The security industry appears strong starting off strong, with 84% of respondents in the Security Industry Association (SIA)’s January-February 2024 Security Market Index (SMI) describing conditions at their companies in positive terms.
In the latest SMI report, nearly one in four participants said conditions were “excellent,” while more than three in five said they are good. These numbers are largely unchanged from the November-December 2023 survey.
“We are excited to see the security industry continue to thrive as we all prepare for ISC West in April,” says SIA board of directors chair James Rothstein in the association announcement.
“The new and enhanced products and emerging technologies that we will see at that show and going forward will not only improve safety and security for businesses, organizations and residences, but will also provide an impetus for continued growth,” he says.
More Security Industry Market Insight
The SMI “measures security industry executives’ current status and future expectations through a select survey of SIA members,” according to the association announcement. The index’s goal is “to provide a macro-view of confidence levels in the security industry every two months while closely examining six specific business measures,” the announcement says.
They include:
- Number of employees or hours worked
- Marketing spending
- Product production or service output
- Capital equipment spending
- R&D spending
- Product or service sales
Special focuses of SIA’s January/February 2024 SMI include:
- Insights on the economy growing as the Federal Reserve ponders rate cuts
- Perspectives and opinions on the impact of interest rates on companies’ sales and operations
- Top findings from Complexities in the Global Security Market: 2024 Through 2026, a new definitive market report on the global security industry from SIA and ASIS International
