The global economy presented some challenges to Tyco Security Products in several ways throughout 2015. Anyone in oil and gas or mining experienced an impact resulting from the market dynamics within those verticals. Also, the significant strength of the US dollar versus other currencies is impacting order value for companies with a global footprint. All in all, though, business remains strong and growing.
Measures to strengthen cybersecurity
Looking ahead to 2016, cybersecurity is and will continue to be one of the biggest trends in the security industry and beyond. Concern over cyber-attacks via physical security networks grew in 2015, as more and more networked devices interact with security systems. Cybersecurity measures have, of course, been a major initiative for Tyco Security Products this year. The pace and intensity of addressing cybersecurity is far beyond anything else the industry has previously encountered. Because of this, Tyco Security Products has formed internal teams of engineers who focus on performing security vulnerability assessments and ongoing monitoring, managing third-party penetration testing and improving the company’s overall response for threat management.
Rising demand for mobile apps
Mobility is also a trend that has evolved significantly over the last 12 months. That may sound obvious, but the shift in customer focus has been profound. A few years ago mobile apps were a check box. You had to have it, but there wasn’t a great deal of focus on how it impacted customer operations. In the last year or so customers have accelerated past the point where apps are important to where they are now redefining their operations around mobility and demanding that it flexes to their needs. We’ve seen this even in customers who have been slow to adopt technology in the past. The customisation of the mobile experience has been an interesting trend to watch unfold.
| The importance of apps and mobility for customers has vastly accelerated over the past 12 months |
IoT for improved connectivity
Integration and unification were major drivers in the market this year as well, as end users increasingly want the business intelligence and user-friendly interface that both can provide. In 2015, we strengthened the integrations between brands, with our engineers working together closely to develop integrations and solutions that are user-friendly and seamless. As a result, we have realigned our enterprise and SMB systems so that access, video and intrusion can be managed through a single interface. The influence of the consumer market over the physical security market will get even stronger in this regard.
The Internet of Things continues to be a point of focus for most markets, and the security industry is in a great position to supply large amounts of data that can be used for more than security purposes. Our approach to IoT is built around Tyco On, our Smart services platform that lets our customers manage diverse but related systems and devices, such as security, fire, HVAC and lighting. It also aggregates data and gives our customers access to powerful analytics that can improve their operations. You can connect any sensor, device or system or software that is digital using Tyco On, which is really at the heart of IoT – taking somewhat disparate systems with a common base, and bringing them together to gain new insights.
See the full coverage of 2015/2016 Review and Forecast articles here