Security Market Index: September/October 2023 Edition

Confidence in Security Industry Rises Again

Confidence in the security industry is rising again, with the Security Industry Association’s September/October 2023 Security Market Index finding that over 83% of respondents have a positive view of the industry’s current condition.

SIA thanks Wesco for supporting the Security Market Index.

In the latest SMI report, and for the second survey in the row, responses showed an increase in confidence, with the index only slightly below its high point for the past 12 months. Eighty-three percent of respondents rated current business conditions for their companies as “excellent” or “good,” with 27% reporting the highest rating, and 15% saying they were “average.”

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 September/October 2023 SMI include:

• Perspectives on mixed economic indicators and overall industry concerns regarding the economy
• Insights on firms’ efforts to target veterans for recruitment
• The benefits of participating in the Security Industry Compensation Study presented by the Foundation for Advancing Security Talent, SIA, the Electronic Security Association, PSA Security Network and Security Sales & Integration