In 2023, the number of self-employed people in the Security and Investigation Services sector in Canada stood at 2.44 thousand units. From 2013 to 2018, this sector exhibited growth with figures peaking at 3.6 thousand in 2018. However, a downward trend emerged from 2019 onward, significantly accelerating during the pandemic years of 2020 and 2021. The last two years, 2023 witnessed a slight decline of 1.93% year-on-year, contributing to a five-year compound annual growth rate (CAGR) of -7.51%.
Looking forward, the sector's forecast indicates a gradual decline, with an average annual contraction of 0.77% projected over the next five years, resulting in a forecasted figure of 2.31 thousand units by 2028.
Future trends to watch for:
- The impact of economic recovery post-pandemic on self-employment in this sector.
- Technological advancements driving demand for more specialized security services.
- Regulatory changes affecting the security industry.
