According to the business intelligence report titled ‘Global Security Robot Market Size study, by Type (Unmanned Aerial Vehicles, Unmanned Ground Vehicles, Autonomous Underwater Vehicles), by Application (Spying, Explosive Detection, Patrolling, Rescue Operations, Others), by End-Use Industry (Defense and Military, Residential, Commercia) and Regional Forecasts 2020-2027’, available with Market Study Report, global security robot market was remunerated at USD 2.2 billion in 2019 and is projected to reach USD 4 billion by 2027, growing at an annual rate of 8% between 2020-2027.
 

Technological advancements in neural network technology leading to improvement in functionality and learning capability of the product is a key factor driving global security robot market growth. Surge in military & defense budgets, coupled with growing conflicts among nations regarding territories and geopolitical uncertainties will also spur demand for security robots.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3357880/
 

Notably, the government of India allocated USD 73.65 billion to the military for 2020-2021, which is 5.8% more than what was given for 2019-2020. Likewise, the US government announced a base budget of USD 671 billion for defense in 2021, which is USD 6 billion more than what was allocated in 2020.
 

For the unversed, security robots are mainly meant to be used as a replacement to security personnel. They can move in restricted areas without supervision, while visions from their in-built cameras are sent to security stations which facilitates information collection. Apparently, integration of distinct sensors helps the security robot in assessing the environment properly and providing more consistent data which facilitates its integration in military devices.
 

On the downside, strict regulatory compliances, along with rising concerns regarding intrusion & privacy will inhibit global security robot market growth between 2020-2027.
 

Regionally speaking, North America held majority of the worldwide security robot market share in the recent past due to presence of leading players in the region, and large scale deployment of security robots.
 

Meanwhile, Asia Pacific market is projected to grow rapidly between 2020-2027, owing to increasing terrorist attacks in public places and government entities, and growing concern for security in emerging economies like India and China.
 

Key players influencing global security robot market dynamics are Lockheed Martin Corporation, Thales SA, Leonardo S.p.A., Cobham plc, Elbit Systems Ltd., Northrop Grumman Corporation, Knightscope Inc., BAE Systems plc, SMP Robotics Systems Corporation, and AeroVironment Inc.