Security Industry Forecasting Strong 2024 According to Latest SIA Security Market Index -- Security Today

Security Industry Forecasting Strong 2024 According to Latest SIA Security Market Index

Jan 03, 2024

The security industry is forecasting a strong 2024, according to the results from the latest Security Industry Association (SIA) Security Market Index.

The SIA Security Market Index is a bimonthly measure of confidence that is based on a survey of industry leaders.

The November-December edition of the Index asked how respondents are expecting their businesses to perform next year. Nearly half — 46% — said they are projecting growth of at least 7.5%, and more than three out of five — 61% — anticipate growth of 5% or more.

When asked about current conditions at their company, 85% of respondents described them positively, with 29% saying they are “excellent” and 56% saying they are “good.”

While the security sector is healthy, some survey participants did note concerns about the overall economy and the potential impact of geopolitical crises and budget clashes in Washington, D.C.

The survey was conducted in early November, a few days before ISC East. The expo and conference in New York provided additional signs of robustness in the industry, with attendance increasing 25% over the 2022 level.

“Data from the Security Market Index and from ISC East show that the security industry is ending 2023 the same way it started it – with strong upward momentum,” SIA Board of Directors Chair James Rothstein said. “We are excited to work with our members to continue to advance the industry in the coming year.”

The SIA Security Market Index is supported by Wesco.

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