CLEVELAND, Jan. 19, 2017 /PRNewswire/ -- India represents a large and growing market for private security services, employing 8.9 million people and posting revenues of $8.5 billion in 2015. Security services revenue more than doubled between 2010 and 2015, one of the strongest growth rates of any nation globally. Growth is driven by the country's large and growing population, socioeconomic diversity, political instability, and widespread -- although frequently unreported -- criminal activity. These factors have resulted in an environment with heightened concerns regarding safety. According to analyst Katherine Brink, "The nation is home to one of the smallest public safety forces in the world compared to total population. As a result, many end users believe that the capabilities of public officials are stretched too thin to provide efficient protection." These and other trends are presented in Global Security Services Market, 12th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Through 2020, demand for private security services is projected to nearly double to $16.5 billion, rising at one of the fastest national rates and accounting for 22 percent of revenues in the Asia/Pacific region. Gains will be driven by strong growth in population, particularly urban population, resulting in a greater number of individuals living in areas where the threat of crime is heightened. Rising disposable incomes, will result in a greater number of people having the ability to afford supplemental services in order to protect their assets. Strong gains in building construction activity, including an acceleration in the nonresidential segment, will provide a further boost to demand, as security systems and related services are most often implemented during initial construction or major renovations. Increasing foreign investment by firms headquartered in more developed markets will also continue to promote gains, as these end users tend to be the most intensive users of supplemental security services due to their high standards. Moreover, ongoing efforts to improve training and licensing of security firms, as well as increasing compliance, will bolster the market by increasing consumer trust in providers.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group