security technology market Video surveillance market to double in revenue by 2022 Hadapsar, India New information from researchers Marketsandmarkets estimates that the video surveillance market was worth 30.37 billion dollars in 2016 and is projected to reach 75.64 billion dollars by 2022. Implementation of video analytics, increased installation of video surveillance systems, usage of cloud-based services for centralised data, use of high-definition cameras, and the need for physical security are the major factors cited in the report as being the driving factors for the growth of the video surveillance market. Growing security concerns Based on hardware, software, and service, the hardware segment is expected to lead the video surveillance market between 2017 and 2022. Hardware comprises the major part of video surveillance systems and includes cameras, monitors, and storage solutions, among others. Hardware products for video surveillance have become technologically advanced and affordable. Growing safety and security concerns, rising crime rates, and increasing terror attacks are some of the factors driving the growth of the camera sub segment of the hardware arena. Continuously decreasing prices of cameras have resulted in an increase in the adoption of surveillance cameras across the globe. With the increasing use of cameras, the servers, storage devices, and monitors sub segments of the hardware area are also growing at a significant rate. High growth in commercial segments Based on vertical, the commercial segment is expected to grow at a high CAGR between 2017 and 2022. The high demand for security systems from large and small retail businesses is increasing to reduce robbery and inventory loss. In the commercial sector, financial institutions and banks prefer video surveillance systems to provide security to buildings, maintaining cash management, and monitoring customer and staff activities. This enhances The detailed images are helping the cameras’ inbuilt security parameters and analytics to detect and analyse incidents more acis driving the commercial curately. segment of the video surveillance market. Thus, a decline in the prices of IP APAC leads the market cameras and the presence of big players are the factors that are According to the researchers, the expected to drive the video surAPAC region is expected to lead veillance market in the region. the video surveillance market Currently, China is undertaking during the forecast period. The several projects, especially in growth can be attributed to the the infrastructure sector such as adoption of new technologies rail, airport, stadia, and highway (cloud services and other analytsystems, which are expected to ics technologies) and security require high definition surveilsystems to protect economy and lance systems that can capture infrastructure from criminal clear images even in the dark. activities and terror attacks. Strong growth ahead for two factor authentication market Ontario, Canada As users become more concerned about the safety of their data, two factor authentication, or, TFA is gaining momentum. According to research analysts at Technavio, the global market was valued at 4.73 billion dollars in 2016, and is expected to reach 13.63 billion by 2021 at a CAGR of 23.57%. Currently North America has the largest share of the market at 36.79 percent, but Europe will likely make the highest contribution to the market’s growth with a CAGR of 24.19 percent. “Strong customer authentication” One indication of this is a move by the European Banking Authority (EBA) to require “strong customer authentication” for all electronic payments over 10 euros (or about 10.60 dollars). With the average online retail purchase in Europe being over 85 dollars, this proposed standard would create substantial demand for services such as TFA, requiring many retailers to adapt their checkout processes. Internet giants supports TFA Internet giants such as Facebook and Google are also implementing TFA, though this is currently optional rather than a requirement. Facebook recently announced that it will support USB keys for TFA, as an alternative to sending a code to the user’s mobile device. The social media company has already offered TFA for several years, but the option to use a USB key makes the service more flexible. Google’s alternative Google has also recently added to its security options, making it possible for IT administrators to require a company’s employees and other users to authenticate with a security key. This provides the protection of TFA without the need for mobile apps or text messages, and is the highest level of security available under this system. Consumers resistance Google’s newest move addresses one of the challenges associated with TFA: it’s inconvenient. Many people object to having to go through an additional step whenever they need to log in, even if that step is relatively quick and simple. By allowing security keys, Google alleviates this somewhat. Consumer resistance to TFA is one of the factors making retailers apprehensive about the EBA’s proposal to increase security. The concern is that consumers will be more likely to abandon their shopping carts and not go through with online purchases because of the added step. Technavio reasearchers believe that this challenge can actually be an opportunity for TFA, however. It means there is space in the market for more tools to streamline the process and make it faster and more user-friendly. If the EBA introduces this new standard, there will be significant new demand for secure, customer-friendly TFA solutions. Organisations outside of Europe will also likely adopt these solutions for their own purposes. TFA is not loved but many market opportunities still exist. Security News Every Day – www. securityworldhotel.com 10 • d etektor internati onal