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.

Featured

  • The Future of Access Control: Cloud-Based Solutions for Safer Workplaces

    Access controls have revolutionized the way we protect our people, assets and operations. Gone are the days of cumbersome keychains and the security liabilities they introduced, but it’s a mistake to think that their evolution has reached its peak. Read Now

  • A Look at AI

    Large language models (LLMs) have taken the world by storm. Within months of OpenAI launching its AI chatbot, ChatGPT, it amassed more than 100 million users, making it the fastest-growing consumer application in history. Read Now

  • First, Do No Harm: Responsibly Applying Artificial Intelligence

    It was 2022 when early LLMs (Large Language Models) brought the term “AI” into mainstream public consciousness and since then, we’ve seen security corporations and integrators attempt to develop their solutions and sales pitches around the biggest tech boom of the 21st century. However, not all “artificial intelligence” is equally suitable for security applications, and it’s essential for end users to remain vigilant in understanding how their solutions are utilizing AI. Read Now

  • Improve Incident Response With Intelligent Cloud Video Surveillance

    Video surveillance is a vital part of business security, helping institutions protect against everyday threats for increased employee, customer, and student safety. However, many outdated surveillance solutions lack the ability to offer immediate insights into critical incidents. This slows down investigations and limits how effectively teams can respond to situations, creating greater risks for the organization. Read Now

  • Security Today Announces 2025 CyberSecured Award Winners

    Security Today is pleased to announce the 2025 CyberSecured Awards winners. Sixteen companies are being recognized this year for their network products and other cybersecurity initiatives that secure our world today. Read Now

Most   Popular

New Products

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.