The Dead End in the Security Industry
Attendees of this year's largest security exhibition in China, CPSE, held in Shenzhen, expressed a common sentiment: a noticeable absence of groundbreaking technological innovations. This observation isn't surprising.
Presently, there is a burgeoning trend advocating for the integration of artificial intelligence (AI) into all products. Regrettably, the AI surge within the realm of security industry predominantly centers on visual or image processing technology. This surge had its zenith during the era of China's AI Four Little Dragons: SenseTime, Megvii, Yitu, and CloudWalk. However, developments in image processing for CCTV monitoring, license plate recognition, fingerprints, and facial recognition have reached a maturity stage, with subsequent innovations being incremental.
Moreover, security products, despite their breadth, inherently possess limitations—they operate at the periphery and cannot infiltrate a client's core operations. For instance, surveillance, access control, smart lock and other security measures provide peripheral defense, ensuring safety but not delving into the client's core business operations. The data generated by security systems is, therefore, not inherently valuable to the businesses they serve. Consequently, the next AI trend appears to be outside the purview of the security industry.
Unless the security industry is willing to dismantle its barriers, draw lessons from tech giants, and transcend its traditional boundaries during the era of digital transformation, it will struggle to create significant development space. This is exemplified by the conspicuous absence of the world's largest surveillance manufacturer, Hikvision, from the exhibition. Internal sources revealed that the security content was insufficient to cover its existing product portfolio.
The digital age offers a unique opportunity for industries: the flow of data across various scenarios, activities, and fields. As FingerTec, our flagship product, initially emphasized security through irreplaceable fingerprints, we evolved in the TimeTec era into a comprehensive HR ecosystem. Similarly, FingerTec, initially focused on fingerprint-based access control systems replacing RFID cards, has transformed into a smart township ecosystem covering core aspects of property management. The extracted data is now invaluable to businesses, enabling them to analyze and enhance processes and services, thereby boosting productivity.
As the security exhibition progresses, mirroring the industry's trajectory, it is poised to enter a contraction stage. Only by capitalizing on the opportunities presented by digitization can industry players break through the deadlock and usher in the next era of brilliance.
About Author:Teh Hon Seng, Group CEO of TimeTec Group of Companies. Prior to forming TimeTec, Teh led PUC Founder (MSC) Bhd to be listed on MESDAQ (ACE) market of Bursa Malaysia in 2002. Teh initiated the R&D in fingerprint technology in 2000, which later developed into a renowned global brand for commercial fingerprint product known as FingerTec. In 2008, he foresaw the trend of cloud computing and mobile technology, and over the years, he had strategically diversified and transformed its biometric-focused products into a suite of cloud solutions that aimed at workforce management and security industries including smart communities and digital building system that centered around the cloud ecosystem. Teh has more than 20 patents to his name, and he is also a columnist in a local newspaper and a writer of several books.
TimeTec Group was established in 2000. Over 20 years, the Group had developed three homegrown globally recognized IT brands, FingerTec, TimeTec and iNeighbour, for workforce management, security, smart office, smart residential and smart township solutions unleashing the power of biometrics, cloud & edge computing, IoT and AI technologies. All these solutions connect and change the landscape of work life and home life in a larger ecosystem. Through a vast network, TimeTec Group distributes its biometric hardware products and 16 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites: TimeTec Cloud, TimeTec Building, TimeTec Parking.
Various renowned clients have subscribed to TimeTec various solutions, including Technology Park Malaysia, IOI Properties, Putrajaya Holdings, Ibraco, Binastra, Thriven, Hock Seng Lee, QSR Brands, Central Sugars Refinery CSR, Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract various international customers from all over the world, including Hong Kong, Dubai, Australia, Qatar, South Africa etc.