Industry Confidence Remains High in SIA’s Year-End Research Report

Over 85% See Positive Business Conditions According to Latest SIA Security Market Index

SILVER SPRING, Md. — 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.

About the Security Industry Association

SIA is the leading trade association for global security solution providers, with over 1,400 innovative member companies representing thousands of security leaders and experts who shape the future of the security industry. SIA protects and advances its members’ interests by advocating pro-industry policies and legislation at the federal and state levels, creating open industry standards that enable integration, advancing industry professionalism through education and training, opening global market opportunities, and collaborating with other like-minded organizations. As the premier sponsor of ISC Events expos and conferences, SIA ensures its members have access to top-level buyers and influencers, as well as unparalleled learning and network opportunities. SIA also enhances the position of its members in the security marketplace through SIA GovSummit, which brings together private industry with government decision makers, and Securing New Ground, the security industry’s top executive conference for peer-to-peer networking.