During 2012, the search and navigation manufacturing sector continued to see growth.
In order to succeed in 2013, the industry must get better at managing its many business challenges. This includes their dependence on federal budgets and their ability to continue to develop new products at a rapid pace.
Acquiring and retaining talent and managing intellectual property risks will be increasingly important in 2013. With the erosion of the GPS market, M&As are likely to be an avenue to help firms lower their manufacturing costs and expand their engineering services and quality. The market is well positioned to support export business, while businesses seek new ways to use the technology.
The firms that can take the flip side of “risk” and turn it into “opportunity” are those that can make the most of developing a strong international strategy and create a robust platform for innovation.
TechAssure members know that a successful insurance and risk management program addresses general business risks as well as risks associated with your industry and risks specific to your company.
Give a TechAssure member a call to find out more about our insurance products and risk management solutions.