According to a research report by MarketsandMarkets, the public safety and security market size is estimated to grow from $247.53 Billion in 2016 to $456.56 Billion by 2021 and at an estimated Compound Annual Growth Rate of 13%. The report indicates that public safety and security is the first priority of governments around the world, as countries are investing to ensure the safety of their citizens, organizations, and financial institutions. Citizens and enterprises face numerous threats from cybercriminals, natural disasters, and terrorist attacks. As a result, demand for public safety and security solutions continue to grow. Patriot One Technologies Inc. (OTC: PTOTF), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Harris Corporation (NYSE: HRS), Northrop Grumman Corporation (NYSE: NOC), General Dynamics Corporation (NYSE: GD)
The Homeland Security Research Corporation has provided an update on the Global Homeland Security & Public Safety Market, “15 years have passed since 9/11, and the global Homeland Security & Public Safety technologies and markets are forecasted to go through major shifts. Counter terror and security markets formerly dominated by the U.S. are now moving to Europe and Asia-Pacific. New and maturing counter terror technologies, such as big data & data analysis, advanced sensors, big data-based cybersecurity, video analytics and TETRA & LTE emergency communication, will create new market segments and fresh business opportunities.”
Patriot One Technologies Inc. (OTCQB: PTOTF) is also listed on the TSX Venture Exchange under the ticker symbol “PAT”, announced yesterday that Patriot One Technologies Inc.’s award-winning Patscan CMR (cognitive microwave radar) concealed weapons detection system has met Federal Communications Commission (FCC) and Industry Canada (IC) regulatory requirements, as verified through a series of tests by an accredited third party laboratory.
“This is significant news for our company,” said Patriot One Technologies, Chief Technology Officer, Dinesh Kandanchatha. “Many companies have found meeting FCC and IC requirements to be a daunting challenge. Since we began operations last November we have worked relentlessly to identify, execute and address a lengthy checklist of FCC and IC technical requirements. Today, we are one step closer to delivering a certified mass-market version of the PATSCAN CMR in the USA and Canada. I congratulate our entire team for their commitment to this important effort. Now that the hardware development is finalized for certification, we are proceeding with software optimization in preparation to meet our delivery commitments. In this regard, I am further pleased to confirm that our projected manufacturing run for 2017 is now fully committed, and we are already booking sales into 2018.”
Company sales efforts for the Patscan CMR currently focus on markets including houses of worship, academic institutions, event centres, casinos, commercial offices, hotel properties, government agencies and other locations at high risk of terrorist attack. Orders have been received from locations spanning four continents, and new territorial opportunities are opening as reseller influence grows. Patriot One’s Patscan CMR, Model CMR-005 has been issued provisional identifiers as FCC No. 2ALZTCMR and IC No. 22739CMR. These identifiers encompass electrical and mechanical certification for FCC15B/ICES-003, FCC 15.510, RSS-220 and ETI EN 302-065-1, CSA C22.2 No. 61010-1, UL 61010-1 V3 and 3.1. The verified data from the accredited testing laboratory will now be sent to Industry Canada and FCC for final approval.
FCC and IC certification is important not only in a North American context, but is also a key step toward the product’s attainment of certification and waiver/permit approvals in markets including the United Kingdom, Eurozone and Asia-Pacific regions, where key reseller partners are assisting in advancing the product’s certification and approval processes.
“We have been working diligently towards FCC and IC certification, and are thrilled to see this effort coming closer to fruition. We are grateful to the many individuals, vendors, related stakeholders and early adopters who share our vision of a future when Patriot One systems will provide communities around the world with stronger safeguards against threats of terrorism and other acts of random violence,” said Company Chief Executive Officer, Martin Cronin. “We also salute those members of the investment community who have made a critical difference by putting their capital to work throughout our venture’s early stages. We are determined to continue to build shareholder value and earn capital market support vital to Patriot One’s ongoing development efforts and our mission to make the world a safer place.”
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) develops transformative, affordable technology for the Department of Defense and commercial customers. On August 8th, the company announced that it has received $8 million in orders for specialized products in support of a satellite global position (GPS) anti-jamming, interference and protection system. The specialized products to be delivered under these contract awards will be produced in a secure Kratos manufacturing facility.
Harris Corporation (NYSE: HRS) is a leading technology innovator, solving customers’ toughest mission-critical challenges by providing solutions that connect, inform and protect. On August 1st, Harris Corporation reported fiscal 2017 fourth quarter and full fiscal year results. “Our solid fiscal 2017 results reflect the successful execution of our strategic priorities,” said William M. Brown, Chairman, President and Chief Executive Officer. “We completed two important divestitures to focus on technology-differentiated, high-margin businesses while continuing to invest in innovation, drive operational excellence and successfully integrate Exelis. We grew EPS by 8 percent, generated record free cash flow representing 123 percent of non-GAAP income, and used divestiture proceeds and operational cash to pay down debt, pre-fund pension, and return about $900 million to our shareholders through repurchases and dividends.”
Northrop Grumman Corporation (NYSE: NOC) is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, strike, and logistics and modernization to customers worldwide. On July 26th, the company reported second quarter 2017 sales that increased 6 percent to $6.4 billion from $6.0 billion in the second quarter of 2016. “Our results represent solid operational performance from all three of our businesses and support our strategy to drive profitable growth over the long term,” said Wes Bush, Chairman, Chief Executive Officer and President.
General Dynamics Corporation (NYSE: GD) is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; C4ISR and IT solutions; and shipbuilding. On July 26th, the company reported second quarter 2017 diluted earnings per share of $2.45 compared to $2.30 in the year-ago quarter, a 6.5 percent increase. Net earnings were $749 million, on revenue of $7.7 billion. “General Dynamics’ strong second quarter performance reflects our focus on operations and executing on our programs,” said Phebe N. Novakovic, Chairman and Chief Executive Officer.