Study #: 3764 | Published: 11/2019 | Pages: 238 | Individual User License: US$ 5,700

Revenues for private security services in the US are forecast to grow 3.4% annually through 2023 to $80 billion. Private security services are supported by a number of key factors:

  • Perceived risk of crime: While reported crime rates continue to fall, highly publicized events are causing consumers to feel an elevated sense of risk.
  • Healthy economy and construction activity: As buildings and homes are built or renovated, end users are more likely to install or upgrade security systems, particularly when economic conditions make the costs affordable.
  • Advancing technologies: New technology is bringing about higher value upgrades, supporting systems integrators, and enticing adoption of products, particularly in the residential security monitoring segment.

The best opportunities are in service areas where technological innovations are enhancing the functionality and efficiency of the service, thereby raising average recurring revenue per customer and expanding the potential customer pool.

Acquisitions Abound as Market Leaders Expand to New Segments & Strengthen Positions

The private security services industry has experienced a vast amount of merger and acquisition activity in recent years. Allied Universal, a market leader in guarding services, has made acquisitions to both strengthen its core offerings and supplement its services. In 2018, the company acquired US Security Associates and Covenant to expand its guarding position, while, in 2019, the company acquired a number of companies that focus on other services like consulting, systems integration, and security monitoring. Other transactions made by major companies in 2018 and 2019 include:

  • Brink’s acquired Dunbar to solidify its position in the cash-in-transit and related services segment, further consolidating this area.
  • ADT acquired multiple companies, including Red Hawk Fire & Security, to grow its commercial security monitoring business.
  • Convergint made a series of acquisitions to build its range of systems integration services.

Tech & Competition Increasing Residential Security Monitoring Subscribers

The composition of the residential security monitoring market is changing rapidly. Competition from DIY installation products – which are either self-monitored or upgraded to professional monitoring – and multi-service operators, which bundle products with cable and internet packages, is raising awareness and accessibility to security monitoring products. While some users of traditional security monitoring will opt to swap, the overall ceiling of subscribers is expected to increase.

Systems Integration & Security Consulting Continue to Show Robust Growth

As technology and threats continue to evolve, it can be harder for consumers to understand and guard against security issues. As a result, private security service providers are increasingly important in educating and developing security plans. Systems integrators and security consultants stand to benefit from bridging the gap between current technology, consumer awareness, and higher levels of safety and preparedness.


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Table of Contents

1. Executive Summary

2. Overview

Key Findings

Private Security Service Revenues

Public Safety Environment

Public Safety Personnel

Crime

Historical Crime Rates

Violent Crime

Property Crime

Terrorism

Other Nonconventional Crime

Fire

Trends in Reported Crime vs. Perceived Crime Risk

Technology Trends

Impact of Increasing Technology

Systems Integrators & Security Consultants

Security Monitoring

Smart Technology

Other Service Segments

Legal & Regulatory Environment

Regulations Affecting the US Security Industry

Guard Service

Security Monitoring

Cash-in-Transit & Related Services

Private Investigators

Pre-Employment Screening

Security Equipment & Services: Complementary & Competitive Products

3. Consumer Insights

Key Findings

Consumer Concern About Crime

Real vs. Perceived Crime Risk

Concern About Crime at Home

Concern About Crime Away From Home

Alarm & Home Security System Ownership

Ownership by Alarm Type

Ownership by Selected Demographics

Concerns About Owning an Alarm System

Video Surveillance Camera Ownership

Ownership by Video Surveillance Type

Reasons for Owning a Video Surveillance Camera

Reasons for Owning a Security System

Gun License Trends

License by Type

Gun Control Preferences of Gun Owners

Smoke Detector Use & Purchasing Trends

Attitudes About Metal Detectors & Scanners

4. Guarding

Key Findings

Factors Impacting Guarding Revenues

Guarding: Impact of Technological Advances

Guarding: Pre-Employment Screening

Guarding: Training

Guarding: Wages & Benefits

Guarding Revenue Forecast

Guarding: Applications

Guarding: Traditional Services

Guarding: Specialized Services

Guarding: Vendors & Market Share

5. Security Monitoring

Key Findings

Security Monitoring: Revenue Forecast

Security Monitoring: Revenues by Service Type

Residential Intrusion & Fire

Nonresidential Intrusion & Fire

Personal Emergency Response Systems (PERS)

Mobile PERS Technologies

Security Monitoring: False Alarms

Prevalence of False Alarms

Local Codes & Industry Standards for False Alarms

Mitigation Innovations for False Alarms

Security Monitoring: Market Share & Vendors Competition

6. Other Services

Key Findings

Revenues by Type

Private Investigation Services

Private Investigation Services: Revenues

Private Investigation Services: Vendors

Systems Integration & Management

Systems Integration & Management: Revenues

Systems Integration & Management: Vendors

Cash-in-Transit & Related Services

Cash-in-Transit & Related Services: Revenues by Service

Traditional Armored Transport

ATM Management & Replenishment

Secured Logistics

Cash Management

Cash-in-Transit & Related Services: Vendors & Market Share

Security Consulting

Security Consulting: Revenues

Security Consulting: Vendors

Pre-Employment Screening

Pre-Employment Screening: Revenues

Pre-Employment Screening: Screening Regulations & Ban-the-Box Trends

Pre-Employment Screening: Vendors

Other Security Services

7. Markets

Key Findings

Revenues by Market

Commercial

Revenue by Service & Sector

Commercial Offices & Office Buildings

Commercial Offices & Office Buildings: Revenue by Service Type

Commercial Offices & Office Buildings: Key End Users

Financial Institutions: Revenues by Service Type

Retail

Retail: Revenues by Service Type

Retail: Shrink

Other Commercial: Revenues by Service Type

Industrial

Industrial: Revenues by Service Type

Industrial: Revenues by Market

Government: Revenues by Service Type

Institutional

Institutional: Revenues by Service Type & Market

Healthcare

Educational Facilities

Other Institutional Settings

Other Nonresidential

Other Nonresidential: Revenues by Service Type & Market

Public Venues

All Other Nonresidential

Residential

Residential: Revenues by Service Type

Residential: Security Monitoring Trends

8. Industry Structure

Key Findings & Industry Composition

Industry Composition by Service

Guarding Firms

Security Monitoring Firms

Private Investigation Firms

Security Systems Integration Firms

Cash-in-Transit & Related Firms

Security Consulting Firms

Pre-Employment Screening Firms

Market Share

Competitive Strategies

Marketing

Marketing: Perceived Risk & Targeted Marketing

Marketing: Nonresidential

Marketing: Residential

Mergers & Acquisitions

Cooperative Agreements

List of Industry Participants

9. Appendix

Scope

Definitions

Abbreviations

Freedonia Methodology

Study-Specific Methodology

Sources

Associations & Agencies

Related Studies & Reports

Macroeconomic Assumptions

Economic Environment

Demographics

Consumer Spending Trends

Building Construction Outlook

Business Establishment Trends

Manufacturing Outlook

Service Sector Outlook


List of Tables

2. Overview

Table 2-1 | Private Security Service Revenues, 2008 - 2023 (million dollars)

Table 2-2 | Public Safety Sector Employment, 2008 - 2023 (thousands)

Table 2-3 | Violent Crime Levels, 2008 - 2018 (thousands)

Table 2-4 | Property Crime Levels, 2008 - 2018 (thousands)

Table 2-5 | Incidences of Terrorism in the US, 2008 - 2017

Table 2-6 | Selected Other Nonconventional Crimes, 2008 - 2018 (thousand arrests)

Table 2-7 | Fire Levels & Losses, 2008 - 2017

3. Consumer Insights

Table 3-1 | Agreement with the Statement "I worry about violence and crime", 2009 - 2019 (percent of respondents)

Table 3-2 | Agreement with the Statement "I worry about violence and crime" by Selected Demographics, 2019 (percent of respondents)

Table 3-3 | Alarm System Ownership & Purchases in Last 12 Months by Type, 2009 - 2019 (percent of households)

Table 3-4 | Alarm & Home Security System Ownership & Purchasing Trends by Selected Demographics, 2019 (percent of households)

Table 3-5 | Smoke/Fire Detector Ownership & Purchasing Trends by Selected Demographics, 2019 (percent of households)

4. Guarding

Table 4-1 | Guarding Revenues, 2008 - 2023 (million dollars)

Table 4-2 | Specialized Guard Offerings

5. Security Monitoring

Table 5-1 | Security Monitoring Service Revenues by Service Type, 2008 - 2023 (million dollars)

Table 5-2 | Residential Intrusion & Fire Security Monitoring Revenue, 2008 - 2023 (million dollars)

Table 5-3 | Nonresidential Security Monitoring Revenue, 2008 - 2023 (million dollars)

Table 5-4 | Personal Emergency Response System Monitoring Revenue, 2008 - 2023 (million dollars)

6. Other Services

Table 6-1 | Other Private Security Service Revenues, 2008 - 2023 (million dollars)

Table 6-2 | Private Investigation Revenues, 2008 - 2023 (million dollars)

Table 6-3 | Examples of Private Investigative Services by Market

Table 6-4 | Systems Integration & Management Service Revenues, 2008 - 2023 (million dollars)

Table 6-5 | Cash-in-Transit (CIT) & Related Service Revenues by Service, 2008 - 2023 (million dollars)

Table 6-6 | Security Consulting Revenues, 2008 - 2023 (million dollars)

Table 6-7 | Pre-Employment Screening Service Revenues, 2008 - 2023 (million dollars)

Table 6-8 | Other Security Service Revenues, 2008 - 2023 (million dollars)

7. Markets

Table 7-1 | Private Security Service Revenues by Market, 2008 - 2023 (million dollars)

Table 7-2 | Commercial Security Service Revenues by Service & Sector, 2008 - 2023 (million dollars)

Table 7-3 | Commercial Office & Office Building Security Service Revenues, 2008 - 2023 (million dollars)

Table 7-4 | Financial Institution Security Service Revenues, 2008 - 2023 (million dollars)

Table 7-5 | Retail Security Service Revenues, 2008 - 2023 (million dollars)

Table 7-6 | Other Commercial Security Service Revenues, 2008 - 2023 (million dollars)

Table 7-7 | Industrial Security Service Revenues by Service, 2008 - 2023 (million dollars)

Table 7-8 | Industrial Security Service Revenues by Market, 2008 - 2023 (million dollars)

Table 7-9 | Government Security Service Revenues, 2008 - 2023 (million dollars)

Table 7-10 | Institutional Security Service Revenues by Service & Market, 2008 - 2023 (million dollars)

Table 7-11 | Other Nonresidential Security Service Revenues by Service & Market, 2008 - 2023 (million dollars)

Table 7-12 | Residential Security Service Revenues, 2008 - 2023 (million dollars)

8. Industry Structure

Table 8-1 | US Private Security Service Revenues by Company, 2018 (million dollars)

Table 8-2 | Key Competitive Strategies for Private Security Service Providers

Table 8-3 | Selected Mergers & Acquisitions

Table 8-4 | Selected Cooperative Agreements

9. Appendix

Table 9-1 | Relevant NAICS & SIC Codes

Table 9-2 | Abbreviations & Acronyms Used in This Report

Table 9-3 | Macroeconomic Indicators, 2008 - 2023 (billion 2012 dollars & billion dollars)

Table 9-4 | Population & Households, 2008 - 2023 (million persons)

Table 9-5 | Personal Consumption Expenditures, 2008 - 2023 (billion dollars & billion 2012 dollars)

Table 9-6 | Building Construction Expenditures, 2008 - 2023 (billion dollars & billion 2012 dollars)

Table 9-7 | Business Establishments, 2008 - 2023 (thousand units)

Table 9-8 | Manufacturers' Shipments, 2008 - 2023 (billion dollars)

Table 9-9 | Service Sector Outlook, 2008 - 2023 (billion dollars)


List of Figures

1. Executive Summary

Figure 1-1 | US Private Security Service Market

2. Overview

Figure 2-1 | Key Factors Impacting the US Private Security Service Market

Figure 2-2 | Private Security Service Revenues, 2008 - 2018 (billion dollars)

Figure 2-3 | Safety Sector Employment Share by Type, 2018 (billion employees)

Figure 2-4 | Consumer Insights: "I believe that local public safety forces (i.e., police & fire department) are able to adequately protect me", 2019 (percent of total respondents)

Figure 2-5 | Historical Crime Rates, 2008 - 2018 (crimes per thousand persons)

3. Consumer Insights

Figure 3-1 | Key Consumer Insights in the US Private Security Service Market

Figure 3-2 | Consumer Perceptions of Potential Crime Risk in Past 12 Months, 2019 (percent of respondents)

Figure 3-3 | Consumer Concern About Crime at Home, 2019 (percent of respondents)

Figure 3-4 | Consumer Concern About Crime Away from Home, 2019 (percent of respondents)

Figure 3-5 | Consumer Alarm System Ownership by Type, 2019 (percent of respondents)

Figure 3-6 | Biggest Consumer Concerns About Using Alarm Systems at Home, 2019 (percent of respondents)

Figure 3-7 | Consumer Video Surveillance Camera Ownership by Type, 2019 (percent of respondents)

Figure 3-8 | Reasons for Owning a Video Surveillance Camera, 2019 (percent of respondents)

Figure 3-9 | Reasons for Owning an Alarm or Video Surveillance Camera at Home, Monitored or Otherwise, 2019 (percent of respondents)

Figure 3-10 | "Are you licensed to carry a gun?" by License Type, 2019 (percent of respondents)

Figure 3-11 | Gun Control Preferences, 2019 (percent of respondents)

Figure 3-12 | Metal Detector & Scanner Attitudes, 2019 (percent of respondents)

4. Guarding

Figure 4-1 | Key Trends in Guarding

Figure 4-2 | Guard Background Check Requirements by US State, 2019

Figure 4-3 | Guard Training Requirements by US State, 2019

Figure 4-4 | Primary Guarding Applications

Figure 4-5 | Guarding Market Share by Company, 2018 (billion dollars)

5. Security Monitoring

Figure 5-1 | Key Trends in Security Monitoring

Figure 5-2 | Security Monitoring Service Revenues, 2008 - 2023 (million dollars)

Figure 5-3 | Residential Security Monitoring Revenues & Share of Households with Subscriptions, 2008 - 2023

Figure 5-4 | Nonresidential Security Monitoring Revenues & Subscriptions, 2008 - 2023

Figure 5-5 | PERS Alarm Monitoring Revenues & Contracts, 2008 - 2023

Figure 5-6 | Security Monitoring Service Market Share by Company, 2018 (billion dollars)

6. Other Services

Figure 6-1 | Key Trends in Other Private Security Services

Figure 6-2 | Types of Systems Commonly Integrated

Figure 6-3 | Cash-in-Transit (CIT) & Related Spending Per Banking & Credit Office, 2008 - 2023

Figure 6-4 | Cash-in-Transit & Related Services Market Share by Company, 2018 (billion dollars)

Figure 6-5 | Types of Security Consulting Services

Figure 6-6 | Pre-Employment Screening Per Civilian Employee, 2008 - 2023

7. Markets

Figure 7-1 | Key Private Security Service Trends by Market

Figure 7-2 | Security Spending in Commercial Offices & Office Buildings, 2008 - 2023

Figure 7-3 | Security Service Spending Per Banking & Credit Office, 2008 - 2023

Figure 7-4 | Healthcare Facilities & Spending Per Facility, 2008 - 2023

Figure 7-5 | Education Facilities & Spending Per Facility, 2008 - 2023

8. Industry Structure

Figure 8-1 | Private Security Services Market Share by Company, 2018 (billion dollars)

Figure 8-2 | Private Security Service Market: First Leading Provider

Figure 8-3 | Private Security Service Market: Second Leading Provider

Figure 8-4 | Private Security Service Market: Third Leading Provider

Figure 8-5 | Private Security Service Market: Fourth Leading Provider

Figure 8-6 | Private Security Service Market: Co-Fifth Leading Provider

Figure 8-7 | Private Security Service Market: Co-Fifth Leading Provider

9. Appendix

Figure 9-1 | Annual Growth in Real GDP, 2000 - 2018, Compared to 1980 - 2005 Average (percent)

Figure 9-2 | Annual Population Growth, 2003 - 2018 (percent)


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