Study Values U.S. Security Industry Market at $350B
ALEXANDRIA, Va. — The U.S. security industry market is worth $350 billion, according to a recent report by ASIS Int’l and the Institute of Finance and Management (IOFM).
The private sector spending makes up the bulk of the market, bringing in $282 billion. Federal government spending on homeland security follows behind, accounting for $69 billion of the industry, according to the study, titled “The United States Security Industry: Size and Scope, Insights, Trends, and Data.”
More than 400 security industry executives participated in the survey, which provides an analysis of the security products and services market, as well as the industry’s personnel market. In an effort to enhance projections, ASIS and IOFM conducted a secondary survey including responses from security manufacturers and vendors, security services providers, dealers, distributors, installers and integrators.
The report estimates the operational (non-IT) private security spending at $202 billion with expected growth of 5.5% in 2013. Meanwhile, the IT-related private security market is worth approximately $80 billion with projected growth of 9% for 2013.
Other highlights include:
- Number of full-time security workers is estimated to be between 1.9 and 2.1 million
- 42% of respondents indicated spending on training would increase in 2013, with 12% anticipating a rise of 10% or more
- Private detective/investigator is one of the fastest growing occupations with anticipated growth of 21% projected through 2020; several IT positions are anticipated to grow 22% through 2020
ASIS President Geoff Craighead, CPP, credits the industry’s projected growth, in part, to an increased awareness to risks and threats.
“A heightened threat environment, among other factors, has stimulated rapid advancements and significant overall growth in technology and key services across the operational and IT security markets,” he says. “It has also increased the demand for knowledgeable, skilled workers at all levels within the security management structure.”
ASIS representatives and IOFM analysts will present more findings from the report in a special information session in September during ASIS 2013 in Chicago. Interested parties can also purchase the 189-page report at https://www.asisonline.org/bookstore.
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