World revenue for private contract security services to reach $267 billion in 2018
Global revenues for private contract security services are forecast to increase 6.9 percent per year to $267 billion in 2018, driven by the continued growth of security service markets in a number of developing countries, notably Brazil, China, India, and Mexico.
Demand for security services will be buoyed by an improved economic environment and growing building construction activity, particularly in developed nations, with rising urbanization and higher personal incomes supporting demand in developing nations. The security service market will also be supported by concerns about crime, terrorism, and insufficient public safety measures. Contract guarding, the most widely used security service, accounted for more than half of global revenue in 2013 and is expected to achieve the fastest gains through 2018. These and other trends are presented in World Security Services, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.