US Private Security Services market to grow 5.2% annually to 2016 reveals

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US demand for private contracted security services is projected to hit $63.8 billion in 2016

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According to recent report Private Security Services: US industry forecasts for 2016 & 2021 (November 2012) US demand for private contracted security services is projected to grow 5.2% annually to $63.8 billion in 2016. The market will be supported by a high perceived risk of crime and a concern that public safety officials are overburdened. The outsourcing of security activities to contracted firms, instead of relying on in-house security, will support demand. The privatisation of some public safety operations, such as guarding government facilities and correctional facilities management, will also boost gains.

Security services that capitalise on continuing technological developments hold especially good prospects. For instance, both security consulting and systems integration revenues will see above-average growth. Security consultants and systems integrators are able to manage a wide variety of services when creating, upgrading or implementing security plans and when installing or upgrading complex electronic security devices. In addition, the trend toward more sophisticated and automated security electronics that are increasingly integrated with other building operations will boost growth for these services.

In contrast, security services that are more labour intensive, such as private investigations and armored transport, are expected to see below average growth. These services face strong competition from a range of technological advancements, including improvements in security systems, information technology and, in the case of armored transport, electronic finance. In contrast, security guarding, though also labor intensive, will see solid gains through 2016 as providers continue to promote valueadded services and features, emphasizing their guards' special skills and high level of training as a way to differentiate themselves from low-price vendors.
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