This article discusses three crucial growth opportunities identified by Frost & Sullivan security experts, aimed at helping security vendors expand commercial applications for diverse security technologies.
Which industry best practices is your organization implementing to unlock success in the dynamic commercial and public security ecosystem?
Bridging the Cyber-Physical Divide with Digital Intelligence
The rise of digital intelligence platforms is currently highlighting the growing need for cyber-physical security systems across industries.
Evolution of Security Needs: As cyber threats are becoming more complex; businesses are adopting comprehensive and robust solutions that integrate digital and physical security measures to address various threats such as insider breaches and cyber-attacks.
Adaptable Platforms for Industry Resilience: Security vendors are currently recognizing the importance of offering adaptable platforms with the right mix of features and cyber-physical functionality to ensure businesses remain resilient in the face of evolving threats.
Challenges in Establishing Presence: Although there’s significant demand for cyber-physical security solutions, vendors are facing challenges in establishing themselves. This involves grasping current customer needs and industry megatrends, while also building trust through feature refinement and addressing emerging use cases.
How are your teams capitalizing on growth opportunities with the current adoption of biometric verification in the commercial and public security realm?
Exploring Innovative Biometric Applications Across Diverse Commercial Sectors
In the present landscape, major commercial sectors like travel, hospitality, and banking are actively exploring innovative biometric applications to elevate their customer experience.
Implementation in Commercial Verticals: Biometric verification and authentication solutions are currently being implemented in major commercial sectors like travel, hospitality, and banking to improve overall customer experience. This is driven by the dual objectives of enhancing customer experience and fortifying security protocols within these industries.
Simplifying Biometric Adoption: Strategies, such as integrating biometrics into mobile applications, streamlining onboarding processes, and preregistering user identities, are currently making the transition to biometric-enabled applications much simpler for customers.
Ensuring Data Governance Standards: Despite variations in data privacy and security regulations across regions, security vendors are consistently ensuring that every biometric solution they develop adheres to the highest data governance standards, guaranteeing accuracy in all biometric matching and authentication activities.
- Critical infrastructure organizations like banks and financial institutions, military installations and defense systems etc., are continuously strengthening their systems to fend off potential threats. This urgency is highlighted by the staggering rise in spending on Operational Technology (OT) cybersecurity solutions, soaring from $5.27 billion in 2022 to a projected $38.87 billion globally by 2030.
- North America is poised to spearhead the artificial intelligence (AI)-generated security applications industry in the next five years, with Europe, Asia-Pacific, and the Middle East following suit, driven by stringent cybersecurity mandates and heightened awareness of digital threats, collectively contributing potentially over 60% to the global revenue.
Source: Top 10 Growth Opportunities in Commercial and Public Security, 2024
Revolutionizing Public Safety Investigations through Digitization
The integration of digital technologies in public safety investigations is revolutionizing the way law enforcement agencies collaborate and exchange information.
Revolutionizing Public Safety Investigations through Collaboration: The rise of digital technologies is simplifying investigation procedures and promoting a more unified global public safety strategy through enhanced collaboration among law enforcement agencies.
Integration of Advanced Technologies: Marking a transformative movement within the commercial and public security industry, the integration of AI, big data analytics, and advanced forensic technologies is offering unparalleled capabilities in data collection, analysis, and evidence management.
Enhancing Investigation Capabilities: The current transition towards digital investigations is enhancing the speed and precision of criminal investigations by augmenting real-time monitoring, predictive policing, and rapid-response mechanisms. AI-powered tools are fast becoming indispensable for law enforcement agencies, enabling them to process vast amounts of data efficiently and accurately, ultimately leading to higher success rates in solving cases.
What megatrends has your team identified regarding AI integration into security framework as a strategic business move?
About Frost & Sullivan
Frost & Sullivan, the growth pipeline company, enables clients to accelerate growth and achieve best-in-class industry positioning in terms of innovation and leadership. The company’s ‘Growth Pipeline-as-a-Service’ provides corporate management teams with transformational strategies and best-practice models that catalyze growth opportunity generation, evaluation, and implementation. Let us coach you on your transformational journey, while we actively support you in fostering collaborative initiatives within the global commercial and public security ecosystem. This journey is fueled by four powerful components, ensuring your success in navigating dynamic business and industry landscapes.
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