and advanced electro-optics, video analytics, Radar, Lidars, wearables, and sophisticated sensors is likely to inflate significantly over the forecast period.”

The researchers state that there is imminent market potential for the adoption of biometric technology for identity and access control, such as facial biometrics in airports, metros, and other public places. There are also opportunities for the growth of the screening and detection segment, again, especially at airports and checkpoints. The report suggests that market players should create measures that improve safety while reducing the screening time.

Behavioural analytics, according to the analysts has tremendous scope for development in the security industry because analytics has changed the overall dimension of security systems being deployed and used.

Other factors found to have scope for opportunities include, focusing on modern-day emergency management, which relies on end-to-end collaboration, communication, and real-time information sharing between various stakeholders, with opportunities in integrating various emergency communications; and, countering evolving threats such as usage of driverless cars, autonomous drones, etc., as weapons of mass destruction. Law enforcement agencies seek counter-UAS to detect and neutralise unmanned aerial threats and remote weapon stations to guard borders without endangering lives.


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