Public Safety and Security Markets are in Demand
NEW YORK, October 4, 2017 /PRNewswire/ --
According to a research published by Inkwood Research, the global Public Safety and Security market is projected to grow from $ 234.57 billion in 2016 to $537.20 billion by 2024 at a CAGR of 10.91% between 2016 and 2024. The rise in criminal activities, natural disaster, and terrorism, requires governments to pass policies and regulations for public safety. Citizens and enterprises are under continuous threats from potential terrorist attacks and mass shootings, as well as cybercriminals and natural disasters. This has increased the demand for public safety and security solutions. Patriot One Technologies Inc. (OTC: PTOTF), Raytheon Company (NYSE: RTN), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), L3 Technologies Inc. (NYSE: LLL), Orbital ATK Inc. (NYSE: OA)
The gunshot detection system market is also projected to grow from USD 726.3 Million in 2016 to USD 3,099.8 Million in 2022, at a CAGR of 27.36% according to a report by Markets and Markets. The report indicates that based on installation type, the gunshot detection system market is dominated by the fixed segment, and this segment is projected to grow at the highest CAGR during the forecast period. Fixed gunshot detection systems use the acoustic sensor node detection technology to ascertain a gunshot event. Fixed installations are carried out at a specific height from the ground.
Patriot One Technologies Inc. (OTCQB: PTOTF) is also listed on the TSX Venture Exchange under the ticker symbol "PAT". Just 2 days ago the company announced breaking news that, "its award-winning PATSCAN CMR(TM) (Cognitive Microwave Radar) concealed weapons detection system has achieved Federal Communications Commission (FCC) Declaration of Conformity certification."
"This is a momentous occasion for us," states Patriot One Technologies CTO Dinesh Kandanchatha. "We now hold both FCC and Industry Canada (IC) certification allowing us to move into commercial roll-out across North America, with other countries soon to follow. The next stage of this exciting journey now begins with select deployments with key early adopters. Our system, which relies on machine learning algorithms, has graduated from the lab and is about to enter the arena of commercial distribution. Our strategy involves deployment through the remainder of the year to meet our backlog of commitments, and to immerse our engineering teams into an in-depth analysis of real-world threat scenarios in order to ensure that Patriot One offers the leading world-class solution for global threat detection."
"This is an important milestone for the Patriot One team for which they should be proud," said Governor Tom Ridge, first U.S. Secretary of Homeland Security and a member of the Patriot One Advisory Board. "I very much look forward to seeing the rollout of this game-changing technology across the United States and to supporting their efforts to improve public safety."
"We have used the waiting period for regulatory approval to assemble a team capable of meeting the go-to market challenges ahead." Kandanchatha continues, "I anticipate a phased rollout, and like any new technology we will advance carefully and deliberately, recognizing progress will come quickly as we learn from each installation. We have worked hard to ensure that our system would pass this rigorous hurdle and to have achieved it in less than a year is a testament to our team of dedicated engineers, researchers and support staff who have put in the huge effort to achieve today's news."
Raytheon Company (NYSE: RTN) is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 95 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5ITM products and services, sensing, effects, and mission support for customers in more than 80 countries. Recently, the company announced its AN/SPY-6(V) Air and Missile Defense Radar acquired and tracked multiple threat-representative targets simultaneously during its third dedicated flight test at the U.S. Navy's Pacific Missile Range Facility, Kauai, Hawaii. Test success proved AN/SPY-6(V) integrated air and missile defense performance against a short-range ballistic missile target and multiple anti-ship cruise missile targets. The radar searched for, detected and tracked all targets from launch throughout their flights.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) develops transformative, affordable technology for the Department of Defense and commercial customers. Recently, the company announced that its Unmanned Systems Division (USD) recently received $6.2 million in orders for specialized products in support of certain National Security Related Programs. USD is a leading industry innovator and provider of high performance unmanned aerial drone systems and aircraft for tactical missions and target applications.
L3 Technologies Inc. (NYSE: LLL) is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. On September 20, 2017, the company announced that its ProVision(R) 2 advanced passenger screening system has been purchased by the Istanbul Atatuerk Airport. This sale brings the active installed base of the ProVision platform to 2,000 systems at security screening checkpoints worldwide. The ProVision platform is the industry's leading solution for safe and efficient advanced personnel screening. It detects a broad range of objects, both metallic and non-metallic, including weapons, standard and homemade explosives, liquids, gels, plastics, powders, metals, ceramics and other solids in accordance with both U.S. Transportation Security Administration (TSA) and European Civil Aviation Conference (ECAC) specifications.
Orbital ATK Inc. (NYSE: OA) is a global leader in aerospace and defense technologies. The company designs, builds and delivers space, defense and aviation systems for customers around the world, both as a prime contractor and merchant supplier. Recently, the company announced that it will highlight its innovative defense technologies that protect the warfighter and provide combat overmatch on today's battlefield during the Association of the United States Army's (AUSA) 2017 Annual Meeting and Exposition in Washington, D.C. The event is held at the Walter E. Washington Convention Center October 9-11, 2017. New for this year is the company's entry into providing solutions to counter hostile drones including both electronic and kinetic attack technologies. Also, the company will show for the first time its 120mm Advanced Multi-Purpose cartridge for the Abrams main battle tank and advanced 30mm and 40mm ammunition types that include air-bursting and proximity-fuzed munitions for the company's Bushmaster(R) Chain Guns(R) to include the XM813 (30/40mm) and XM914.
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