According to data recently released by Cleveland-based analyst firm The Freedonia Group, global guard service revenues are projected to increase six per cent a year to US$145.2 billion in 2022.
“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
Furthermore, this sector is already mature in developed nations, leading to “modest” gains in Western Europe and North America. Increasing amounts of investment in labour-saving equipment may reduce the need for the number of guards in a given application.