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Biometrics regulation a trend in growing security market, Genetec pitches privacy tools and principles

Security system market to surpass $340B by 2026
Biometrics regulation a trend in growing security market, Genetec pitches privacy tools and principles

According to new research published by Markets and Markets, the worldwide security system industry is set to be worth $342.6 billion by 2026. The report identifies government regulations for fair and transparent biometric access control as an important industry trend, which aligns with an announcement from Genetec on its efforts to build privacy and compliance into its video software offerings.

A number of factors are behind the forecast 8.9 percent CAGR surge, including the rising number of terrorist attacks and organized crimes across the world, and the growth of the construction industry. Other industry trends identified in the report include biometric travel systems and the emergence of contactless biometrics.

Also, the implementation of stringent fire protection-related regulations, and the rising adoption of IoT-based security systems based on cloud computing technologies.

The single main factor behind this growth, however, is the expanding adoption of IP cameras.

According to the report, video surveillance technologies have greatly improved in the past few years, while also considerably becoming cheaper. Their enhanced performance and increased features, now available at a reduced cost, have led to a growth in the video surveillance market.

Looking at the future, however, the most remunerative source of income for security companies will be not IP cameras hardware, but their video surveillance software, which could include biometrics.

Genetec stresses privacy protection and compliance capabilities

Genetec has issued a statement emphasizing its privacy protections and compliance capabilities, and their importance to maintaining public trust, meanwhile.

“As a society, the invasion of privacy buys us very little and costs us very much,” says Genetec President Pierre Racz. “At Genetec we do our job by making tools that society needs, but most importantly, we make these tools to conform with the social contract of the societies in which we operate.”

The Montreal, Quebec-based company, which provides biometrics for access control and IP video surveillance, focussed on Privacy by Design methodologies as the foundation of responsible and innovative design in its inaugural Engage podcast last year.

Genetec also emphasized its tools for video information protection, such as the KiwiVision Privacy Protector and Clearance.

Markets and Markets suggests the ability of AI to analyze images and audio from video surveillance footage with image recognition algorithms is driving and will continue to drive the security market globally.

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