IoT to Help Drive Security Sensors Market to $12B by 2023: Frost & Sullivan

The emergence of the Internet of Things presents a huge opportunity for the global security and surveillance sensors market, suggests a new report from Frost & Sullivan.IoT to Help Drive Security Sensors Market to $12B by 2023: Frost & Sullivan

In a statement, the growth consultancy firm announced ‘three big predictions’ for this market: That sensors will form the “physical layer” to IoT-driven machine-to-machine communications; new communication protocols will enable interoperability and standardization in infrastructure security; and the retail, healthcare, and finance sectors will “offer considerable growth opportunities for sensors in biometrics.”

We’re already seeing some of these big trends take shape, with biometric technology specialist NEC promoting both the security and retail applications of its facial recognition technology, and testing out smart city tools in collaboration with government authorities in Singapore. Other major firms are likely to start pumping resources into these areas as the IoT and the Industrial IoT continue to evolve; and indeed Frost & Sullivan predicts that “challenges for sensor manufacturers and suppliers include increased competition, leading to pricing pressures, lack of product differentiation, and lack of common global standards.”

The report asserts that the total security and surveillance sensors market was valued at about $6.27 billion in 2016, and that by 2023 its value will exceed $12 billion, with the APAC region being the fastest growing over the forecast period.