Despite the challenges resulting from the COVID-19 pandemic, nearly four in five video security systems-related businesses reported growth in the past 12 months, according to a 23-nation survey conducted by Calipsa, the market renowned provider of Deep Learning-powered video analytics. Slightly less than half of the businesses reported growth in a 2020 report.
Calipsa 2021 Video Monitoring Report
The Calipsa 2021 Video Monitoring Report is a look inside the industry and its biggest trends. The second annual report was released, as part of the recent Calipsa Masterclass 2021, a virtual event presenting interactive workshops aimed at members of the video security systems industry.
Small security businesses appear to be thriving the most, as this year, 79% reported client growth, compared to 59% last year. Respondents from all sectors reported average revenue growth of nearly 34%, in the past 12 months, up 4% over the 2020 results.
Yet, despite overall growth in both revenue and clients, more than six in ten businesses surveyed in 2021, down from 79% in 2020, found operating in the past 12 months to be difficult, as many switched to fully remote set ups and others operated under new health guidelines, in the second year of the worldwide COVID-19 pandemic.
Difficulty in hiring qualified employees
The 2021 report also showed a new international trend – difficulties in hiring qualified employees
The 2021 report also showed a new international trend – difficulties in hiring qualified employees. More than a third of businesses reported hiring qualified staff, as their major challenge.
Based on survey responses, there are several reasons why most respondents succeeded in a difficult business climate, increased demand for their services, adaptability to challenging circumstances, and a willingness to adopt new technologies.
Companies adopting new technologies faster
Almost three-quarters of respondents agreed that the COVID-19 pandemic pushed companies to adopt technology faster than they would normally. More than half (57%) of businesses surveyed said they are regular adopters of new technology and invest in it often.
“Overall, the businesses we surveyed have adapted well to a changing working environment and it appears that technology has played a significant role in enabling them to adapt quickly,” said Brian Baker, the Chief Revenue Officer (CRO), Calipsa.
Targeted use of technology
Brian Baker adds, “With operational changes and a targeted use of technology, it seems likely that our respondents will continue to farewell, as we approach 2022.”
About half of the 2021 survey respondents came from video monitoring stations, 21% were video security systems integrators and distributors, and the rest came from camera manufacturers, manned guarding operators, and other industry providers.