Expectations in the security industry are running high, according to the latest Security Industry Association (SIA) September-October Security Market Index survey of security industry pioneers.
When asked about their forecasts for the next three months, 78% of survey participants projected growth, with one out of five expecting things to get “much better” and 58% saying they are likely to get “a little better.”
Security Market Index
The survey was conducted before the Federal Reserve announced that it would reduce interest rates by a half-point. As for current conditions, 71% of survey participants had a positive outlook, including 28% who said that current business conditions are “excellent” and 43% who described them as “good.” Among just integrators, 88% characterised conditions as better than average.
The September-October Security Market Index, a measure of industry confidence that is calculated using a proprietary formula based on three-month projections related to five key business components, increased seven points – the largest jump in more than a year – from two months earlier to 55. That is two points above the 12-month average of 53.
Resilience of the security industry
“This month’s results show the resilience of the security industry,” SIA Board of Directors Chair Scott Dunn of Axis Communications said.
“Even amid challenging economic conditions and uncertainty caused by political strife, manufacturers and integrators continue to grow and prosper.”