Security 50 companies cite growth for 2018

Most of Security 50 companies experienced growth in 2017 thanks in part to lingering demand for security across verticals. For 2018, many also expressed a positive sentiment, saying results from their Q1-Q3 reports point to another year of growth.
 
“The overall security market of 2018 looks promising and it is anticipated to experience significant gains, with the global year-over-year growth rate exceeding 8 percent. Factors such as increasing tension across borders, growing terrorism, increasing population, and rising income are expected to accelerate market growth,” said Saurabh Pradeep Sortee, Research Analyst at Grand View Research.

“Incidents of notable security breaches, acts of terrorism and new regulatory requirements continue to drive the overall demand for more advanced security solutions. These are just some of the factors contributing to the growth of the security industry,” said John Distelzweig, GM and VP of Security at FLIR Systems. “At FLIR, we are seeing increased demand for our solutions, and our revenue is on track to come in higher year over year.”
 
“For 2018 we see a strong market both in advanced installations but also in the  smaller to mid-size installations, so that's good growth and there’s positive outlook throughout the market,” said Kenneth Hune Petersen, CMO of Milestone Systems. “We expect double-digit growth both this year and next year. We are very positive about the market.
 
“Security sales for Nortek Security and Control grew in 2017 and have continued to grow in 2018. This is attributable to new product introductions and our global focus on products interoperability,” said Horacio Morales, Director of International Sales for CI and Security at Nortek Security and Control.

“Globally, the security market continued to grow in 2018, based on the demand for more security systems for both public and private sectors. The demand for systems that offered flexibility, adaptability, and federation — as Genetec offers to the market — continued to bring us new business,” said Pierre Racz, President and CEO of Genetec.
 

Across regions

 
Growth is expected of all major geographic regions namely North America, EMEA and APAC. “North America had above plan growth for 2018 and remained a strong market adoption of unified solutions, and awareness around cybersecurity is what drove the North American market,” Racz said. “Emerging markets such as India exploded from a growth perspective and propelled APAC to an impressive growth year, growth was primarily driven by safe cities initiatives that came to fruition.”
 
“2018 has been a good year so far for Axis, with EMEA and America being our strongest markets. The first half of 2018 showed a revenue growth of 12 percent in EMEA. The main factors behind our growth are a growing market and Axis being able to benefit from a high pace of innovation and development in our products and solutions,” said Ray Mauritsson, President and CEO of Axis Communications.

EMEA, in particular, is expected to perform well due to various growth drivers. "The positive growth rates can also be attributed to the increased popularity of security systems due to a rise in the crime rates,” Sortee said. “Airports and public places in the EMEA region are witnessing an increase in the installation of CCTV cameras.”

“In Europe, demand for security is on the rise, but there are likely to be differences between advanced and growth markets. In the Middle East and Africa, the construction of infrastructure such as smart cities, housing construction, and airports are continuing, and this is positive,” said Paulo Byun, President of COMMAX.
 
“2018 seems to be a good year in EMEA. Despite a slow start due to political uncertainty and GDPR application, we did experience a strong demand in both public and private sectors beginning in Q2. Africa and the Middle East markets are heavily influenced by oil prices, leading to strong investments by the oil and gas industry. Europe is influenced by a mix of back to growth economy and high fear of terrorism,” said Dror Sharon, CEO of Magal Security Systems.