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Rapid advances in security technology, particularly as security systems become increasingly integrated with other key building systems, have also provided opportunities for growth.
Private Security Services addresses the following questions and more:
- How is the ever-changing security technology environment competing with and complementing the private security services market?
- Which private security services will see the fastest gains going forward?
- How do needs for private security services vary by end use market?
The key drivers of demand growth for private security service revenues in the US through 2021 include:
• heightened security concerns stemming from a large number of highly publicized tragedies, such as school shootings and bombings
• perception among end users of rising risk of all types of crime despite long-term declines in reported crimes
• expanding building construction activity and growth in the number of business establishments, providing a broader potential market base
• increased interest in a wide variety of value-added offerings in most security service segments
Heightened Perceived Risk of Crime and Interest in Value-Added Offerings Drive Security Service Revenues
Private security service revenue growth will be driven by heightened security concerns stemming from a large number of highly publicized tragedies, such as school shootings and bombings. Similarly, the rising perceived risk of all types of crime among end users despite long term declines in reported crimes will spur more end users to invest in these services.
In addition, increased interest in a wide variety of value-added offerings in most security service segments will provide a boost to revenues.
Gains will further benefit from expanding building construction activity and growth in the number of business establishments, which will provide a broader potential market base and supporting growing security spending among existing end users.
Key Findings in the Private Security Services Study:
Security Technology Continues to both Compete with and Complement Security Services
An ever-evolving technological landscape has had a mixed effect on security service revenues. For example, guarding services face competition from analytic-enhanced video surveillance systems, which are able to provide many of the same surveillance capabilities as a guard force. However, guards who are trained to manage and operate advanced security systems for the facilities where they work are an increasingly popular value-added segment.
The two service segments that most directly benefit from changing technologies are systems integration and management and security consulting service providers, both of which help end users plan, implement, and manage their security systems.
Additionally, the declining cost of security devices, such as video cameras and audio equipment, will aid demand for related value-added monitoring services, such as video verification and two-way audio.
Security Services Revenues Driven by Market-Specific Needs
The intensity of private security services use is often linked to how integral security is to a given facility. For instance, markets that are highly dependent on security as part of their business, such as the financial sector, invest far more into supplemental services than markets that tend to view security as a non-revenue generating expense, such as retail and office buildings.
Private providers will continue to face competition from in-house security staff at large facilities and from public providers in high security or particularly vulnerable venues such as educational facilities and airports.
Security at educational facilities has been thrown into the spotlight in recent years following a number of highly publicized school shootings. Although this attention will increase security service revenues, particularly for integration and consulting, tight budgets and a strong reliance on public law enforcement will limit faster gains.
This study presents historical demand data (2006, 2011, and 2016) and forecasts (2021) by service (guarding, alarm monitoring, private investigations, systems integration and management, cash-in-transit and related services, security consulting, pre-employment screening) and market (commercial, industrial, government, institutional, other nonresidential, residential). The study also evaluates company market share and competitive analysis on industry competitors including ADT, Allied Universal, APX Group (Vivint), Brink's, G4S, Johnson Controls, Loomis, Monitronics, and Securitas.
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