SIA research indicates growing confidence in security industry

SILVER SPRING, Md. – Confidence is increasing in the security industry according to a survey conducted by the Security Industry Association (SIA).

SIA revealed that nearly eight in 10 respondents to its July-August 2023 SIA Security Market Index survey offered a positive assessment of business conditions. Additionally, one-fourth of survey participants said that current conditions are “excellent,” and another 53% described them as “good,” and in a forecast of the next three months, 86% of respondents foresaw growth, with 28% saying things will get “much better” and 58% expecting that they will get “a little better.”

SIA said this upturn in confidence marks an 8% increase from the number expecting short-term growth in its May-June survey. The index itself increased from 49 two months ago to its current 57, and is calculated based on responses to multiple survey questions.

“We are excited to see the growing optimism in the security industry as we prepare for Securing New Ground, ISC East and other events,” SIA Chair James Rothstein said. “The year started off strong with a great ISC West, and the industry is now poised to accelerate through Q3 and into Q4.”

The survey also asked about the “biggest challenges” currently facing businesses, with multiple responses allowed. The resulting responses showed:

• “Inflationary pressures” and “Meeting labor needs/workforce development” - 39%
• “Uncertain economic conditions” - 35%
• “Increased cost of capital” - 30%.
• “Tariffs/trade restrictions” - 2%

The SIA Security Market uses a bimonthly survey of a select group of security leaders in SIA’s membership. You can read the full July-August index report online at www.securityindustry.org.