Between 2013 and 2023, the Security and Investigation Services Output in Canada showcased steady growth with some fluctuations. The industry grew from CAD 6.1 billion in 2013 to CAD 9.53 billion in 2023, marking a compounded average growth rate (CAGR) of 4.21% over the last five years. Notably, the most significant year-on-year increase occurred in 2016, with a 10.68% surge. The period from 2022 to 2023 saw a 3.99% rise, indicating some stabilization in growth rates.
Future trends to watch for include:
• Continued advancement in technology and integration of AI in security services.
• Increased demand for cybersecurity solutions due to growing threats.
• Regulation changes impacting private security firm's operations and compliance requirements.
• Expansion of services to niche markets and newer verticals, including event security and personal protection.
From 2024 onwards, the forecasted growth suggests a gradual increase, with a forecasted 5-year CAGR of 2.71% and an overall growth rate of 14.33% by 2028, indicating a solid yet tempered expansion phase ahead.
