Thursday, 22 May 2014
Security Technology producers all set to speed up the process
As interest for security innovation — from metal indicators to imaging scanners — has developed, the organizations that process and works it have seen an upsurge in the market.
Rapiscan Systems, based in Torrance, Calif provides wide range of security technology like baggage scanner has opened its office in the Crystal city. The company provided security at recent Olympics game such as Beijing and Salt Lake City, said Peter Kant, the company’s executive vice president.
“The technology is currently in a mature cycle,” he said. “The move now is how to keep or increase security operations” while trimming costs.
As per Kant, there are not many opportunities for the business in U.S.A. He said that business went up by $400 million in 2012.
“These aren’t products that people are going to necessarily stop buying,”Lance Roncalli, managing director and vice president of sales for the Americas at Smiths Detection.
“When we have an event like the Boston Marathon, there’s always a big focus on, of course, not allowing that to happen,” Roncalli said.
“I wouldn’t say [security technology is] a fast-growth market, but it’s a growing market,” said Timothy Quillin of the financial services firm Stephens. “I would’ve thought that there would be some kind of a lull or decline off of those relatively high levels of spending post-9/11, but I think security spending just continues to go up.”
Roncalli is of the view that his company must constantly improve the technology to enhance the security services. “If you deliver it today and you can’t add to the library of substances it can detect, it becomes obsolete very quickly,” he said.
However, privacy is still a concern for such security technology. The balance “between security and liberty [is] an ongoing discussion, but I don’t think the discussions that we’ve had about privacy and liberty have changed in aggregate spending on security,” Quillin said. “I don’t think that we as a society. have decided that we want to reverse course.”
Hence, the Global Transportation Security Technology Market seems to be growing immensely. With security being a major concern globally, this market has much to offer. To understand the Transportation Security Technology Market’s scope and opportunities, Allied Market Research articulated an extensive research report. One could understand the potential of the market drivers and restraints from this elaborate report.