The world market for private contractual security services is projected to expand 8.3 percent annually through 2006, approaching $120 billion. Heightened fears of terrorism in the wake of the Sept. 11 attacks and subsequent events, in tandem with rising conventional crime rates in many countries, will be the primary factors driving growth. These and other trends are presented in World Security Services, a new study from The Freedonia Group, Inc., a Cleveland-based industrial market research firm.
Contract guarding will remain the largest segment of the market, accounting for more than 40 percent of total revenues. But while demand will benefit from the trend toward outsourcing public and proprietary (i.e., in-house) guard operations, growth will be hindered by competition from increasingly affordable electronic security equipment like CCTV and access controls. The loss of the U.S. aviation security market, which was federalized in 2002, will also limit intermediate-term gains.
Rapid gains are expected in other, less mature security service markets, including central alarm monitoring, investigations, training, employee screening, systems integration and consulting.
advertisement
This month in Access Control
- Opening Up About Door Closers
- An Enterprise Approach
- The Framework For Open Systems
- On A Higher Plane
- More from April's issue
advertisement
