"Growth will be driven primarily by gains in developing countries, with highly populous industrializing nations such as China and India contributing a particularly large share," said the firm in a statement.
Growth factors identified by Freedonia include:
- increased urbanization and income inequality, which will heighten concerns about crime as well as boost the size of the population able to afford guard services
- improvements in licensing and professionalization, which will boost public trust and enable price increases
- greater outsourcing of non-core business activities such as guarding
- increased penetration of technologically advanced security systems, which will demand more highly skilled guards