On one hand, digitalization has successfully enhanced the factor of user convenience, on the other hand, it has also aggravated various concerns related to safety and security. The increasing frequency of thefts and cybercrime cases across the world has resulted to concerns related to privacy and data breaches. These concerns have further fueled the growth of biometric authentication and identification market.
Over the last few years, rising security concerns, along with the need for highly efficient and time-saving surveillance system at an affordable price in several industry verticals gave rise to the video surveillance systems. Further, the surveillance system is extensively used in various areas such as parks, stadiums, hospitals, retail outlets, and banks, among others. According to the market intelligence report by BIS Research titled, ‘Global Video Surveillance Market-Analysis and Forecast (2017-2023)’, the market is expected to reach at a niche level by the end of 2023, registering a CAGR of 12.9% during the forecast period. This tremendous growth is attributed to the rising demands for Video Content Analytics (VCA), and Video Surveillance as a service (VSaaS), incorporation of artificial intelligence in video surveillance systems, increasing demands for intelligent transportation systems, and integration of surveillance with technologies such as drones and body-worn cameras.
The fingerprint sensor has been doing the rounds in news related to upcoming smartphones of several global companies. The race to add this sensor among the mobile companies to their future models is getting intense and the demand for the fingerprint sensor is driving the growth of this market, along with encouraging research and development in this domain. Biometric authentication provides user convenience and enhanced security as compared to other security solutions. Besides trending in the mobile industry, this technology helps in identifying known suspects traversing crowded security areas in places such as airports, railway stations, and others.
Video surveillance has been a major contributor in the transformation of the dynamics of the physical security industry, owing to the ongoing innovations and development in the video surveillance technology. Video surveillance has become an indispensable tool for ensuring public and personal security, and critical infrastructure, highways, banking, and financial institutions have become promising beneficiaries of video surveillance system. The market is witnessing a paradigm shift from the analog based surveillance systems to the IP based systems. IP based systems have opened a pool of opportunities for a host of industries, ranging from cloud storage solution to service providers and storage vendors to megapixel and HD camera vendors.
The prodigious cyber attack on 13th May, 2017 used “WannaCry” ransomware, which infiltrated hundreds of thousands of computers worldwide, has shook various organizations worldwide, especially healthcare providers, and has left the world on high alert. Ransomware is used by hackers to encrypt data, lock computers and hold the information hostage in lieu of the ransom payments. In 2016, multiple medical organizations in the U.S. were victims of different ransomware attacks, which ended up paying thousands of dollars as ransom to recover their files. The latest attack has affected more than 0.3 million victims in 150 countries, with only a smaller amount of U.S. organizations affected. Among the most visibly affected were one-fifth of the U.K. healthcare providers which come under National Health Service, which threw the hospitals and patients into disarray, with surgeries being cancelled and patients being transferred. The authorities have identified this attack as “a continuing pattern of ransomware attacks.”
There has been a gradual increase in the terror related and criminal activities on a global scale and this has pushed the law enforcement agencies to adopt various surveillance and security methods to ensure safety of the people. This has propelled the demand for advanced surveillance system and video surveillance cameras in governmental organizations as well as private enterprises. Stringent regulations have been passed by the governments to install security cameras in all public places as well in establishments to curb criminal activities. The video surveillance market has now developed IP/network based system, after 30 years of market dominance by analog video surveillance systems.
We are living in a digital epoch where governments and companies are encouraging people to adopt digitalization with time. The internet penetration has increased manifold with the rise in electronic products’ reach and use. But with the rise in internet penetration in the lifestyle of people and authorities, and the increase in online business transactions, the rate of cybercrimes such as credit card fraud, data leaks and others, have skyrocketed. The attack on government data and leaks of classified data pose a potential threat to the national security of a nation. Forensic technology plays a vital role in fighting these cybercrimes and investigating into the cases of frauds and leaks.
Recently, there has been a growing buzz around IoT or otherwise known as Internet of Things as the next major step in the evolution of utilizing computers and data to communicate between types of items. The Internet of Things (IoT) has the potential to revolutionize the healthcare industry. The principal driving factors behind these innovations is the cost savings that implementing these new technologies will have on the bottom line of the organizations that wish to employ them. IoT is not just a new trend or a new way of thinking, but a shift in how to utilize technology in new ways that will benefit mankind, and more specifically, the patients in the hospital.
The Internet of Things is not a novel technology, but has been gaining more awareness and is becoming a growing topic of conversation lately. The concept of the Internet of Things necessitates the use of electronic devices that capture or observe data and are connected to a private or public cloud, enabling them to automatically trigger certain events. It’s an idea that not only has the caliber to impact how we live but also how we work. Broadband Internet has become more easily accessible, the cost of connection is diminishing, new devices are being produced with Wi-Fi functionalities and sensors incorporated into them, and smart phone penetration is escalating.