Read the annual address by our Managing Director, Jeff (Chae Won) Lee, for an insight into Hanwha Vision's predictions for this year.
All set for an exciting year!
Jeff Lee, Managing Director
On behalf of everyone at Hanwha Vision Europe, I wish you and your family a happy, healthy and prosperous 2023!
It gives me great pleasure to share with you that Hanwha Vision closed 2022 with a record-breaking performance. Whilst component shortages and supply chain issues dominated the headlines last year, we at Hanwha Techin were able to mitigate the effects of these challenging marketing conditions and emerged from 2022 with a truly exceptional company performance. Our global sales grew by 48% year-on-year, achieving a record 1 trillion Korean Won (approx 800 million US dollars). These achievements are a clear indication of our strong reputation in the market, as well as our ability to overcome global supply chain challenges and outperform our competitors.
Overcoming supply chain disruptions
The effects of Covid-19 continued to disrupt the industry in 2022; manufacturing was severely interrupted, while demand for many goods weakened. To make matters worse, shipping containers sat for weeks at ports as a result of insufficient ships to carry them, workers to unload them, or trucks to transport the goods onwards.
Hanwha Vision was able to weather the storm, however – our scale allowed for agility, buying in bulk far in advance, while our internal R&D team could quickly redesign a specific product if needed as raw materials became limited. We also invested in alternative transport – increasing air transportation and special transportation options – to mitigate the challenges of shipping routes closing. Whilst our competitors struggled with ongoing supply chain disruptions, our talented procurement and production teams built resilience and agility into our supply chain and we were able to meet the demand, which grew stronger and stronger as buyers turned away from their usual suppliers.
With advanced AI solutions, and investments in IoT and Cloud technology, we were also well-equipped to be able to provide value-added services to our customers, helping them find smarter solutions to solve their security issues and inform their business decisions.
A new year offers new opportunities for all of us, and at Hanwha Vision Europe we look forward to working with our partners as we continue to respond to market trends and build on our position as a responsible global leader in video surveillance technologies.
Key trends in 2023
We believe there will be a continued focus in 2023 on cutting-edge technologies, including AI, computing at the edge, and the convergence of the IoT. Cybersecurity and the responsible use of technology will also become increasingly important. Here are five key trends to be aware of this year, in which Hanwha leads the industry:
- The use of AI is evolving
Information becomes most valuable when the user has the opportunity to use the data in the most efficient and relevant way. AI at the edge is helping that happen.
- Unified Solution with on-premise and Cloud
In 2023 we can expect growth in so-called ‘hybrid’ systems that combine on-premise technology and the cloud.
- New possibilities with Edge AI
Edge AI is now being enhanced with NPU (Neural Processing Unit) technology, which makes behaviour analytics and abnormal behaviour detection simple, as well as allowing users to train AI algorithms directly.
- Converging technologies
More and more, IoT sensors and cameras will collect data and analyse it with AI at the edge, using patterns drawn from the past to help predict future events and prevent incidents.
- ‘Zero trust’ in Cybersecurity
Increasingly, organisations are working to ‘zero trust’ policies where there is no automatic right for ‘trust’ between devices and applications on a network without approval.
Read the full Key Trends for 2023 article here
Hanwha is trusted by its partners and users to provide reliable, secure and innovative solutions: responsibility is at the heart of what we do. I am therefore excited about the pending publication of research we recently conducted around Europe into what Security Managers want from manufacturers, as a key finding is that they seek to work with suppliers who support the responsible use of video technology.
Look out for the results of this insightful research which will be launched over the next few weeks.
2023 looks like being an exciting year, and I look forward to speaking and meeting with as many of our partners and users as possible this year!
Jeff (Chae Won) Lee
Hanwha Vision Europe