The Security Industry Association’s (SIA’s) latest Security Market Index has forecasted a strong 2024.

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

Security industry predictions

According to the organization, the November-December edition of the Index asked how respondents are expecting their businesses to perform next year.

Nearly 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.

When 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.”

While the security sector is healthy, some survey participants did note concerns about the overall economy and the potential impact of geopolitical crises and budget clashes in Washington, DC.

“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,” SIA Board of Directors Chair James Rothstein said.

“We are excited to work with our members to continue to advance the industry in the coming year.”