According to a study recently published by The Freedonia Group, global revenues for private contract security services are expected to increase by nearly 7 percent per year to $267 billion in 2018. The research firm said that the forecasted increase will be driven by continued growth of security service markets in a number of developing countries such as Brazil, China, India and Mexico. Additionally, demand for security services is also expected to be bolstered by an improved economic environment, as well as growing building construction activity in developed nations. Contract guarding accounted for more than half of global revenues generated in 2013 and is expected to see the fastest gains through 2018.
“Globally, the improved economic environment and growing building construction will support demand. In addition, rising incomes and increasing levels of urbanization will support demand,” said David Petina, industry analyst for The Freedonia Group. “In a number of markets, improved regulations coupled with better enforcement of existing regulations will also drive demand by requiring greater training of guards and limiting the use of low price, unregulated security service vendors. More generally, concerns about crime, terrorism, and insufficient public safety measures will support demand for supplemental security services. Many of these same factors will support demand in the U.S., particularly the improved economic outlook. In addition, rising penetration of alarm systems, monitored video surveillance systems, and PERS alarms will boost demand.”
