NEW YORK (TheStreet) -- The body camera market is anticipating a massive boost in orders if President Barack Obama's proposal to use federal funds to equip police officers around the nation with the technology is approved.
Taser (TASR) CEO Rick Smith, makers of Axon-branded body cameras and electroshock weapons, told TheStreet that since the shooting in Ferguson, Mo., and the ensuing protests, there has been increased interest by police in body cameras and nonlethal weaponry such as Tasers. Smith said that between the second and third quarter of this year the number of departments working with Taser on test programs has tripled.
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Overall, Taser's body camera business has been growing at 200% to 300% per year, and additional Federal funds should increase this even more, Smith said. The company's Taser stun-gun business is also higher by about 10% to 20% per year, he added.
Taser did $15.3 million in sales between its body camera and Evidence.com cloud video storage service last quarter. However, this figure is just for billed orders. Evidence.com also generates after-sale income, so the final tally will be higher, Smith said. Evicence.com is a content management system allowing police departments to store and access the images captured by the cameras. Taser works with about 1,200 police agencies with one of or both of these products, the company said.
These two businesses helped Taser post third-quarter consolidated revenue that rose 26% year over year to $44.3 million.
The federal and matching funds will also draw many new participants into the body camera business, Smith said, although he is confident that Taser's infrastructure and relationship with departments nationwide will keep his company ahead of the competition.