Security Technology Industry’s Market Confidence Research Report Shows Mixed Messages Regarding the Industry Outlook
Provided to Security Industry Association (SIA) members as a review of current market conditions, the July /August 2022 Security Market Index (SMI) research shows a decreased market confidence at 53, down from 61 in May/June and 72 in March April. An index above 50 indicates that conditions within the industry are largely positive and that security industry professionals are predominantly confident in their business outlooks.
In the July/August research survey, 86% of industry respondents rated current business conditions as “good” or “excellent,” 57% of security professionals reported increases in the number of employees or hours worked and 73% said they believe business conditions will be “much” or “a little” better within the next three months.
Special focuses of SIA’s July/August 2022 SMI include:
- Continued challenges regarding the supply chain and inflation
- Decreased market confidence for the systems integration and video surveillance sectors
- Respondents’ predictions on how their spending will change compared to previous months
- Growing fears of a looming recession, despite low unemployment and robust job growth