Latin America. Qognify, a leading provider of video solutions (VMS) and enterprise incident management (EIM), has announced that it is now part of Hexagon. Qognify joins Hexagon's Security, Infrastructure and Geospatial division, following completion of its announced acquisition on December 19, 2022.
Steven Cost, president of Hexagon's Security, Infrastructure and Geospatial division, said: "Qognify expands our real-time security and monitoring reach to detect, assess and respond to incidents, bringing a stronger offering to the markets we serve.
Qognify VMS video management software and enterprise incident management platform (Situator) complement Hexagon's broad technology portfolio, which includes HxGN OnCall Dispatch in public safety and HxGN Connect in the smart cities and manufacturing sector. An important fact for the growth of the market, since it will allow to increase the supply, which will give way to solve the demand for integral surveillance and other security systems.
Qognify also extends Hexagon's reach to other markets, including commercial, retail, financial and business services, where its solutions can also help business operations.
Steve Shine, CEO and President of Qognify, said: "Qognify and Hexagon's solutions have been successfully deployed together for large projects. Now, as one, Qognify and Hexagon provide a truly comprehensive proposition for organizations to optimize and protect their world for customers, employees, citizens and communities."
Growing demand for safety equipment
The security systems market fell by 0.4% in 2020 after six years of uninterrupted growth. It is then, that the niche of security systems, including installation, maintenance and connection to central anti-intrusion systems, closed circuit television, access control, anti-theft and fire systems, ended the 2020 financial year with a value of 2,375 million euros, a fall of 0.4% year-on-year, after six years of uninterrupted growth, according to the DBK Sector Observatory of Informa, subsidiary of CESCE.
Compared to 2019, the global market for professional video surveillance equipment expanded by 9.3%, driven by strong demand for improvements in security, public safety, and business intelligence.
Global market revenue reached $19.9 billion in 2019, up from $18.2 billion in 2018, according to IHS Markit's Video Surveillance Intelligence service. The strong performance of that year began with 9.3% growth in 2017 and continued with an 8.7% expansion in 2018. This three-year growth came after weaker growth of 3.9% in 2016 and 1.9% in 2015.
