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Security industry forecast strong for 2024 according to latest SIA report

According to the results of the latest Security Market Index from the Security Industry Association (SIA), the industry is forecasting a strong 2024.

The SIA Security Market Index is a bimonthly measure of confidence that is based on a survey of security industry leaders.

The November-December edition of the index asked respondents how they are expecting their businesses to perform next year. Almost 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.

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.”

Some concerns noted by participants include the state of 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. SIA noted that ISC East attendance was up this year, with an increase of 25% over the 2022 conference.

“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,” said SIA board of directors chair James Rothstein in a statement. “We are excited to work with our members to continue to advance the industry in the coming year.”