Calipsa study indicates growth for video monitoring and related companies
According to a report published by video analytics firm Calipsa, about four in five video security systems-related businesses reported growth in the past 12 months — an improvement over last year when less than half of businesses reported growth.
Calipsa’s second annual Video Monitoring Report was released as part of the recent Calipsa Masterclass, a virtual event presenting interactive workshops aimed at members of the video security systems industry.
According to the report, 79% of small security businesses reported client growth compared to 59% last year. Respondents from all sectors reported average revenue growth of nearly 34% in the past 12 months, up 4% over the 2020 results.
Despite overall growth in both revenue and clients, more than six in ten businesses surveyed in 2021 –down from 79% in 2020 – found operating in the past 12 months to be difficult as many switched to fully remote set ups and others operated under new health guidelines in the second year of the pandemic.
The 2021 report also indicates that more than a third of businesses had difficulty hiring qualified employees.
According to Calipsa, the report suggests three reasons why respondents are succeeding this year compared to last: increased demand for their services, adaptability to challenging circumstances and a willingness to adopt new technologies. More than half (57%) of businesses surveyed said they are regular adopters of new technology and invest in it often.
“Overall, the businesses we surveyed have adapted well to a changed working environment, and it appears that technology has played a significant role in enabling them to adapt quickly,” said Brian Baker, chief revenue officer, Calipsa, in a statement. “With operational changes and a targeted use of technology, it seems likely that our respondents will continue to fare well as we approach 2022.”
Approximately half of the 2021 survey respondents came from video monitoring stations, 21% were video security systems integrators and distributors and the rest came from camera manufacturers, manned guarding operators and other industry providers. Twenty-three nations participated in the survey.
More details are available in the report.