Security Industry Growth During the Pandemic

In the past year since COVID-19 afflicted the world, the security industry has still continued to grow, although at a slightly slower pace than previous years. The effects of COVID-19 have demanded more security around the world in hospitals, schools, landmarks, stores, etc. in response to the health needs of the general public. While the need for more security officers has continued to grow this year, so has the interest in cyber-security technology, video surveillance, analytics, and home security purchases. 

Before COVID-19 hit, the security industry was steadily growing at a pace of close to 10% over a period of 10 years. However, post-COVID-19, the industry growth rate has leveled out to 3-5% every year. This will greatly benefit the security industry long-term in the years ahead.

Growth and percentages aside, COVID-19 has caused a major shift in different types of security. With quarantine and social-distancing rules in place, businesses and facilities have had to close their doors or start working from home. This caused an unexpected rise in interest in technologies and digital security. Now, because of social distancing and contact(less) rules, businesses are looking for ways to meet the requirements necessary to stay open and meet the health needs of the public: temperature detection devices, distancing measurement analytics, mask recognition analytics, touchless access confirmation, facial recognition vendors, etc. 

While some facets of the security industry are naturally in decline because of the pandemic, one large piece of the industry is in a steady uphill climb and has been able to change how businesses are now run. 2021 will see a lot of changes and continued resiliency in the security market. Perhaps we will see some permanent changes in 2021 to how businesses are run and keeping people safe around the world.