CORRECTING and REPLACING Demand for Security Services is Growing Faster in Emerging Countries than in Mature Markets: Technavio

Please replace the release dated October 21, 2016 with the following corrected version due to multiple revisions.

The corrected release reads:

DEMAND FOR SECURITY SERVICES IS GROWING FASTER IN EMERGING COUNTRIES THAN IN MATURE MARKETS: TECHNAVIO

Technavio’s latest research study covers the present scenario and growth prospects of the global security services market for 2016-2020. Some of the top suppliers listed in the report include Tyco International, Securitas AB, G4S, Secom, BoozAllenHamilton, and The ADT.

Security services market at a glance

The global security services market was valued at USD 229 billion in 2015 and is expected to reach USD 267 billion by 2018, growing at a CAGR of about 7%. The expansion of business operations to emerging markets, adoption of IoT, FDI across different sectors around the globe, and technological advancements are the major factors driving the growth of this market.

The security services market has also been witnessing increased demand over the past few years from key end-user segments such as the manufacturing, energy utility, and banking, financial and insurance sectors due to the following factors:

• Increasing need to safeguard infrastructure
• Need for contract guarding services
• Growing adoption of cloud-based managed security services
• Increased need for integrating physical security services with electronic surveillance systems

According to Angad Singh, a procurement analyst specializing in category spend intelligence, “The demand for security services is growing at a faster rate in emerging countries than in mature markets. This has propelled security service providers to constantly invest in electronic surveillance system and integrate them with existing security personnel to offer better services and enhance their market presence.”

Technavio’s new market intelligence sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

The supply market is fragmented with the presence of many small local and regional security service providers, leading to increased competition. The top five players, such as Tyco International, Securitas AB, G4S, Secom, and Booz Allen Hamilton, accounted for merely 16%–17% of the total global security service revenue in 2015.

Globally, the US, China, India, the UK, Germany, Mexico, and Brazil are the main contributors to market growth as they are witnessing an increase in economic activities, personal incomes, cybercrime, foreign investment activities, and need for personal and public safety. The security services market in the US was valued at USD 32 billion in 2015, making it the largest market for security services in the Americas. In the US, most service providers are located near areas with dense population such as southeast, west, and mid-Atlantic.

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About Technavio

Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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