Conover, NC, Feb. 20, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Fortran Corporation is proud to announce our long standing contractual agreements with NEC, a 120 year-old worldwide corporation, positions us to obtain additional revenue with the NEC Biometric and Artificial Intelligence products and services.
Growth and spending projections for Information Technology Services for the year 2020 and beyond are over 10 per cent. The global IT market, of which the telecom segment reached a value of nearly $5,908 billion in 2018, having grown at 6.4 per cent since 2014. This segment is projected to grow at a compound annual growth rate of 9 per cent to nearly $9,346 billion by 2022.
NEC is a world leader in the development and distribution of Biometric systems. The Biometric market is projected to grow from $33 billion in 2019 to $65 billion in 2024.
This technology presents several advantages such as high level of security in the private, public, and commercial sectors. It records unique human characteristics, such as retina, fingerprints, DNA, and voice patterns, for authorization. Furthermore, the market is gaining traction due to use of the technology across several verticals in different sectors for enhancing security.
With biometrics technology, there are reduced frauds and security breaches as compared to traditional methods such as use of tokens and passwords. A biometrics system uses a reader, related software, and a database to compare, thus providing a high degree of accuracy and security. In addition, increasing adoption of the technology in the e-commerce industry for secure processing of electronic payments is facilitating the deployment of this technology.
We believe Fortran Corporation is positioned to provide these services to our customers; as well as opening doors to new opportunities. As we continue to grow both organically and through acquisitions, we are poised to provide our customers with leading edge technology to keep them competitive in their markets. We can support our customers with a telephone system or Access and Control to their most sensitive areas with facial recognition. With over 20 years of experience working with NEC we are ready to help you obtain your corporate goals.
About Fortran Corporation:
Fortran Corporation is a telecommunications system integrator dedicated to designing, implementing and maintaining complex communications solutions. Fortran is comprised of engineering and design, network service, sales, remote monitoring, and on-site services. In October 2015, Fortran acquired an 80% interest in Tower Performance Construction, Inc. and Tower Performance, Inc., with offices in Texas, New Jersey and Pennsylvania. For more information contact us at: info@fortrancorp.com.
Visit us at www.fortrancorp.com
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