Security 50 Roundtable: Industry insights from top security companies

Each year we at asmag.com compile the Security 50 report listing the top companies in security and exploring the latest developments in the industry. So how did security fare this year? Will growth be seen in the near term? And how do companies adjust themselves to the latest trends? We asked high-level officials from the Top 10 companies to share their views and insights in this Q&A session.
 
How do you assess the overall security industry in 2024? What were some of the main growth drivers this year, and do you also expect further growth in 2025?

Allen Tang, VP, Hikvision International Business Center:

In 2024, we’ve observed stable growth within the security industry, as security remains a fundamental need for society. Besides the video security business, there has been expansion in comprehensive security sectors like access control, video intercom, alarm systems, and commercial display areas. We are also seeing increased applications of our industry solutions in various sectors such as transportation, manufacturing, education, retail, and logistics. With these continuous developments, we do expect further growth in 2025.

Fu Liquan, Chairman and President, Dahua Technology: In 2024, the global economic recovery remains sluggish, local regions continue to experience volatility, and the international landscape is facing more uncertainties. However, we have also observed a rapid advancement in technologies such as artificial intelligence, foundation models, the Internet of Things (IoT), and digital twins. These innovations are driving the ongoing deployment of new products and applications, further unlocking the potential of the smart IoT industry. Moving forward, opportunities and challenges will coexist, particularly in the context of accelerating digital transformation across various countries and regions, alongside a growing customer demand for intelligent, data-driven security solutions, which will become a strong driver for continued growth in the industry.

Ray Mauritsson, CEO, Axis Communications:

There is an increasing global demand for safety and security that continues to drive market growth, a trend we expect to persist in 2025 and beyond. Additionally, advancements in technology are fuelling growth. As innovations presents new and better ways to address customer needs within the areas of safety and security, that generates increased interest and demand. And we see a growing interest for our products and solutions also outside the security industry.
 
Chuck Jeon, VP and Head, APAC Sales Department, Hanwha Vision: The security industry in 2024 is really buzzing with activity and innovation. This year, we’ve seen a lot of growth, especially in regions where there’s been a lot of infrastructure development and urbanization. As these cities expand and new projects come up, the demand for advanced security solutions has really taken off. Another big driver has been Artificial Intelligence (AI). Edge AI cameras, in particular, have been a game-changer. They process data locally, which cuts down on latency and bandwidth usage, and they offer real-time analytics and enhanced security features. Looking ahead to 2025, I think these trends will keep pushing the industry forward, with even more sophisticated AI capabilities making surveillance even more effective.
 
In your view, what are some of the market or technology trends that are especially significant in the security industry right now, and how have they influenced your business strategy/direction as a result?
 
Allen Tang: I think one of the most significant trends today is the rise of AIoT, the convergence of AI and IoT. AIoT technologies are taking security applications to a new level, enabling industries to go beyond traditional security measures. AIoT supports digital transformation across vertical industries by solving their daily operational challenges and fostering a more intelligent, connected, and efficient world. Our business strategy has been focused on leveraging AIoT technologies, products, and solutions to enhance not just security, but overall operational effectiveness across different industries.

Fu Liquan:

Nowadays, the security industry is accelerating in the direction of intelligence. With the continuous breakthroughs in artificial intelligence and IoT technology, the market demand for intelligent security solutions continues to rise. In 2023, the company upgraded the Dahua Think#2.0 strategy from intelligence to integrated intelligence, and continued to focus on two core businesses: city and the enterprise. We will continue to focus on these two core businesses and will firmly implement two technological strategies involving AloT and IoT Digital Intelligence Platform to fully activate the data element value of video-based data, empower the construction of efficient governance systems in cities, and facilitate the digital transformation of enterprises.
 
In addition, the global market's focus on sustainable development is also increasing. We are committed to reducing carbon emissions through the implementation of green and clean technologies, the use of environmentally friendly materials, and the design of intelligent energy-saving solutions and emission reduction programs. We combine sustainable development with digital intelligence to empower biodiversity conservation, environmental protection, intelligent traffic management, smart energy, smart buildings, smart education, safety production and many other areas, helping thousands of industries to develop in a sustainable, green and high-quality way.
 
Ray Mauritsson: A prominent market trend is the surging demand for security solutions. On the technology front, AI and deep learning are accelerating the use of analytics. Virtually any new network camera being launched features deep learning capabilities, which vastly improve the accuracy of analytics and thus enable more efficient automation of processes. It also means that cameras generate more and more relevant meta data that in a dynamic way can be used in dedicated applications, whether they reside on prem or in the cloud. Moreover, AI, cybersecurity, sustainability, and other areas are facing heightened regulatory scrutiny. As a result, vendors must develop technologies and conduct business in ways that support customers' compliance requirements.
 
Chuck Jeon:

Right now, two of the most significant trends in the security industry are the advancements in AI and the increasing focus on cybersecurity. AI, particularly in the form of Edge AI cameras, has revolutionized the way we approach security. This capability is crucial for timely and effective responses to security threats. At Hanwha Vision, we’ve integrated these AI advancements into our product lineup, ensuring that our solutions are at the cutting edge of innovation. For instance, this year, we’ve introduced an innovative solution called the AI Box, which upgrades your existing non-AI cameras with our advanced AI capabilities.
 
Cybersecurity is another critical area. With the rise of interconnected devices and the IoT, ensuring the security of data and systems has become more important than ever. At Hanwha Vision, we prioritize cybersecurity in all our products, implementing robust encryption and security protocols to protect against cyber threats. This focus on cybersecurity not only safeguards your data but also builds trust and confidence in our solutions.
 
Given the fierce competition in the market, what strategy and action have you taken to beat the competition and achieve continued success in the market?
 
Allen Tang: We believe technological innovation is essential for market success. We heavily invest in R&D to develop innovative technologies, products, and solutions that meet market needs while helping customers enhance their security, safety, and operational efficiency. Hikvision has pioneered multiple perception technologies, including video, thermal imaging, x-ray, audio, vibration, temperature, and more. By driving technological advances and emphasizing industry collaborations, we work closely with our partners to empower industries with robust, intelligent solutions and deliver a broader range of products and solutions across diverse scenarios.
 
Fu Liquan: First, we possess robust research and development (R&D) capabilities. Over the years, we have consistently invested more than 10% of our revenue in R&D, enabling us to continuously launch market-competitive products and solutions. In addition to maintaining investment in traditional video technology, the company continues to strengthen research, development and productization of multi-dimensional perception, AI foundation models, data intelligence, intelligent computing, cloud computing, software platforms, network communication, cybersecurity and innovative businesses such as machine vision, mobile robots, thermal imaging, automotive electronics, smart inspection, smart firefighting, storage, etc., which will continuously expand new high-speed growth points for the company. Second, the combination of global business layout and localized operation enables us to respond quickly to the needs of each regional market and provide customized solutions that enhance customer loyalty. Furthermore, we place great importance on ecological collaboration and work closely with our upstream and downstream partners to build a smart IoT ecosystem characterized by co-construction, win-win and symbiosis, thereby promoting the sustainable development of the entire industry.
 
Ray Mauritsson: We continue to develop high-quality, cutting-edge products and solutions while expanding our portfolio beyond network video to include intercom, audio, and access control. We prioritize areas critical to our end customers, such as cybersecurity, quality, service and sustainability, recognizing that a stronger and broader offering also creates growth opportunities for our partners, which in turn strengthens our partner network.
 
Chuck Jeon: To stay competitive, our strategy includes continuous innovation to bring the latest technologies to our products. By focusing on understanding and solving our customers’ specific security challenges through proactive sales, we ensure our innovations are both relevant and effective.
 
Forming strategic partnerships with other tech providers ensures that Hanwha Vision’s solutions are seamlessly integrated with others, empowering customers to achieve optimal efficiency and customization.
 
We are also committed to incorporating sustainable practices into our operations and product development, aligning ourselves with global standards and achieving numerous international certifications, such as the recent ISO 37301. By staying on top of technological advancements and focusing on our customers’ needs, we’re aiming for continued success in the market.