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| 2021 Security Industry Forecast: Expectations, Challenges & Opportunities |
| 2021.01.19 |
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Like a sporting event in which the absence of star players makes it foolhardy to predict the outcome, in the face of an ongoing pandemic where it comes to projecting the fortunes of the electronic security industry — all bets are off.
Just a year ago, experts could hardly have been more bullish on the future as we embarked on a new decade. However, due to the COVID-19 outbreak, the socioeconomic situation soon took a historic turn for the worst and although there are hopeful recovery signs, many variables and unknowns persist.
The best we can all hope for is progress in eliminating the virus, a comprehensive resumption of life and business as usual, and a security industry windfall from pent-up interest, need, budgeting, requisitioning and spending.
There’s no doubt security businesses emerging on the other side of 2020’s trials will be the better for it, and ready to take on the broad range of opportunities, challenges and other matters before the industry.
Particularly considering how essential its solutions are in helping assure safety, security remains one of the best trades in which to do business. That outlook shines through the experienced Security Industry Forecast, with more than two dozen authorities and analysts from throughout the channel offering perspectives and insights.
A:Our view on technology from the critical infrastructure position has been laser-focused in providing digital key technology, in order to provide a digital bridge to customers.
Along with integration solutions, the customer is now requiring platforms to make sure security is not compromised and offers a complete top-to-bottom solution.
B:We see data becoming ever more important and interwoven in the operation of smart homes and businesses, creating a challenge in interoperability and the ability for all data sources to play well together — thus optimizing the homeowner’s experience.
Within the commercial space, there is greater need for remote operating systems and nonhuman engaged systems that allow for transfer of payment and goods, limiting direct contact and reducing COVID exposure.
C:Pros and homeowners alike crave products and services that make smart home security and home automation easy to use and capable of providing seamless support for an ever-growing ecosystem of smart devices. Feedback from our partners tells us that product differentiation matters and the ability to distinguish their businesses matter.
This is the case not just among the panels and same interactive service providers everyone sells, but also where it comes to the experiences and conveniences DIY products can provide.
D:For manufacturing, and especially for supply chains and distributors, there will be opportunities to upgrade and expand as companies work to streamline operations and logistics while seeking to protect employees. With lower budgets across most markets, investments will have to be smart and seen as futureproof.
E:Although I expect smart home business to persevere, I image it will be challenging to achieve projected growth for this area. With unemployment and tightening of budgets, there may be higher attrition than in previous years and a stall in new growth.
Other markets like government, education and healthcare will see new and expanded opportunities due to the great changes in the way we are living. Examples like enhanced access control with thermal imaging and other sophisticated technologies will continue to grow as the need will remain.
F:The most significant changes will arise from companies’search for new ways to stay connected with their customer base and engage new prospects.Different means of communication, selling, maintenance and service will evolve to sustain retention.
We have already seen an increase in demand for video monitoring. Financial stability could prove challenging for both the residential and commercial markets.
Record and sustained unemployment may impact consumers’ decision to continue or initiate security services. Likewise businesses, especially SMBs, have struggled due to the pandemic. However, that situation has also created opportunities never before considered.
G:The big gap we still have is cybersecurity expertise, a problem that exists not only in the field but also at the heart of the industry.
Dealers and integrators are installing IoT devices on customers’ networks, which are endpoints that can be attacked.
Our workforce has to be diligent about cybersecurity and we need to have training and cybersecurity certifications to help show customers our people can be trusted.
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