According to Pushkar Gokhale, Business Head at Godrej Security Solutions, in an interview with Sangeetha G, physical security systems are evolving to become deeply integrated and comprehensive in the age of AI and machine learning, adding new capabilities that can now manage more intelligent tasks to boost security and other operational function efficiency.
Tell us about recent products like Accugold and Smartfog and how customers have reacted to them.
Our most recent products at Godrej Security Solutions, SmartFog and AccuGold, are made to meet the specific security requirements of banks and the jewelry industry. The only concept of its kind and first to be offered in the Indian market, SmartFog adds an additional layer of security to the ecosystem’s overall defenses. SmartFog is outfitted with innovative technology that can recognize unauthorized access attempts, a remote cloud-based application, and wireless technology for activating the system. When the device is turned on, it creates a dense fog made of concentrated liquid glycol that is safe for humans but can immobilize intruders and cause panic because there is no way to see. This enables staff members on-site to take the required precautions to secure the space.
Contrarily, AccuGold is the most sophisticated and precise gold purity testing apparatus. This innovative technology is the best option for jewelers, banks, and other financial institutions that need the utmost accuracy when determining the purity of gold because it delivers precise composition readings without harming the decoration. These new products highlight our dedication to supplying the most innovative physical security solutions available, solidifying our position as industry leaders in institutional security.
Artificial intelligence and machine learning are topics that are currently being discussed often. How has Godrej Security Systems integrated with big tech?
GSS has already branched out into goods and solutions that use AI & ML and has been working closely with tech partners to develop a healthy ecosystem. GSS is a leader in the adoption of technology for better customer experience.
For instance, our Intelli-access system uses software that employs predictive algorithms to alert users to the safe’s door’s shutting time after they have opened it. Similar to this, our FRS- Facial Recognition System access control system heavily utilizes ML to authenticate the appropriate personnel before granting access to the office.
Another big-tech application is Autovault, where we have revolutionized the traditional locker services by introducing a robotics locker system that makes it possible to quickly retrieve a customer’s locker box from a facility with thousands of locker boxes.
What are your goals for the near future? How has the company grown recently, particularly during the pandemic?
Our revenue is anticipated to climb significantly going forward, with a predicted increase of over 33% over the next three years. In the B2B market, we control 60% of the market. Growth in the B2B sector is primarily driven by the Indian banking sector, which is now poised for sustainable growth following negative episodes involving greater NPAs and loan frauds.
Tell us a little bit about the institutional and retail business. What is each party’s share, and do you anticipate any changes in the near future?
For our physical security products sold in the B2B market, we primarily target Banks, NBFCs, Jewelers, and Corporates. For our Premises Security Solutions, we primarily target PSUs, Government offices, and Homeland Security segments. Our total business portfolio is valued at 700 Crs and is anticipated to grow at a 15% CAGR. Our topline business share for B2B is 60%. Our topline business share for B2C is around 30%. Within the following three years, we want to raise the share to 50%. For B2c, we anticipate a CAGR of 27%. The modernization of security and business digitization will be crucial in meeting the new security requirements of B2B clients.
Which major trends are currently influencing the security market?
The physical security industry has experienced tremendous development in recent years. Technology developments and applications at the forefront, such as those in AI, machine perception, and IoT, are continuously pushing the limits of this industry. In order to increase the efficiency of security and other operational functions, security systems have evolved into becoming fully integrated and comprehensive, adding new capabilities that can now manage more sophisticated duties.
Numerous AI applications encourage the development of more open ecosystems. There are now more diversified AI solutions and applications available that support daily difficult problem solving and cater to a range of client needs. Starting with visual AI, the industry is also looking into the potential of textual and aural AI. AI technology is now advanced enough to train and improve itself far faster than supervised learning. Each of these asks for the development of ecosystems that leverage open resources, open technologies, and even open protocols for industrial cooperation.
The two worlds are connected by the Internet of Things (AIoT). Taking artificial intelligence, a step further, we believe the convergence of AI and IoT (AIoT) will continue to be a significant trend through 2023, changing the scope of the security business. More AIoT solutions are now available to a wide range of businesses and organizations, which not only provide intelligent protections but also boost operational effectiveness.
24/7 imaging technologies improve the visual experience. The main barrier to continually capturing security images with clear clarity and color has always been poor light at night. However, users of video security have a fundamental requirement to do so. These issues are now being resolved as a result of the advancement of numerous new imaging technologies. Bi-spectrum image fusion technology, which employs two sensors, is being utilized to integrate IR and visible-light images in order to replicate vibrant colors in low-light settings. Artificial intelligence-based image signal processing (AI-ISP) technology uses deep-learning algorithms to improve visual noise reduction for nighttime image improvement.
The usability of systems and devices should be prioritized. The usability of systems and devices, configuration procedures, interactive experiences, installation times, and equipment maintenance costs are all being given more attention by manufacturers as a way to improve their goods.
How do you intend to grow the company moving forward?
We are working on a multifaceted approach to sustainable business growth with an overarching perspective of client centricity to identify need-gap as well as evolving demands of the consumers. The cornerstones of our company expansion strategy are our new product strategy, developed in accordance with the strong MGPP, and the establishment of a solid sales and support infrastructure. Additionally, we are making significant technology investments for more feature-rich goods and solutions and a better customer experience.
