Looking to move beyond another challenging year, experts give their takes on the good (consumer awareness, interoperability) and the bad (pandemic problems, fuel costs ).
As part of SSI‘s 2022 Security Industry Forecast, we spoke with more than two dozen experts to gain their insights into what 2021 holds for the security industry. Here, 14 of them also share what they believe is better and worse about the industry.
Here’s what they had to say…
Peter Giacalone| Giacalone Associates
GOOD: Consumer awareness and education continue to increase. This leads to a better informed and engaged subscriber while expanding the market to include new channels of educated prospects who may have not considered a system in the past.
BAD: Labor! Companies that increase compensation to buy their way into the market will likely experience margin pressures. To compound matters, supply chain shortages will likely be here for at least another year.
Mitch Reitman | Reitman Group
GOOD: As we emerge from the pandemic people will be frequenting businesses, causing an increased need for commercial systems. Since they will no longer be cooped up at home, there will also be a need for resi-dential systems.
BAD: Wage inflation and the tightening workforce could create havoc for small independents.
Clint Choate | Snap One
GOOD: Interoperability and Cloud services are more reliable. Also, the increased demand for connectivity and cycle of wealth generated the past 12-18 months will have homeowners spending to improve and protect their homes and families.
BAD: Supply chain and inflation. Demand has driven costs up combined with increased costs to produce. With labor shortages, we must pay employees more. These higher costs are then passed on the consumer.
Richard Brent | Louroe
GOOD: The industry is talking to each other more than ever before. We are seeing collaboration that brings new innovative ideas to the table.
BAD: Not having quality and experiential value to lead the industry is a sure way to fall behind. The rise of cheap manufacturing has undoubtedly hurt the industry.
Morgan Hertel | Rapid Response
GOOD: The level of need and awareness of security have never been this high before, if you can focus and apply good customer service it would be hard to fail.
BAD: Pandemic problems; hiring is much harder than before; supply chain woes.
John Mack | Imperial Capital
GOOD: Post-pandemic heightened awareness of security solutions across sectors and interest in premise control solutions. Also, the price of entry is declining, opening opportunities in new segments.
BAD: Supply chain problems can persist longer than expected and even good planning will not be able to mitigate the impact. Inflationary pressure could curb security system upgrades or taper end-user spending.
Aaron Saks | Hanwha
GOOD: Most people now recognize…
Read More: Good News, Bad News: What’s Better and Worse About the Security Industry in