Table of Contents
Global demand to rise 7.4% annually through 2014
The global market for private contract security services is forecast to advance 7.4 percent per annum through 2014 to $218 billion. In general, demand for security services is driven by rising urbanization, the real and perceived risks of crime and terrorism, belief that public safety measures are insufficient, and growth of a middle class with assets to protect and the means to pay for supplementary security. Through 2014, gains will also be boosted by improved economic activity and building construction expenditures (from a low 2009 base) in developed nations and continued growth in these areas in developing ones.
Developing areas to post strongest market gains
The strongest market gains will be posted in developing parts of the world. Factors such as rapid gains in economic activity, rising personal incomes, foreign investment activity, and the increasing belief that public safety measures are overburdened, corrupt or insufficient will boost gains. Additionally, intensity of product use is relatively low in these regions, indicating significant growth potential going forward. Countries such as Brazil, China, India, Mexico, South Africa and Russia are expected to achieve doubledigit growth through 2014. The US will remain the largest single consumer of private contract security services, accounting for 34 percent of total world demand in 2014. Advances will trail the global average by a wide margin as the market for most security services continues to mature; however, spending will benefit from a strong cyclical rebound in construction and capital investment spending from a low 2009 base.
Guarding to remain largest service segment
Contract guarding will continue to be the largest segment of the market, accounting for more than half of total revenues in 2014. This segment benefits from the minimal capital requirements for operation which, along with relatively low labor costs, make it the dominant security service in the developing markets. The strongest growth prospects exist for services such as systems integration and consulting, which are driven by the increased level of capital investment through 2014. Above average growth rates are also expected for alarm monitoring services, spurred in part by rising interest in alarms, particularly when partnered with private guard response, in developing security markets.
Commercial/industrial and residential markets to post strong growth
The commercial and industrial security service market is by far the largest. The dominance of this market reflects its size, potential for loss and availability of significant resources for protective purposes. This segment will achieve above average gains in light of both economic recovery from a reduced 2009 base in many established markets and rising investment and expansion in developing markets. The smaller residential market is also expected to post strong growth, aided in part by the rising middle class in many regions. Revenue in the government and institutional market is projected to decelerate somewhat, but growth will be fueled by a greater level of security consciousness that prevails, with government agencies providing security in public places and government facilities.
This new industry study presents historical demand data (1999, 2004 and 2009) plus forecasts for 2014 and 2019 by type, market, world region and for 20 countries. The study also considers market environment factors, evaluates company market share and profiles 37 industry players, including AlliedBarton, Brink’s, G4S, Loomis, Prosegur, Secom and Securitas.
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