Report: Video Security Businesses Saw Growth in 2021 Despite Labor Shortage
In spite of difficulties in hiring qualified employees, 79% of small security businesses reported client growth, compared to 59% last year.
ASHBURN, Va. — Despite the challenges resulting from the COVID-19 pandemic, nearly four in five video security systems-related businesses reported growth in the past 12 months, according to a 23-nation survey conducted by Calipsa, a provider of deep learning-powered video analytics. Slightly less than half of businesses reported growth in a 2020 report.
The Calipsa 2021 Video Monitoring Report is a look inside the industry and its biggest trends. The second annual report was released as part of the recent Calipsa Masterclass, a virtual event presenting interactive workshops aimed at members of the video security systems industry.
Small security businesses appear to be thriving the most, as this year 79% reported client growth, compared to 59% last year. Respondents from all sectors reported average revenue growth of nearly 34% in the past 12 months, up 4% over the 2020 results.
Yet, despite overall growth in both revenue and clients, more than six in 10 businesses surveyed in 2021 – down from 79% in 2020 – found operating in the past 12 months to be difficult as many switched to fully remote set-ups and others operated under new health guidelines in the second year of the worldwide pandemic.
The 2021 report also showed a new international trend — difficulties in hiring qualified employees. More than a third of businesses reported hiring qualified staff as their major challenge.
Based on survey responses, there are a several reasons why most respondents succeeded in a difficult business climate: increased demand for their services, adaptability to challenging circumstances and a willingness to adopt new technologies.
Almost three quarters of respondents agreed that COVID-19 pushed companies to adopt technology faster than they would normally. More than half (57%) of businesses surveyed said they are regular adopters of new technology and invest in it often.
“Overall, the businesses we surveyed have adapted well to a changed working environment — and it appears that technology has played a significant role in enabling them to adapt quickly,” says Brian Baker, chief revenue officer, Calipsa. “With operational changes and a targeted use of technology, it seems likely that our respondents will continue to fare well as we approach 2022.”
About half of the 2021 survey respondents came from video monitoring stations, 21% were video security systems integrators and distributors and the rest came from camera manufacturers, manned guarding operators and other industry providers.
Click here to view the entire 2021 Calipsa Video Monitoring Report. Registration is required.
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