The Impact of Covid-19 on the security industry

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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.

Methodology

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.

Cyber security was only cited as an issue by 10% of respondents which is surprising considering the importance of cybersecurity as the worlds of physical security and IT security
continue to converge modern security provision.

3.Key Customer Concerns

Axis wanted to explore which challenges had highest priority for their customers, what can be done to help mitigate any concerns, and where opportunities exist to strengthen the customer and
partner relationship.

Asked what they view as their customers’ primary concerns, respondents cited issues such as the difficulty of working remotely, security threats, worries about accidental contamination and cross-contact, and requirement for technology to assist them in keeping their businesses open.

4.Improvements to working practices

Asked to detail new adaptions to working processes, respondents touched upon a number of key areas, such as increased use of video conferencing, a shift toward remote management systems and changes in sales activity. In fact, a third of those surveyed cited changes in service delivery and sales processes (34%), while 30% revealed that digitalisation of workflows was another key area where reform has brought improvement.

5.Opportunities for technology adoption

There is a clear indication that Axis’ partners believe AI and IP technologies are likely to gain wider acceptance. Both partners and their customers view modern video technology as a major asset when it comes to ongoing business success. Respondents largely indicated their belief that acceptance of artificial intelligence will continue to accelerate, with many are excited about a wealth of perceived new applications.

A third of respondents indicated that their customers will be more open in the current climate to exploring the use of IP based solutions (32%) and accepting technologies driven by artificial intelligence (28%). Many cited the fact that access control, occupancy tools and even track and trace technology require IP connectivity.

Farsight Concludes

As a leading remote monitoring partner to security installers across the UK, we understand the huge importance partnerships, especially in these challenging business times. It is reassuring to us that Axis Communications have taken the time to understand the challenges faced by their partners as a critical element in co-ordinating an accurate response to their requirements whilst exploring where opportunities exist to strengthen their partner relationships with their customers in turn.  Thank you team Axis Communications, these insights are valued.

To download the whitepaper go to this link on the Axis Communications website:  Impact of COVID-19 on the security industry


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Further Reading

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