Global outlook of the smart security market
Technavio’s market research analysts predict the global smart security market to grow steadily during the next four years and post an impressive CAGR of more than 22% by 2020. This industry research report identifies the shift in customer preference from analog to IP cameras to be one of the major factors that will have a positive impact on the growth of the smart security system market in the coming years. IP cameras are flexible and can be easily installed and adapted to the changing needs of customers. They also provide additional benefits such as easy integration with existing security devices and reduced total cost of ownership. Moreover, these cameras have built-in servers or encoders and provide multi-level user access control preventing third-party manipulation. Since they come as cost-effective solutions, several commercial facilities such as stadiums and hotels and city surveillance projects, will start replacing their analog cameras with IP cameras, which will subsequently drive the demand for smart security solutions in the next few years.
This market research and analysis predicts that in terms of geographical regions, North America will be the major revenue contributor to the smart security market throughout the next four years. Increasing investments from the government of the US to strengthen their defense and security systems and the introduction of safety standards by the US Federal Energy Regulatory Commission to strengthen the safety of critical infrastructures, will increase the adoption of smart security systems in this region.
Competitive landscape and key vendors
The market is characterized by the presence of several
Overview of the global phone-based authentication market
Market research analysts at Technavio predict that the global phone-based authentication market will grow steadily during the next four years and will post an impressive CAGR of more than 49% by 2020. This market research analysis identifies the rise in use of phone-based authentication by enterprises as one of the factors that will have a positive impact on the growth of the market. The bring-your-own-device (BYOD) policy allows employees to use their personal devices such as smartphones, laptops, and tablet computers for organizational purposes and reduces the operational costs of companies. As a result, the recent years have seen a rise in the adoption of BYOD policy by several SMEs across the globe. This in turn, has led to a rise in the need to authenticate employee credentials before allowing access to confidential business data. Since phone-based authentication helps enterprises reduce costs associated with other authentication systems such as hardware tokens, the coming years will witness a rapid increase in their adoption.
One of the major trends that will gain traction in the market is the growing acceptance of voice biometrics. The rise in use of mobile devices has led to the use of biometrics in authentication. Voice biometrics is considered to be a reliable form of biometric authentication and several financial institutions have started implementing voice-based authentication systems. For instance, Barclays Wealth and Investment Management has already deployed Nuance's FreeSpeech voice biometrics
Overview of the global out of band (OOB) authentication software market
Market research analysts at Technavio predict that the global OOB authentication software market will grow steadily during the next four years and will post an impressive CAGR of more than 23% by 2020. This market research analysis identifies the increase in number of online transactions as one of the primary growth factors for this market. Though online financial transactions are easy and instant, financial institutions are always prone threats such as cyber-attacks. As a result, organizations have started using authentication techniques using hardware OTP tokens, e-mail, and phone-based authentication methods to make online transactions more secure. Also, mobile operators are offering high-speed mobile broadband services that allow users to use mobile transaction features, which in turn, results in a rise in the number of online transactions, leading to the increased adoption of OOB authentication software.
The emergence of next-generation hardware OTP tokens will be one of the major trends that will gain traction in this market in the next four years. These hardware tokens can be reprogrammed using NFC technology, will enable end-users to set new secret keys in them, and will also be small and light. For instance, one of the leading vendors Protectimus, has already released a new generation of hardware OTP tokens such as Protectimus SLIM and Protectimus SLIM mini that look similar to a credit card making them handy and easy to carry.
Competitive landscape and
Global outlook of the multi-function printer security market
Technavio’s market research analysts predict the global multi-function printer security market to grow steadily during the forecast period and also estimate the market to post a CAGR of more than 9% by 2020. This industry research report identifies the changing business environment to be one of the major factors that will have a positive impact on the growth of this market in the coming years. With the evolution of communications technology and automation, companies across the globe experienced an increase in the number of business-related documents that needed printing. Since the use of the right hardware alone will not serve document-management purposes, organizations are constantly in the need of software-driven, multi-functional office devices. As multi-function printers can integrate document management, they play a major role in providing a complete document solution and will witness a rapid increase in their demand, which in turn, will augment the demand for printer security solutions.
End-users have started focusing on building centralized multi-function printers and printing services which will help companies reduce operational costs associated with buying printers, cartridges, and other related support services. Moreover, centralized printing setups also consume less power and provide easy access to high-speed printing, faxing, copying, and scanning capabilities, which will increase their adoption in the coming years.
Competitive landscape and key vendors
Characterized by the presence of several vendors, the global multi-function
Overview of the global mobile security market
Technavio’s market research analyst have predicted that the global mobile security market will grow at a CAGR of around 8% during the forecast period. With the availability of advanced mobile devices, the number of applications and services available on these devices is also increasing. Currently, most of the mobile devices are equipped to support various data-related activities such as e-mail access, video access, and browsing. Owing to the advanced functionalities of these smartphones, services like m-commerce are gaining wide acceptance among consumers. Consumers are using smartphones to make online transactions as they are easy, quick, and convenient. However, these m-commerce transactions are vulnerable to cyberattacks, which will augment the requirement for mobile security solutions during the forecast period.
The increasing use of mobile devices to carry out financial and e-commerce transactions has necessitated the security of personal data. This has prompted the integration of several biometrics technologies such as fingerprint recognition, voice recognition, iris recognition, signature recognition, keystroke recognition, and facial recognition into mobile devices. Such integration will ensure authorized access to personal data transmitted through wireless networks. It will also lead to the elimination of any fraudulent activities in monetary transactions.
Competitive landscape and key vendors
Overview of the mobile identity management market
Extensive research carried out by the analysts at Technavio has shown that the global mobile identity management market will grow progressively and post a CAGR of more than 9% over the forecast period. With increasing access to the high-speed internet with 3G and 4G networks, the market for mobile identity management is anticipated to have a positive outlook in the coming years. In developed countries, mobile operators are investing heavily to expand 3G and 4G networks. The mobile operators are offering high-speed mobile broadband services that have enabled the consumers to use bandwidth-intensive applications. Moreover, high-speed internet services increase security issues for individual customers, and they need more effective mobile security solutions to avoid internet-centric malware attacks.
Multi-factor authentication is a verification model that uses two or more different authentication methods and acts as an additional security layer to help prevent unauthorized access to financial details of customers. The increasing adoption of multi-factor authentication is one of the significant factors likely to propel this market’s growth prospects in the coming years. Multi-factor authentication solutions use several authentication techniques including smart cards, phone-based authentication, and biometrics technologies to authenticate payment transactions on mobile devices. For instance, fingerprint biometrics technology can be used with phone-based
With the volume of sensitive data being generated each day increasing exponentially, it is necessary to have safeguards in place to protect information from unauthorized access. In this respect, there are numerous cyber security tools available on the market that are designed to protect information; anti-virus software is one example.