NEW YORK, June 11, 2015 /PRNewswire/ --
US demand to rise nearly 5% annually through 2019
Demand for US private security services is projected to expand nearly five percent per year through 2019 to approximately $68 billion. Gains will be supported by accelerating economic activity, particularly as new businesses form and existing companies continue to loosen their corporate budgets. Revenues will benefit from a strong rebound in new nonresidential construction and a continuing recovery in residential construction activity, as well as major improvement and renovation projects, as most major changes to security service spending occur during these times. Demand will also be aided by ongoing real and perceived concerns about crime. The usage of contracted security is supported by the regulatory burden of fielding an in-house security force as well as the fact that security, while important, is not a core competency for most businesses.
Alarm monitoring to gain market share
Technological innovations in the security industry complement and compete with various types of security services. For instance, heightened interest in digital video surveillance and related analytics, coupled with plans to integrate alarms into smart home and facility management functions, drives demand for services such as systems integration, security consulting, and alarm monitoring. Alarm monitoring will account for nearly one-third of security service spending in 2019, benefiting from an expected re-bound in new construction, particularly in the large nonresidential market, as well as the addition of more advanced services such as voice response and video moni-toring. In addition, rapid growth in the smaller personal emergency response system (PERS) segment will be spurred by the aging population and interest in aging in place, as well as the develop¬ment of mobile monitoring and other service options that are fueling monthly contract rates.
Guarding services to remain largest segment
Guarding services accounted for the largest share of revenues in 2014 and will continue to do so through 2019. Even in an increasingly technological environ¬ment, conventional manned services are still necessary to monitor the equipment and provide a deterrent effect and an immediate response to an event. Gains will be supported by increasing use of highly trained guards who can work with more advanced security systems, as well as growing usage of private guards in locations such as government buildings and schools, hospitals, and other institu¬tional facilities that have historically been more likely to utilize in-house guards.
Systems integration, security consulting to pace key nonresidential market
The nonresidential market accounts for the vast majority of private security services revenues, with growth in the economy, new business creation, and loosening budgets all contributing to gains. Within the nonresidential market, guarding accounts for nearly half of all private security service spending; how-ever, less mature services such as systems integration and security consulting will register more rapid gains through 2019. In contrast to the nonresidential market, residential demand is dominated by alarm monitoring, particularly intrusion and fire alarm monitoring; however, demand for PERS alarm monitoring -- a niche seg-ment -- is expected to double during the 2014-2019 period.
Study coverage
Private Security Services is an upcoming industry study that presents historical demand data (2004, 2009, 2014) plus forecasts (2019, 2024) by type, market, and US region. The study also assesses market environ¬ment factors, examines industry structure, evaluates company market share and pro-files 35 US industry players such as ADT, AlliedBarton Security Services, Brink's, CCA, CEO Group, G4S, Securitas and Tyco International.
Read the full report: http://www.reportlinker.com/p0702390-summary/view-report.html
About Reportlinker
ReportLinker is an award-winning market research solution that finds, filters and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article