The Threat Detection System Market is Set to Grow as Demand for Surveillance Increases
NEW YORK, October 24, 2018 /PRNewswire/ --
According to a report published by MarketsandMarkets, the threat detection systems market is expected to grow from USD 48.38 Billion in 2015 to reach USD 119.17 Billion by 2022 and with a compound annual growth rate (CAGR) of 13.11%. The report indicated that the increasing threat of terrorist activities, rising territorial conflicts and geopolitical instabilities are some of the key factors that drive the growth of the threat detection systems market. Additionally, the increasing demand for surveillance systems at public and commercial locations also fuel the growth of the market. Patriot One Technologies Inc. (OTC: PTOTF), Cisco Systems, Inc. (NASDAQ: CSCO), The Boeing Company (NYSE: BA), Lockheed Martin Corporation (NYSE: LMT), Northrop Grumman Corporation (NYSE: NOC)
The threat detection system is segmented into the public infrastructure sector and the commercial sector. The public infrastructure sector is expected to dominate the market as high demand for threat detection devices in airports, railway stations, sports stadiums, shopping malls, pilgrimages, and others is expected to drive the public infrastructure sector. Meanwhile, the commercial sector is projected to grow at the fastest rate during the forecast period. North America was the largest market for threat detection system in 2015, while the U.S held the largest market in North America, followed by Canada and Mexico. The threat detection system market in North America is expected to continue its growth due to the increase in research and development activities.
Patriot One Technologies Inc. (OTCQX: PTOTF) is also listed on the TSX Venture Exchange under the ticker symbol (TSX-V: PAT). Earlier today, the Company announced breaking news that it, "has been invited to partner with Cisco Systems (NASDAQ: CSCO) on its global innovation program. The partnership aims to assist effective commercial deployment of the PATSCAN family of threat detection solutions.
Cisco Systems' innovation program includes a variety of engagement opportunities. The program will provide co-innovation and co-creation efforts for the integration of Patriot One's PATSCAN threat detection solutions alongside Cisco security and network solutions, including framework architecture, installation, and data management. The proposed efforts target joint customer presentations leading to planning and implementation of integrated threat detection and security solutions with end-clients. In addition, Patriot One will acquire access to Cisco's global network, potentially multiplying deployment of its PATSCAN family of threat detection solutions.
'We are very excited to partner with Cisco Systems on its innovation program, as it will accelerate our efforts to bring much needed threat detection solutions to the marketplace,' expressed Martin Cronin, CEO and President of Patriot One. 'Our company's vision is to create a world safer from acts of violence on our global citizens. This partnership will play a key part in our mission to be the foremost proponent and provider of innovative threat detection and counter terrorism solutions and services for public safety.'
Patriot One's partnership with Cisco is underway. Engineers from both companies have been reviewing the PATSCAN threat detection solutions and evaluating ways to advance framework architecture and data management. In addition, last week, Patriot One engineers joined other Cisco partners to showcase the company's PATSCAN family of threat detection solutions to Cisco's largest clients and partners. The Patriot One showcase was part of the annual 2018 Cisco Connect Conference, held at the Toronto Congress Centre. Other programs where Patriot One will present and demonstrate its PATSCAN family of threat solutions to Cisco's global network and client base include Cisco's Global Partner Summits, which take place around the world including Las Vegas, Barcelona and Toronto.
As referenced in its mission, Patriot One looks to deliver a layered, multi-sensor approach to threat detection to secure public and private spaces. From the parking lot to inside a building, Patriot One's goal is to help today's security personnel Deter, Detect & Defend as required. The partnership with Cisco will directly aid the Company in achieving this mission globally."
Cisco Systems, Inc. (NASDAQ: CSCO) is the worldwide technology leader that has been making the Internet work since 1984. Today Cisco stands at the center of the drive to digital transformation, offering innovative hardware and software, and top-flight professional services to help you solve your most vexing challenges. For more than 30 years, Cisco has been committed to changing the way the world works, and its partnership with the Department of Defense (DoD) enables and empowers some of its most difficult mission needs. Over the Company's three decades it has helped the world connect to the Internet, harness the benefits of voice, video, and data communications-and blend technology and business together in ways that many thought were impossible. Cisco looks at mission objectives holistically, taking a platform-centric approach to ensure that everything the Company delivers fits the overarching plan. The secured network that Cisco enables is the foundation of a successful digital transformation initiative. The Company builds applications on top of the network architecture, so that everything is tied together and interacts smoothly. Cisco invests more than USD 6 Billion a year in research and development, so that it may continue to drive innovative solutions as well as ensure the existing portfolio continues to evolve in support of customer requirements. The Company's industry is subject to rapid technological developments, evolving standards, changes in customer requirements, and new product introductions and enhancements. Cisco's ability to enable the DoD's digital transformation, therefore, depends on its ability to continually advance its own offerings.
The Boeing Company (NYSE: BA) is the world's largest aerospace company and leading manufacturer of commercial jetliners, defense, space and security systems, and service provider of aftermarket support. Boeing, through its subsidiary Tapestry Solutions, recently announced that it has received an award from the U.S. Army to provide In-Transit Visibility (ITV) for ground transportation logistics in the U.S. Central Command's (CENTCOM) area of operations. The contract calls for the deployment of Tapestry's Global Distribution Management System (GDMS) to track and manage civilian contractors who move Army equipment and supplies throughout Kuwait, the Trans-Arabian Network and Iraq. The contract expands upon Tapestry's current GDMS/ITV program in Afghanistan. Tapestry's commercial software solution has served as a key element of the U.S. military's Host Nation Trucking and subsequent National Afghan Trucking programs since 2009. "The award further illustrates our customers' confidence in our products, services and people," said Michael Spencer, Vice President, Global Sales & Marketing, Tapestry Solutions. "Our dedicated GDMS team manages thousands of transportation movements per month in Afghanistan - working 24 hours a day to safeguard people, data and cargo. We look forward to providing the same level of exceptional service in surrounding nations."
Lockheed Martin Corporation (NYSE: LMT), headquartered in Bethesda, Maryland, is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Recently, the U.S. Army awarded Lockheed Martin a contract modification to insert Gallium Nitride (GaN) into the AN/TPQ-53 (Q-53) radar as part of the full rate production configuration. The Q-53 is the most modern radar in the U.S. Army inventory and has the flexible architecture to address aircraft, drone and other threats in the future. The transition to GaN will provide the Q-53 with additional power for capabilities including long-range counterfire target acquisition. GaN has the added benefit of increasing system reliability and reducing lifecycle ownership costs. "Lockheed Martin is proud the Army is adding Q-53 to our family of fielded GaN-based radars," said Rick Herodes, Director of the Q-53 program at Lockheed Martin. "This modification takes advantage of our broad experience with radar production and next-generation radar development experience coupled with Lockheed Martin's continuous investment in GaN and other radar technologies. This update enables Q-53 mission growth for changing Army needs. We realize how critical it is to enhance the capabilities of the Q-53 so it can be responsive to the evolving operational demands and emerging threats our deployed troops face every day."
Northrop Grumman Corporation (NYSE: NOC) is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide. Northrop Grumman Corporation recently received a Launch Services Agreement (LSA) worth approximately USD 792 Million of government investment from the U.S. Air Force Space and Missile Systems Center to continue development of its OmegA (TM) rocket for the Evolved Expendable Launch Vehicle (EELV) program. The agreement runs through 2024 and includes certification flights of OmegA's intermediate variant in 2021 and its heavy variant in 2024. OmegA will provide intermediate - to heavy-class launch services for the Department of Defense, civil government and commercial customers. With major propulsion and structural elements of OmegA already complete, Northrop Grumman is on schedule to complete propulsion system ground tests in 2019 and conduct its first launch in 2021. "We are pleased to receive this follow-on award from the Air Force," said Scott Lehr, President, Flight Systems, Northrop Grumman. "Our new OmegA rocket leverages technologies, capabilities and flight experience gained from decades of successful rocket launches, making it an affordable and reliable choice for national security missions."
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