Commercial Integrator + Security Sales Jan/Feb 2024 - 42

SSI
INDUSTRY FORECAST: 2024 SECURITY PREDICTIONS
security market is getting ready to
explode.
Hall: The fast-growing MDU market
presents an excellent opportunity
for security businesses in 2024, with a
projected increase in MDU construction
deliveries and ample demand for technology
integrations.
James: SLED (state, local and education),
with an emphasis on education,
and healthcare will likely be the verticals
least affected by the rising interest rates
and geopolitical challenges.
Jennifer Kent, vice president
of research at Parks Associates:
SMBs represent a
growth area for
security dealers
who face increasing
competition
from DIY security
systems and standalone
security devices
like network cameras and video
doorbells.
Kohl: The data center market continues
to expand, and these are high-impact
projects for our industry because they
typically require a variety of high-quality
security systems - not only video and
access control but [also] intrusion detection
and layers of perimeter security
solutions from fencing and barriers to
sensors at the perimeters.
We will also continue to see growth in
the utility sector, [and] the school security
market will continue to be strong due to
new and expanded funding sources and
because of the overall awareness that has
been raised.
Loud: The SMB vertical market stands
as a goldmine for security businesses.
This sector's dynamism lies in its need
for comprehensive security solutions,
fueled by an increased awareness of
cyberthreats, data breaches and
physical security risks.
MacDowell: K-12
and colleges will continue
to be a strong
focus in 2024.
Nemerofsky: I see an
increase in four particular
sectors: critical infrastructure, corporate
campuses, distribution and high
technology.
Niles: In general, the commercial
market appears to be more dynamic
compared to previous years.
Reynolds: Healthcare, banking and
government stand out.
White: Any sector that is highly reliant
on fire and burglar alarms are prime
areas. This could range from manufacturing
facilities to self-storage companies.
On the business and operations side,
which single factor poses the biggest
challenge for security businesses
right now? How can business owners
mitigate their downside risk?
Barnette: The hidden disease plaguing
most businesses (and our federal government)
is the cost of money.
Carlson: Access to experienced talent
appears to continue to be a challenge for
security businesses right now.
Choate: We see a challenge threatening
the pro install market from SMBs using
DIY or consumer-grade products.
Clark: The biggest challenge for
security businesses on the business
and operations side is the ongoing
turbulence and challenges
in the real estate market.
Cowan: High
interest rates and
the overall growing
cost to do business
are the harsh reality
for security integrators.
Faenza: Talent-related issues most likely
top most security businesses' list.
Giacalone: The guarding industry
population is aging, and our birth rates
are rapidly declining.... This deficit and
challenge are likely factors that will also
fuel the growth of remote video
guarding.
Felix Gonzales, senior
vice president of global
strategy and business
development at
Securitas Technology:
Creating thoughtful
strategies for addressing the
talent pipeline - from on-the-job
training to rethinking recruitment
42 Commercial Integrator+Security Sales & Integration | Jan/Feb 2024
- is going to be key for any security
business to continue to thrive.
Hall: Ongoing global supply chain
disruptions, as seen in various industries,
could impact the availability of security
equipment and components.
Kent: Companies can build consumer
confidence by emphasizing value, reliability
and service quality.
Tom LeBlanc, executive
director of the National Systems
Contractors Association: We see
profitability as a big challenge
for security integrators
in 2024. One thing
that NSCA has
been emphasizing
to integrators
throughout 2023,
and will continue
to emphasize in
2024, is the importance
of empowering financial leadership....
Forward-thinking integrators
understand the value of
benchmarking everything.
Loud: The single biggest challenge
our industry faces [involves] workforce
recruiting and retention.
MacDowell: World economics and high
interest rates will curtail some discretionary
spending, and this will impact
some integrators.... Successful integrators
will offer third-party leasing or payment
options to customers so that businesses
can lease reserve cash.
Nemerofsky: The number one challenge
in our industry by far is workforce
development. Owners can get behind
non-profit associations such as FAST and
take part in National Technician of the
Year Day (Jan. 23).
Niles: The downward trend of the
economy, and inflationary increases
on products and services, presents
a significant challenge for the
security industry. To address
this challenge, it is crucial to
concentrate on core services and
optimize processes.
Aiden O'Brien, executive director
of Foundation for Advancing Security
Talent (FAST): Talent-related issues are
a massive challenge for businesses in the

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