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The Impact of Covid-19 on the security industry
The pandemic has affected the way so many businesses operate, including those within the security sector. Every business has had to adapt to survive during these challenges times, but what is the future outlook for businesses operating in the security industry? The enduring effects of the pandemic are yet to unfold, and as businesses plan their resources for the year ahead, customer insights are a good source of information to be able to do just that.
As an Axis Partner, Farsight wanted to share an enlightening piece of research carried out by Axis Communications, a leading manufacturer of network cameras for the physical security and video surveillance industries. This was based on a survey seeking the views of senior decision makers from partner companies across the UK and Ireland to provide insight into how Axis Communications can better support its partners and their customers in 2021.
Axis Communications’ partner study on the benefits of technology to improve business resilience, entitled “The Impact of Covid-19 on the security Industry” serves to provide the wider security industry with valuable insights to contribute to making more informed planning decisions on future business opportunities.
The online survey, conducted in December 2020, sought the views of senior managers and decision makers within partner companies across the UK and Ireland. More than half of the circa 200 who responded serve medium to large enterprise, with more than one in ten employing over 1000 people. The key aims were to gain insights across the following areas:
The impact of COVID-19 – the effect on Axis’ partners and future implications
Partner issues and challenges – the pressing concerns that are affecting partner business
Key customer concerns – partner feedback on the main issues, direct from their customers
Improvements to working practices – adapting workflows and taking new approaches
Opportunities for technology adoption – exploring the solutions that can improve and streamline business operations today and tomorrow.
Farsight has summarised some of the key findings below:
1.The Impact of Covid-19
Of the 200 Axis Communications Partners that took part in the study, the majority 52% continued to work the entire time during the pandemic restrictions in 2020. However, 47% experienced interruption on some level. Only 1% of respondents revealing that they had not worked at all, the overall impact on their business was largely negative or unchanged.
41% stated that they saw a decrease in their business, but 38% said it remained the same. However, 21% saw an increase.
2.Partner Issues and Challenges
The main concern among the partners surveyed was revealed to be economic recovery in general (67%), followed by supply chain management (41%). Approximately one third of respondents
were concerned about losing customers (32%), and HR issues were raised as a cause for concern by 29%.
18% of respondents had already experienced problems with their supply chain – clearly there is a sense of anxiety about the state of the market in general, and the fact that general supply chain issues persist is testament to this.
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