Private Security Services to 2014
US revenues to rise nearly 5% annually through 2014
Revenues of private contractual security services in the US are expected to increase nearly five percent annually to approximately $65 billion in 2014. Growth will be fueled by an improving economy, as spending on private security was reduced during the recession. Technological innovations will also boost spending as improved reliability and user-friendliness encourage investment in alarm services and systems integration. Additionally, although this trend is maturing, some businesses, institutions and agencies continue to shift toward contracted security services, due to regulations and increasing costs associated with fielding an in-house security force. ( http://www.bharatbook.com/detail.asp?id=160049&rt=Private-Security-Services-to-2014.html )
Pre-employment screening to be fastest-growing service
The fastest-growing security service segment will be pre-employment screening, as hiring will increase as the economy recovers and employers turn increasingly to outside service providers. Hiring-related liability concerns have increased, and the technology and regulations surrounding pre-employment screening have grown more complex. Other fast-growing service segments will be systems integration and security consulting. These services benefit from rapid advances in electronic technology, which encourage investment in new security and building technology systems, but which require experienced service providers to maximize benefits and avoid potential security breaches.
Residential market to slightly outpace dominant nonresidential segment
The nonresidential market for private security services is larger than its residential counterpart, accounting for approximately three-fourths of US security service revenue. Going forward, the residential market is projected to grow slightly faster than nonresidential markets, as residential spending for private security services will proceed from a more depressed base coming out of the recession.
Among nonresidential markets, certain sub-segments are poised for faster growth through 2014. For instance, health care facilities, schools and public venues (such as sports and entertainment complexes) will increase spending on services to better address their inherent security risks. Many have sprawling sites that are relatively open to a diverse and ever-changing mix of attendees and employees, making them vulnerable to a wide variety of crimes.
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