AMAG Technology provides an overview on its regional development and the current market trends in these regions. The integrated security solution provider speaks about the consolidation of the video market and the growing necessity to develop security solutions that address the needs of their customers.
The overall economy positively impacted the North American security market in 2015 as AMAG Technology has experienced unprecedented growth as an organisation. On the international side, there has also been growth, but the market has been affected by challenges in the Middle East and softening markets in Europe. We view the Asia Pacific region as an area for continued development. We are investing in EMEA and APAC currently and will support Latin America as those markets turn.
Change and consolidation
Change is the name of the game in the security industry. We continue to see a consolidation of the video market, and I expect that will continue in 2016. The unexpected news was the announcement of Securitas buying Diebold. It will be interesting to watch how Securitas tackles the market with this acquisition moving forward.
Meeting customer requirements
Video analytics and biometric-enabled devices will start to impact the ways customers use security systems in 2016
Looking ahead to 2016, I think we will continue to see consolidation in both the manufacturing and integration sides of the industry. Companies are looking to acquire complementary product lines to accompany existing products. The winners will be the manufacturers who are more nimble and able to respond quickly to changes in customer’s’ buying patterns. Companies who cannot easily change their direction to meet customer requirements and expectations will experience challenges. Our competitors will need to create products that address the larger security needs of their customer base and do it quickly.
One of our biggest challenges as a company is to find and retain top talent, especially in the North American business. The tight employment market has made it difficult to fill several open positions as we continue our growth.
Redefining security systems
It is a great time to be in the security industry. Technology advances are providing better and more cost effective solutions for customers. Video analytics and biometric-enabled devices will start to impact the ways customers use security systems in 2016. Competitors have also created opportunities with some large global organisations, and we are taking full advantage of this situation.
Customers are looking for end-to-end solutions that include access control, video management and identity management. AMAG provides that full product platform, offering all three at a lower price than competitors. We feel we are well positioned for growth in 2016 and beyond.
See the full coverage of 2015/2016 Review and Forecast articles here