This month’s “New Products” issue features nine pages (starting on page 24) of new products from the top companies in security today. You can also find 22 company profiles (starting on page 48), which provide a closer look at what each of these companies is focusing on, in addition to getting better acquainted with the products and services each offers.
For me personally, it is nice to see so much activity on the technology and product side of things, as that was the theme at the SHDA conference earlier this year, where I met with nearly 40 manufacturers over three days. Many were excited to be showing off new products again, with more on the way, which we are seeing the fruit of now in the pages of this issue.
Another common theme among manufacturers at SHDA when asked about 2023, was that their project pipelines were full, with business getting back to pre-pandemic levels. That was good to hear, as it seems despite some uncertainty in the current U.S. economy, the security industry continues to show positive signs of growth and a strong business climate for Q3 and beyond.
The latest Security Industry Association (SIA) Security Market Index survey gives even more reason to be hopeful. For example, The Security Market Index found that 77% of the survey pool – which comprises industry leaders who represent a cross section of SIA membership – describe conditions at their company as “excellent” or “good,” with 34% reporting the highest rating. A similar number – 78% – said they expect conditions to improve during the next three months, with 22% saying they will get “much better” and 56% predicting conditions would get “a little better.”
Some respondents commented on growth at their companies, with one saying, “We have more projects in the first quarter than any other prior year” and another observing that, “Customers are starting to spend and investigate more tech spending.”
Ron Hawkins, director of industry relations, noted that more than three-fourths of respondents were bullish on the current state of business, and for Q3. “When asked, ‘what are current conditions at your company right now?’ more than three-fourths said either good or excellent,” said Hawkins. “When asked, ‘what do expect conditions to be in the next three months?’ more than three quarters said much better or a little better.”
In the SIA survey, one respondent summed up the influence of uncertain economic conditions, noting that conflicting factors make predictions difficult, since there is “continued strong demand for all types of security services/solutions [but] inflationary pressures, reductions in capital spending and availability of qualified labor are headwinds we expect to grow stronger in the second half of the year.”
And speaking of the U.S. economy, The Federal Reserve paused another interest rate increase in June, the first time doing so in more than a year, although there is speculation that rates will rise more in 2023. Stay tuned!