Polaris Market Research on Tuesday reported that the global security robots market size and share was valued at $27.32 billion in 2021 and the researchers expect it to surpass $116.44 billion by 2030 -- growing at a compound annual growth rate (CAGR) of 17.65% during the forecast period. The researchers explained that security robots incorporate artificial intelligence (AI), streaming video, and other connected technologies to perform security duties that used to be done by humans. Leading applications of security robots include spying, explosive detection, dynamic mission planning, firefighting, de-mining, rescue operations, transportation, and patrolling. Industry researchers said that these robots will continue to play an important role in the security business throughout this decade. "The shortage of trained security personnel makes turning to automation -- specifically robots -- very attractive," said Bud Broomhead, chief executive officer at Viakoo.

The global security robots market has potential for growth as companies try to establish themselves. Transparency Market Research (TMR) suggests some companies are trying to strengthen their market presence through mergers and acquisitions. Some of the leading companies include Lockheed Martin Corp., BAE Systems PLC, Knight Scope, Boston Dynamics, Northrop Grumman Corp., Liquid Robotics,SMP and Robotic Systems Corp. According to TMR, the global market is likely to reach $3.88 billion by the end of 2025, up from 2016's $1.86 billion. North America made up 30 percent of the global market in 2016, and Europe is likely to experience strong growth as well.