Industry confidence rises slightly in November/December 2022
Provided to Security Industry Association (SIA) members as a review of current market conditions, the November/December 2022 Security Market Index (SMI) research shows industry confidence increasing to a score of 59, up from at 52, up from 52 in September/October and 53 in July/August. 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 November/December research survey, 87% of industry respondents rated current business conditions as “good” or “excellent,” 65% of security professionals reported increases in the number of employees or hours worked and 70% said they believe business conditions will be “much” or “a little” better within the next three months.
The SMI measures security industry executives’ current status and future expectations through a select survey of SIA members. The Index’s goal is to provide a macro-view of confidence levels in the security industry every two months while closely examining six specific business measures:
- Number of employees or hours worked
- Marketing spending
- Product production or service output
- Capital equipment spending
- R&D spending
- Product or service sales
Special focuses of SIA’s November/December 2022 SMI include:
- Increased market confidence for the video surveillance sector
- Growth in industry outlook for the systems integrator sector
- Forecasts for expansions or contraction in 2023