SILVER SPRING, Md. – Confidence is increasing in the security industry, with nearly eight in 10 respondents to the July-August 2023 SIA Security Market Index survey offering a positive assessment of business conditions, according to a Security Industry Association (SIA) announcement.
The SIA Security Market Index tracks industry confidence using a bimonthly survey of a select group of security leaders in SIA’s membership.
One-fourth of survey participants said that current conditions are “excellent,” and another 53% described them as “good,” according to the latest Index. Looking ahead three months, 86% of respondents foresee growth, with 28% saying things will get “much better” and 58% expecting that they will get “a little better,” the Index says.
Combined, this marks an 8% increase from the number expecting short-term growth in the May-June survey, according to the SIA announcement. The index, which is calculated based on responses to multiple survey questions, increased from 49 two months ago to its current 57.
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“We are excited to see the growing optimism in the security industry as we prepare for Securing New Ground, ISC East and other events,” says SIA chairman James Rothstein in the association announcement.
“The year started off strong with a great ISC West, and the industry is now poised to accelerate through Q3 and into Q4,” he says.
The survey also asked about the “biggest challenges” currently facing businesses, with multiple responses allowed. “Inflationary pressures” and “meeting labor needs/workforce development” were both cited by 39% of respondents.
“Uncertain economic conditions” were referenced by 35% and “increased cost of capital” by 30%. Of least concern to respondents were “tariffs/trade restrictions,” which were noted by only 2% of survey participants.
