Global security company Hanwha Techwin announced its 2019 business strategy plan to drive sustainable growth as a global leader in the video surveillance industry.
The implementation of GDPR(General Data Protection Regulation) in Europe as well as the effectuation of NDAA2019(National Defense Authorization Act for fiscal year 2019) in the US along with many cyber security issues posed great challenges for video surveillance industry last year. However, Hanwha Techwin was able to demonstrate continuous sales growth in major regions including North America, Europe, Asia, and the Middle East and solidified its status as the industry leader.
To sustain such strong performance and continue driving industrial trend, Hanwha Techwin announced "Invest in future growth engines" as their 2019 business strategy, which incorporates three action items; ① to strengthen product competitiveness, ② to continue the investment in strategic market, ③ to invest in future leading technologies.
First, premium lineups of network-based products will be expanded and fortified to strengthen product competitiveness. In particular, Wisenet P series, a premium high-end line-up, will be bolstered as well as Wisenet T series, a vertical specialized line-up, will be reinforced through technology convergence.
To do so, Hanwha Techwin will continue to develop its own Wisenet SoC chipset, a core-technology in video surveillance, to differentiate their competitiveness in the market. In respect to solution enhancement, advanced intelligent video analytics will be embedded on Wisenet chipset to provide smart retail and mobile solutions.
Second, investment in strategic markets, such as North America, Europe, Asia, and the Middle East, will continue to expand this year since these regions were the major growth drivers last year. North America showed about 40% sales increase last year alone by wining new large-scaled projects as well as gaining result from the projects promised earlier. In Europe, France and DACH(German, Austria, Switzerland markets) region demonstrated stable sales. The sales in Asia and the Middle East turned to sales increase through expanding premium products and solid advanced sales system and continues to receive positive market response.
Last but not least, Hanwha Techwin also selected AI- and cyber security-related technologies as the future leading technologies and will begin to focus on advancing its AI-based video analytics to increase accuracy and effectiveness in detecting, sorting and identifying objects. This will significantly reduce the rate of false alarm and provide a differentiated level of video analytics results. On the other hand, as the technology advances, the issue of cyber security and privacy protection will become more crucial. Therefore, Hanwha Techwin will continue focusing on cyber security enhancement, and keep devoting their effort to respond promptly to potential threats by investing in related technology and policy-making.
In 2017, Hanwha Techwin established a manufacturing subsidiary in the Bac Ninh province in Vietnam to bolster its global security business and began full-fledged operation in early 2018. The manufactured products are distributed globally including America, Europe and Asia and the company plans to increase its production volume to expand its global supply.
A source at Hanwha Techwin said, "By focusing on what we are strong at, we will be able to create an effective business environment and concentrate our effort in securing mid and long-term competitiveness to drive future growth as the global leader in video surveillance market."