Omdia: 84% of leading CSOs stated that their 2023 physical security budget will be the same or higher than their 2022 budget

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Jun 07, 2023, 10:00 ET

LONDON, June 7, 2023 /PRNewswire/ -- New research from Omdia has found that 84% of the International Security Management Association (ISMA) members stated that their 2023 physical security budget will be the same or higher than their 2022 budget. This percentage increased to 90% when only Chief Security Officers (CSOs) working for companies with a turnover of over $20 billion (USD) were included. The findings are part of an Omdia research report titled "Chief Security Officer (CSO) Insights".

Omdia has partnered with the ISMA to provide unique insights into the opinions of currently practicing CSOs. ISMA is a global not-for-profit organization that brings together senior security executives to share knowledge, best practices, and experiences in the field of corporate security management. The report provides insight from 163 ISMA members.

Niall Jenkins, Principal Consultant at Omdia, commented, "The general increase in 2023 budgets is a positive story for the physical security industry. Furthermore, security equipment vendors and systems integrators in the enterprise market can feel confident in the medium-term outlook. 14% of leading CSOs stated they expect their video surveillance budget to increase by more than 20% over the next three years. Physical access control budgets are expected to increase at a slightly lower rate over this time frame."

The report also explored the main reasons driving budget change across different physical security solutions. Budget change for drones, and other new security solutions, were predominantly driven by the emergence of new technology, while 40% of CSOs stated that perimeter security budget is directly impacted by an update in their threat or risk assessment. Normal replacement cycles, pricing, and changes in the security footprint remain important drivers of security budget change for CSOs.

The Chief Security Officer (CSO) Insights research covers the following topics across three chapters:

Physical security budgets
Security priorities, drivers & decision makers
Physical security technology

To download the first chapter of the Chief Security Officer (CSO) Insights report, please click here.

ABOUT OMDIA

Omdia, part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Contact - Fasiha Khan [email protected]

SOURCE Omdia