Forecast: U.S. Private Security Service Demand Projected to Jump to $68 Billion Through 2019
A five percent growth is expected as economic activity accelerates, new businesses form.
Demand for private security services continues to grow.
The business is expected to expand to approximately $68 billion through 2019 in the United States, constituting a 5% jump in demand, according to a Report Buyer market forecast released on Tuesday.
The report projects the growth based on accelerated economic activity as new businesses form and corporate budgets are loosened at existing companies.
Security service spending changes significantly during new nonresidential construction and the recovery of residential construction activity. Ongoing concerns about crime — real or perceived — also aid the demand.
Guard services will remain the largest share of revenue through 2019, just as it was in 2014.
Meanwhile, alarm monitoring will account for roughly one-third of security service spending in 2019. Heightened interest in digital video surveillance drives demand for systems integration, security consulting and alarm monitoring.
Systems integration and security consulting are also projected to have rapid gains through 2019.
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