The latest Security Industry Association (SIA) Security Market Index has found that four out of five security leaders surveyed have a positive view of the sector’s current condition.
The SIA Security Market Index, sponsored by Wesco, is a bimonthly measure of industry confidence that surveys a select group of security professionals regarding their business’ current and expected state and activity.
Nearly half of respondents — 48 percent — described the current conditions of their companies as good, while another 32 percent characterized conditions as excellent. Looking forward, 83 percent of industry professionals surveyed anticipate growth during the upcoming quarter, with 64 percent saying conditions will get a little better during the next three months and 19 percent expecting them to get much better.
While sentiments about the industry are positive, concerns about the overall economy may be dampening some enthusiasm. The SIA Security Market Index’s overall measure dipped a few points — from 61 two months ago to 56 now — with one respondent commenting that there is “lots of angst in the market which is causing some slowness in [the] sales pipeline.” The Index reading over 50, though, still indicates that the industry is growing.
The most recent survey also asked respondents to identify the vertical markets that have the greatest potential for growth during the next few years, with multiple answers permitted. The top responses were government (47 percent of respondents), health care (40 percent), K-12 (40 percent) and utilities (39 percent).
The report can be accessed here.