One thing the security industry has proven over the years, whether it’s a recession, a pandemic, or supply chain issues, is its ability to withstand unexpected challenges and emerge stronger, as it evolves and pivots to meet the ever-changing needs of those they serve. Security professionals, as we all know, continue to be a critically important backbone for the safety and well-being of so many, from physical security around the door to cybersecurity around the logical and IT side of the house.
As we go through responses to our State of the Industry (SOI) survey, and work on the overall SOI Report, which will appear in our November issue, we are excited to see what kind of year locksmiths are having and how it compares to last year – as well as get some insight into their future projections – especially with this being an election year. The SOI survey, along with our National Average Price Survey help us here at Locksmith Ledger to provide invaluable insight for locksmiths to improve their business. For example, in this year’s National Average Price Survey (results on page 20), we see the cost of doing business is going up for locksmiths in many areas, causing them to have to raise their prices accordingly. “The biggest thing is the rise in the cost of hardware,” said one respondent.
Looking at the overall security industry business landscape, news is mostly positive, according to the latest Security Industry Association (SIA) Security Market Index (SMI), which measures security industry executives’ current status and future expectations while closely examining six key business measures.
When asked how they would rate current business conditions for their companies, 74% of survey participants had a bullish outlook, with 22 percent saying business conditions are “excellent” and 52 percent saying they are “good,” SIA noted. “The security industry continues to grow and expand its offerings and become even more integrated into the overall tech ecosystem,” said SIA Board Chairman Scott Dunn.
SIA also found that about five out of six security leaders reported at this year’s midway point that their companies are doing as well or better than expected in 2024. While 40 percent said they are meeting projections this year, 43 percent said they are exceeding them, including 11 percent who said their firms are doing “significantly better than expected.”
Here is a closer look at the findings:
· Significantly better than expected – 11%
· Better than expected – 32%
· About as expected – 40%
· Worse than expected – 18%
· Significantly worse than expected – 0
Looking at the economy big picture, as expected with the election so close, there is uncertainty among some in the industry, but nothing that security professionals can’t overcome. The industry’s ability to evolve so quickly during the most trying times is a testament to its collective talent, innovation and resiliency.
