Biometric and Surveillance Tech Fuels $34.3 Billion Security Product Market

Biometrics News - Biometric and Surveillance Tech Fuels $34.3 Billion Security Product Market

Memoori is predicting that global sales for physical security products will hit $34.3 billion in 2019. The figure represents an increase of 8.5 percent, and comes courtesy of a new report that examines the prospects for Access Control, Intruder Alarm and Video Surveillance technology in the next five years.

According to Memoori, video surveillance accounts for the majority (56 percent) of security product sales, and also exhibited the highest growth rate (9.7 percent) of the three segments during the past year. However, Memoori notes that the demand for video surveillance is slightly skewed thanks to the nature of the market in China. The country drives 35 to 40 percent of video surveillance sales, but much of that is focused on the public sector and provides Western developers with few opportunities to gain a foothold in the region.

In the meantime, China has been steadily working to improve its facial recognition capabilities. Researchers recently unveiled a 500MP system that can capture tens of thousands of individual faces, while China Tower has created a new Smart Tower subsidiary that will leverage cell towers to develop an extensive surveillance network using Sensetime’s facial recognition technology.

Access Control, meanwhile, generated 24 percent of sales as biometric access and identity management solutions become more popular. Memoori indicated that the growth of the Access Control market was slightly lower than expected (only 8.2 percent) in 2019, though it demonstrated the most growth in each of the previous two years. The research firm attributed the slowdown to the high cost of the technology.   

Access Control providers have taken advantage of multiple biometric modalities in their efforts to deliver better security solutions. Fingerprint recognition remains one of the most popular and convenient options, though many companies have explored the potential for facial recognition and iris recognition, amongst other modalities.

November 14, 2019 – by Eric Weiss