ASSA Abloy – Next generation security on the rise
According to newly published reports by Research for Markets, the Global Next Generation Biometrics Market will be experience a significant boom in the years 2019-2026. With a total worth of over $15 billion last year, it is expected to reach $63.26 billion in 7 years time.
And leading the charge is the Stockholm-based lock manufacturer ASSA Abloy AB, the world’s largest lock manufacturer in sales volume.
Formed in 1994 through the merger of the Swedish company ASSA and the Finnish company Abloy as ASSA was separated from their previous owner, Securitas AB. Both companies being historically leading companies in the industry, Abloy pioneered the now ubiquitous disc tumbler lock as early as 1907.
Since the merger, ASSA Abloy has made over 150 acquisitions globally over the past 25 years, including Yale lock, Sargent, Medeco, Mul-T-Lock, Fichet- Bauche and VingCard Elsafe International, with brands dominating Europe, Asia and the Americas with 42% of all sales coming from North America alone. They are now based in over 70 countries around the world through self-described “organic growth and acquisitions”.
Since then, ASSA Abloy has also advanced into digital access solutions as an extension of their physical locks and security systems, with an increasing market within entrance automation, access solutions and trusted identity and authorization systems.
Seeing the advancement of high-tech solutions in the global market, ASSA Abloy has now taking a leading position in the advancement of biometric technologies as an extension of existing security systems.
As governments around the world increase initiatives to adopt biometrics for surveillance and security to combat terrorism, the proliferation of biometric technologies has exploded in the past few years alone with an estimated 18.3% annual growth. Such technologies include fingerprint recognition, signature analysis, palm recognition, face detection and voice recognition hardware and software as additional forms of authentication methods.
While critics have been vocal in the media about possible abuses of such technologies, proponents argue that such systems once automated can result in a great leap forward in national security comparable only to the widespread computerization of public records and identity cards in the latter half of the 20th century.
The applications of such technologies is potentially vast, from criminal investigations to voter integrity and public benefit applications, as well as the hot-button topic of national border security.
The biggest market still resides in the application, banking & finance segments, projected to hold a majority of the market share for the foreseeable future, as biometrics can serve to eliminate passwords and PIN codes, both considered antiquated and archaic methods of security that can be easily circumvented. Major banking organizations such as JP Morgan, Chase and Wells Fargo are already rolling out biometric authentication systems, allowing customers to login to mobile banking using fingerprint authentication already implemented in many of the newer generations of smartphones.