SuperCom Ltd. (NASDAQ: SPCB) Makes New Inroads wit
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Posted On: 09/26/2024 4:18:12 PM
SuperCom Ltd. (NASDAQ: SPCB) Makes New Inroads with Monitoring Technology Contract Win in NY
- Israel-based security technology solutions company SuperCom Ltd. specializes in providing electronic monitoring (“EM”) technology and services to law enforcement and criminal justice agencies to provide them lower-cost alternatives to incarceration for low-risk offenders and other monitored individuals, such as domestic violence suspects
- SuperCom recently reported a contract win in a New York county it has not served previously, marking the latest evidence of product and service placement growth in the United States and Europe, including recent contracts in New York, Maryland, and West Virginia
- The company anticipates that fulfillment of the contract may lead to additional contract opportunities in neighboring communities not currently served by SuperCom
- Market analysts anticipate that the EM market sector will grow at a CAGR of 7.2 percent between now and 2028 to achieve a combined value of $2.3 billion in North America, Europe, and Latin America
As the market for electronic monitoring (“EM”) products and services grows within the public safety technology sector, EM technology innovator SuperCom (NASDAQ: SPCB) is experiencing increasing contract wins both in the U.S. and Europe.
SuperCom’s latest new contract announcement involves service to an undisclosed New York county government agency seeking the company’s advanced electronic monitoring solutions for more reliable public safety. It’s SuperCom’s first time providing service to that county. “We have been actively executing our strategy to expand our footprint within the US market, targeting key regions where our advanced electronic monitoring solutions can provide substantial value to government clients,” SuperCom President and CEO Ordan Trabelsi stated in a Sept. 18 news release (https://nnw.fm/cgzbY ). “Given the nature of our industry, once we enter a new region with a first contract, it becomes easier to secure additional new ones in areas close by.”
Analysts at research agency Markets and Markets predict the global public safety and security market will grow from $520.8 billion this year to $878.2 billion within the next five years at a CAGR of 11 percent, driven by threats such as crime and terrorism (https://nnw.fm/B43wa ).
Earlier this year, digital magazine The AI Journal reported on Research and Markets’ more specific sector forecast — EM market growth from $226 million in Europe, $1.3 billion in North America, and $76 million in Latin America to a combined value of $2.3 billion by 2028 at a CAGR of 7.2 percent (https://nnw.fm/o2ak3 ).
That report notes that the average daily caseload of monitored individuals in Europe, North America, and Latin America amounted to about 64,000, 518,000, and 130,000, respectively, last year and are expected to increase to 94,000 in Europe, 680,000 in North America and 239,000 in Latin America by 2028.
SuperCom’s PureSecurity suite is a comprehensive public safety solution that leverages advanced 21st-century technology to monitor the movements of convicted criminals, suspects, and drug treatment participants, tailored to the needs of the company’s clients.
The EM solution allows individuals considered low-risk to society to be reintroduced to normal societal situations, such as work and family interactions, while also allowing criminal justice officers the flexibility of seeking lower-cost solutions than incarceration where appropriate.
EM solutions have also been shown to help reduce recidivism and, through renewed social interactions, to increase positive behaviors.
“Our calculations suggest that the social benefits stemming from EM are about seven times larger than the fiscal savings associated with reduced prison expenditures, implying that the welfare gains from EM could be much greater than previously acknowledged,” research analysis published by the Journal of Public Economics earlier this year states (https://nnw.fm/TYO4Y ).
For more information, visit the company’s website at www.SuperCom.com.
NOTE TO INVESTORS: The latest news and updates relating to SPCB are available in the company’s newsroom at https://nnw.fm/SPCB
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
- Israel-based security technology solutions company SuperCom Ltd. specializes in providing electronic monitoring (“EM”) technology and services to law enforcement and criminal justice agencies to provide them lower-cost alternatives to incarceration for low-risk offenders and other monitored individuals, such as domestic violence suspects
- SuperCom recently reported a contract win in a New York county it has not served previously, marking the latest evidence of product and service placement growth in the United States and Europe, including recent contracts in New York, Maryland, and West Virginia
- The company anticipates that fulfillment of the contract may lead to additional contract opportunities in neighboring communities not currently served by SuperCom
- Market analysts anticipate that the EM market sector will grow at a CAGR of 7.2 percent between now and 2028 to achieve a combined value of $2.3 billion in North America, Europe, and Latin America
As the market for electronic monitoring (“EM”) products and services grows within the public safety technology sector, EM technology innovator SuperCom (NASDAQ: SPCB) is experiencing increasing contract wins both in the U.S. and Europe.
SuperCom’s latest new contract announcement involves service to an undisclosed New York county government agency seeking the company’s advanced electronic monitoring solutions for more reliable public safety. It’s SuperCom’s first time providing service to that county. “We have been actively executing our strategy to expand our footprint within the US market, targeting key regions where our advanced electronic monitoring solutions can provide substantial value to government clients,” SuperCom President and CEO Ordan Trabelsi stated in a Sept. 18 news release (https://nnw.fm/cgzbY ). “Given the nature of our industry, once we enter a new region with a first contract, it becomes easier to secure additional new ones in areas close by.”
Analysts at research agency Markets and Markets predict the global public safety and security market will grow from $520.8 billion this year to $878.2 billion within the next five years at a CAGR of 11 percent, driven by threats such as crime and terrorism (https://nnw.fm/B43wa ).
Earlier this year, digital magazine The AI Journal reported on Research and Markets’ more specific sector forecast — EM market growth from $226 million in Europe, $1.3 billion in North America, and $76 million in Latin America to a combined value of $2.3 billion by 2028 at a CAGR of 7.2 percent (https://nnw.fm/o2ak3 ).
That report notes that the average daily caseload of monitored individuals in Europe, North America, and Latin America amounted to about 64,000, 518,000, and 130,000, respectively, last year and are expected to increase to 94,000 in Europe, 680,000 in North America and 239,000 in Latin America by 2028.
SuperCom’s PureSecurity suite is a comprehensive public safety solution that leverages advanced 21st-century technology to monitor the movements of convicted criminals, suspects, and drug treatment participants, tailored to the needs of the company’s clients.
The EM solution allows individuals considered low-risk to society to be reintroduced to normal societal situations, such as work and family interactions, while also allowing criminal justice officers the flexibility of seeking lower-cost solutions than incarceration where appropriate.
EM solutions have also been shown to help reduce recidivism and, through renewed social interactions, to increase positive behaviors.
“Our calculations suggest that the social benefits stemming from EM are about seven times larger than the fiscal savings associated with reduced prison expenditures, implying that the welfare gains from EM could be much greater than previously acknowledged,” research analysis published by the Journal of Public Economics earlier this year states (https://nnw.fm/TYO4Y ).
For more information, visit the company’s website at www.SuperCom.com.
NOTE TO INVESTORS: The latest news and updates relating to SPCB are available in the company’s newsroom at https://nnw.fm/SPCB
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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