This study analyzes the US
private security service industry. It presents historical demand data for
the years 2001, 2006 and 2011, and forecasts for 2016 and 2021 by service type
(e.g., guarding, alarm monitoring, private investigation, correctional
facilities, armored transport, systems integration and management, security
consulting, pre-employment screening), market (e.g., nonresidential,
residential) and US region. The study also considers market environment factors,
details industry structure, evaluates company market share and profiles
industry players.
US demand to rise 5.2% annually
through 2016
US demand for private contracted
security services is projected to increase 5.2 percent annually to $63.8
billion in 2016. The market will be supported by a high perceived risk of crime
(from conventional violent and property crimes to white collar crimes and
terrorism) and a concern that public safety officials are overburdened. The
outsourcing of security activities to contracted firms, instead of relying on
in-house security, will support demand. The privatization of some public safety
operations, such as guarding government facilities and correctional facilities
management, will also boost gains.
Higher tech services hold especially
good prospects
Security services that capitalize on
continuing technological developments hold especially good prospects. For
instance, both security consulting and systems integration revenues will see
above-average growth. Security consultants and systems integrators are able to
manage a wide variety of services when creating, upgrading or implementing
security plans and when installing or upgrading complex electronic security
devices. In addition, the trend toward more sophisticated and automated
security electronics that are increasingly integrated with other building
operations will boost growth for these services.
Labor intensive services to see
below average growth
In contrast, security services that
are more labor intensive, such as private investigations and armored transport,
are expected to see below average growth. These services face strong
competition from a range of technological advancements, including improvements
in security systems, information technology and, in the case of armored
transport, electronic finance. In contrast, security guarding, though also
labor intensive, will see solid gains through 2016 as providers continue to
promote valueadded services and features, emphasizing their guards’ special
skills and high level of training as a way to differentiate themselves from
low-price vendors.
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Residential
market to outpace nonresidential
Security
service requirements vary across the major markets, influenced by factors such
as exposure to potential loss, the nature of the customers’ activities, and the
availability of alternative security options. In 2012, the nonresidential
market accounted for approximately three-fourths of all private security
services demand. However, through 2016 the residential market is expected to
outpace the nonresidential market, benefiting from the recovery in housing
construction, which will spur strong growth in residential alarm monitoring.
In the nonresidential market, the best growth
prospects are in the industrial and institutional sectors. Industrial demand
for security services will be supported by the recovery in manufacturing
activity and rebound in industrial construction. The institutional market will
also benefit from strong growth in construction activity, which will increase
the number of facilities that require protection. In addition, demand will be
supported by the gravity of security risks in institutional settings where
large numbers of persons typically are gathered, many of whom are less able to
protect themselves.
Report
Details:
Published: Nov 2012
Price: Single User License: US $5100
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