The Remote Video Monitoring Market: View From Banker Alper Cetingok

Executive *******

******** ******** *** ****** ***** ********** market ** ***** *****, **** *********** room ** **** *** ****** *** profit ******* **** ******* **********. ******** observes **** **** ********* **** **** direct, ** **** ******* ** *** yet **** *** ** **** **, and **** *** **** ******* **** be *********.

Alper ******** & ******* ***** ** ******** ********

******* ***** ** *** ** *** few ********** ***** **** *** * dedicated ********** ** ******** ********. *** department *** ********** **** ******** ******, * ******** **** ******* James ******** ** ****, ******** **** ****.

******** ******* ** ********** ******* ** years *** **** * ***** ** technology *** ******************. ** ******* ** develop * ********* ******** ** ******** security ** ****, "*** *******-******* ****** in *** ********," ** **** (****:******** ********* **** ******* ** **** ******). Cetingok *** ***** ******* *****' ******** & ****** ***** **** ** ***-******** in ******** ********.

******* ***** *** ****** ** **** 100 ******** ************ ** ******** ******** in *** **** ******, ********* *** ****** *** ********** business ****-***, ********'* ******** ****, ******** Stealth ********** *****, ******** *** ********** acquisitions, **** *****, ***. ******** ***** that **** ***** ** ***-**** ********* in ******** **** **** ******* ** grow *** "*** ****** ** ********** bankers." *** **** **** ****** **** industry ******* ** *** * ******* level ** *******-******** ********* **********.

Video ******** *********

***** ******** ** ***** ******** **** from ***** ******* ******** *******-******* ** an ******** ** ******** ************ ** the **** ** *****. **** ***** became ****** *** **** *** **** space ** ****. ******** ***** *** industry ** ****** ******* **** ******** to ********-******* *****, *** **** **** is ***** ***********:

*** ******* ** ***** ************ ******* out ** *heavily *******-******* ******, *** *** ******* ******** *** *** *** *** ***** **** ******* *** **** ****-*********** ******* *** **** ********* ******. The incremental improvement to the megapixel camera was 4 to 8 and 8 to [the next level].

** **** ****** ************, ** ******* to **** ****software ************, primarily *********. *** ****video ********** ******* as well. Certain software models became effectively embedded into hardware and constructed to see the consolidation of software and hardware. Value creation at the software level started to become more and more constrained. [Emphasis added]

********* ** *********-**** ******* *** **** been **********, **** *** ********** ***** (VideoIQ *** ******** *** **********). ***** we ***** *** *********** ******, ********** in ******* ******** / ******** ********* ranging **** ***** *** ** *******, Cetingok's ***** ***** ******** (********* *****) is **** ***** *********.

The **** ** ****** ***** **********

******* ******** **** ******** ****** ******* than **** ** *** *****, *** remote ***** ********** ** **** ** this *****, ******** **********:

*** **** ****** ********** **** **** around ********, *** ******* ******** ******** around *** ********** **** * ******** model **** ********* ****** *******.

*** ******** ** ******* ******** *** to **** ******** ******* ****** **********.

*** ** *** ******* ******** ** physical ******** ** ***-********, * "*****" business *****, ********* ** ********:

***-******** ******** ** * *****-****** *****. There ** * *** ** ********, and *** ******* *** ***. *********, the ******** ** *********** ***** ******.

** ***** ** ****** ***** *******, organizations *** ******* *** ******/************ *********. Remote ********** **** ** ******** ** this ******:

************* **** ****** ** *** * better ********, *** *********** * ***********, but **** ************ *********.

***** *** *** ***** ***** **** looked. *** *********** ** ***labor ****** ***********, for example, in the more recent term, and the growth of the managed ******** ******** ***** really led the video space to remote video monitoring. [Emphasis added]

**** ****** ***** ********** ********** ******* in *** **** *-** *****, *** COVID ******* **** *****, ******** ****:

***** ** * *** ** ********* that **** ******* ** *** **** 5 ** ** ***** **** **** really ********** **** ***** ***** ****.

*************, ***** *** * ***, ** important ****** *** ****** ***** ********** because ** ********* *** ******* **** further.

***** **** **** ** ****** **** have **** ***** ****** **** **** sitting ******* **********. *** ***** *** get ****** ** *** ********. *** couldn't *** ******. *** ***** *** [go] ********. *** **** *** *** the **** *** ** **** ***** to ******* ***** ****** *** ******* remote ***** ***** **********.

Remote ***** ********** ****** ******** - ***** ****** *** **** ******

*** ****** ***** ********** ****** ** "measured ** *****-******** *****" *** ** growing ** ~**%-**% ****** *** *****, Cetingok **** ****. ** **** **** that "** **** ***** ****** *** market," ** *** **** ** **% - **%. *** ****** ** ***** nascent, ** *** *** ** *** inning, ***** * ******** *******, ********* to ********.

** * ****** ***** *****, ******, remote ***** ********** ***** ** ***** very ***, ****** ** ******** **** charging *** ****** ****** *** *****. Related, *********** *** ********* *** ******* *******.

******* * ***** ****** ****, ****** video ********** ********** **** * ****** EBITA ****** **** ***** ****** ***-******** already, ******** ****:

*** **** ******** ************* ** *** space, * **% ****** ****** ***** be ****** ****** ** **. ***'* call ** **% ** **%. ** have **** ******* [** **** ****** range].

[*** ****** ***** **********] ****** [*******] is ********** * ******-****** ******. **** are ** ***** ** *** ********** high *****, *** **% ******* ******* today.

**% ****** ******* *** ****** ****** for ******** *************, *.*., ****, *******, and ********; *** ********* **** ******* in **** ***** *** **** **** much ****** ********** **** ** ***** today's ****** ***** ********** **********.

******* **** ******** ** **** ** this ***** ** *** ******** ****** and ******** ***** ********, ******** ******:

** ******* ***** ** **** ******* margin ********* *********** ** *** ******** grows, ** *** ***** *********** ********* to *******, *** ** ******* ** the ******** ***** ** ******** ** increase.

***** **** **** ** * ****** margin *** ** ********* ******* ******* than **** ******** ******* ******, ******** said:

** ***** **** *** ******* *** going ** ******** ** ******** ** well ******* *** **** *** *** benefit ** ********** ****** ******* **** recurring *******. **** ** *** ***. You *** *** ******* * ******* at * ******* ******. *** *** selling * ******* ******* **** * 3 ** *-**** ******** ** * service ******, *** *** **** *** ability ** ****** ** * **** higher ******, ** ** *******, **** what *** ***** *** ** *** product.

**** ** ********* ********, *** ** the **** ***** ********** ******** ** comparable, ***** ********** *** ******* *** higher *** ******* **** ******* *************.

********* ******* ***** **** ** ******* dominant ******* ** ***** **** ** space *** **** ******* *********, ******** told **** **** **** "***** *******" are ******** * ******** ******* ********** and ****** *** *** *** ********** yet ** **** ***** ***** ** the ******:

**** ** *** ***** ******* *** starting ** ******** **** ******** ******* themselves *** *** ***** ******* ** the ******, **** ** ****** *** in *** **. ***** *** ******* that **** ***** ***** ******* *** really ************* **********. **** *** ********** some ***** ******* ** *** ******.

*'* *** ******** ** *** **** those ***** ******* *** ***** ** establish ********* *** ******* ********* *** a **** ****** ** ****, *** I ** ******** ** *** **** those ********** *** ****** ************ ***** growth, ******** **** ** * *** between ********** *** **** ** *** smaller, **** *********** ******* ** *** market.

******** ******* ********** *** ***** ** which ***** ********** "*******" *** ******* at:

* ** **** ******* ***** **** of ***** ********** ********** ** ****. They *** $*** ******* ****** ********** today, *** **** **** * **** credible *********** ** ****** $*** ******* businesses ** *** **** * ** 10 *****.

Remote ***** ********** *** ***** & ****** ****** ********

***** *** **** *** ***** *** applications ** ****** ***** ********** **** will **** *** ******, ******** ****:

** ******* **'* ***** ** ** a ******* ******, ** ***** **** because ***** *** **** ** ********* applications. ** *** **** ****** **** of *** ********** **** **'** **********, they ***** **********, **** ************ ** alternative ****** ** *********** ** ******.

***** *** **** ** ********* ************ for **** ********** ***. **** ********* itself [***] ******** ****** *************.

******* ***** *********** **-********* ************ ** *** ****** ***** monitoring ******- ****** *.*. ******* *** ***** v.s. ****** ** *** **********. ******** explained **** "******" ****** ***** ********** is *** **** **** ******** **/*, typically ********* ****-***** ****** ********:

****** **, ** *** **** ********, 24/7 ****-**** **********. ********* *** *********** for **** ** **** **** ** perimeter ******** **** ******* **********. *** always, *** *** *** **** ****, because ***'** ******* ********** ****-***** ****** that ****** *******. *** **** * 24/7 **** ** ********.

*** "*******" ****** ***** ********** ***** that ********** **** **** ***** **** triggered ** ********* *********. *** *** case **** ** *** "***** ** sales" **********, ******** ****:

*** ******* *** *** ******** **** of ********, *** *******. ********'* **** marketing [******* *** ***] *****-******* ***********. You ** *** **** * **/* activity. ***** ** * ******** ******* to **, *** ** ** ** exception-driven ******** *******.

*** *******, * ****** ** **** to *** ***** ** ****. **** there *** ********* *** ** *** point ** **** ** *** ***********, that ** **** *** ***** ****** in, ** ******* ** ****** ** on **/*. ** ** *** **** an ***** ******* *** **** **** at * ** [*****] *********, *** entries ****** ********* ******* * ** and * **, **** ** **** [the **********] ***** **. **** ** the ******* *****.

****** ****** ***** ********** *** * higher ******** *****, *** ******* ****** video ********** ** ********** ******** ******* optimization, ******** *********:

***** ** ****** ** **** ****** [approach] *** ***** ** ******* ** a ******** ******* ************ [********].

***** ****** *** ******* ****** ***** monitoring ******** **** ******** ************, ****** vs. ***** ******* **** *** *********** in ***** ********. ******** **** **** that ****** ******* *** ****** **** can ** ***** **** **** ** site:

*** ****** ******* *** ********* *** towers **** *** *** ******** ** see **** *** **** ** **** can ** **** **** ** ****. They *** ********* ********** *** *********, some ********** ** * *******. **** of *** **** ******** *** ** you ** ** **** *****, ** least ** *** **, ** *** go ** * ******, *** *** will *** ***** ****** ** **** places ** ******. ** *** ** to * **** **** ** * solar ****, *** **** *** ***** towers. ***** *** ******. **** **** go **** **** ** ****, ***********.

*** **** ***** ******* ******* ** fixed **-**** ******* *** **** ***** coverage ******:

***** ** ***** *******: *********, ***** is **** **** ** *****-**** ****** because ** ** ** ******* ****, and *** **** * ********** ****** with ***** ****** ************, ***. ** is * ***** ****. ********* **** the **** ** **** ****, *** will **** *, *, ** ** cameras. *** ***** *** **** ********* in ******. *** **** *** *********** have ** **** ***** ******.

Larger ***** ******* ****** * **** ** ****** ***** **********

***** *** ***-**** ******* ** *** physical ******** ***** *** ******** ** their **** **********, ***** ******-***** ********* have ******** **** ****** ***** **********, Cetingok **** ****:

*****, ***** ***, *** *******, *** so ****. **** *** ******** ** their **** ********** *** *** ***** really, ****** ****. **** **** *** had ** ** ** **** *********.

*** ** *** ****** *****, [***] more **********, **** ********** ********* [***] doing **** **** ** ****** ***** monitoring *******.

******** ******* **********'* *********** ** ********** ** ******* ** ****** ******* entering *** ***** *** ******** *** there *** ******** **** ** ** remote ***** **********:

** *** **** ** *** ****** players ** *** ******, * ***** be ********* **** **** ** *** have **** ********** ** ****** ***** monitoring ***** *******. ********** **** **** the ********'* ** *** ***** [*** entering **** *****].

****** ******** ** *********** *** **** ***. ******** ** a ******* ***** ********** *******, *** an ****** ***, ** ** ** less ***** ********* ********** [****] ***** business ******* ************.

[********] ** * ***** ********** ********. There *** ********* **** ** ***** video **********. **** ** ** ********* element ** ******* ** *** ******* process.

** ****,******** **** $*** *******, ******* **** times ********'***** ****** $** ******* ***.

**** ***** ******* *** ****** ** make *********** ** *** *****, ******** said:

[***] ********, * ***** ***, **** were *** ** **, * ***** ago, **** **** *** ** **, and ***** **** ***. * ***** fully ****** *** *** ***** ******* to **** * **** **** **** to **** ******* *********** ** *** segment.

**** *** **** ****** ** ** so *** *********** **** ******** **** scratch, ********* ** ********:

***** *** ****** ******* ** *** market *****, ******* **** *** ****** players *** ** **** **** ** get **, ** ** **** *** smaller ******* *** **** **** ** get ** * ******* *** *** maybe ******* *** ********** *** **** drive ** ** ***** *** ******** base.

***** *** ****** **** *** **** to ******* ** *** ******. * do *** ***** ***** ** **** of * ******** ** ** **** between *** *** *****. [*&*] ** probably ***** ** ** *** ***** that **** ** *** ****** ************* [take]. **** ** ***** **** ** own ****** ************* *** ******** ****** presumptions **** * ** ******.

Barriers ** ****** - ************ ***** & ******* ******** *****

***** ***** *** *** ************* ** shifting **** ****** *****-******* ************* **** from ***** ******** *** ** **********, technology *********** *** ***** ** ****** risks ** ************ **** ****** ***** monitoring ********** **** ** *****, ******** said:

*****, * *** ** ************* ***** have * ***** ******* ***** ** a ****** ***** ***** ********* ** terms ** *** ****** ********** **** goes **. ** **** *****, ************* have ***** ** ****** **** *** doing **********. ***** ** * *** movement ***** ***** *** ** *********** machine ********/ ** **** **** *** that ** ***** ** ** * game *******.

*** *******, ** ** *** ***** yet. ** ** *** ***** ** completely ***** ** **** ********* ***. Because *** ********** *********** *** *** reached **** *****. * ***** *** continued ********** ** *** **** ** the ******* ****** *** **** *****. But ** *** ***** ***** ****, there ** ***** ** ** ****. In ***** ** ***** **, ** [one] ****** ****** ********** ** *** back-end **********, ***** ********* *** ***** to ****** *********** ** ****** ** the ******. * ***** ***** *** some ********** ***** ** ***** ** obsolescence.

***** ***** **** *** **** ******* technology ********** *****, ***** ******** ** the ****** ***** ********** ****** *** not ****. *** *** *********** *** lies ** ********* *** ********* **** fit ******** *****, ******** **** ****:

* ** *** *** *** ********** to **** **********/ ********** *****. ** is *** ** ****** ***** *** very **** ******** ** ***** ** this ****** ******* **** ** ***** businesses *** ***********-******** [**********]. **** *** not ******** **** ********** ** *********** technology. **** **** *****-***** ************, *** them *** ********, *** ****** * solution **** ******** ***** ** *** and ******** ***** *****.

*** *** ******** **** ** ***** to ** [** ** *** **] sustainable ** * ******* ** ********* ways, *** **** ********** ****-***** ******, but *** ***** **** *** ***** applications, ** ****.

***** *** ******** ** ***** **** are ***** ** ****** ***********, *** I ***** **'* **** ** **** being **** ** **** ** **** the ******* ** *** ********* [****] the ***** ** ************ **** ***** [companies] *** **********.

Selling ****** *** ** ********* ****** ***************

******* ******* ************** ** *** ****** video ********** ****** ** **** **** larger ********* **** ******** ******* *******-***** dealers **** *** ** **** *** to **** ***** ***** ** ********:

** *** *** *** ** *** traditional ******* **** ********** ******* **** on ***** **********, [***] *** *** going ** **** *** **********. *** are *** ***** ** ** *** a ****** *****, *** *******. *** are ******** ** * ***** ******* in **** ****.

*********-****, *** ****** *******, *** *** most ****, **** **** ******. ******* this ** ***, ******* *** *********** do *** **** *** ** **** or **** *** **** **** [**** of ********].

** ** *** *** [*** ****** monitoring ********* ****] *** ** **** upon ********** ** ******* ** ******* on * ***** ***** ** **** them.

******** ******* ********** *** *** ****** video ********** ****** *** ********* *************** and ********** ******** **** *** ******* physical ******** ******** ****** *** *********** are ******** ****:

***** ** * *** ** * difference ** [****** ***** **********] ****** from *** ******** ****** **** [*******] are **********. ************** ** ***** ** behave ***********. ** *** ** ********* in ***** ** *** ********** *******, in ***** ** ***** **********.

*** ***** ** ******** ******** ** the ******** ** ****** **** ********** capability ** ********* ***** **** *** scrutinizing **** ********* *** ***** ** be *** **** **** ** *********** [it **]; ** *** [***] ********** some *** ********** *****, *** *******, that ** [***** ** **] * different *********** **** ********** [*] ******* car **********.

**** ** ********* *** ******** ** the ****** ***** ********** ******.