Cybercrime is on the rise amid the coronavirus pandemic, in large part because more business is being conducted online and employees are working remotely, increasing the number of possible failure points in a security system. In addition to costing companies greatly, these breaches can erode public trust and result in lost business or even lawsuits. They are also accelerating existing trends in the $220 billion global security services market, which is forecast to expand 3.6% annually through 2024.
The Line Between Physical Security & Cybersecurity Continues to Blur
Until recently, cybersecurity has been largely separate from the traditional security industry (falling more under the umbrella of the information technology industry), but growth in the use of integrated digital security systems has blurred the line between physical and cybersecurity. As a result, security service providers are increasingly gaining information technology competencies, and cybersecurity represents a core growth area for many security companies. For instance:
- Systems integrators are expanding use of technologies such as data analytics as they interact with a broadening array of internet-integrated equipment and building automation systems.
- More security consultants are offering cybersecurity training and response plans.
Cybersecurity trends have also driven increased acquisition activity as leading security service providers seek to expand their expertise in emerging segments. Allied Universal in particular has made significant investments in this area, acquiring multiple security technology specialists in 2018 and 2019.
Looking for More?
For more information, see Global Security Services, now available from The Freedonia Group. This study analyzes global markets for private contractual security services. Revenues by service and market are presented in US dollars. Total revenues for individual countries are also presented in local currency terms. Services covered include:
- guard and guard patrol services
- alarm monitoring services
- cash-in-transit and related services, which includes traditional armored transport, automated teller machine (ATM) management and replenishment, secure logistics, and cash management
- security systems integration services
- other security services, include consulting, private investigations, and such niche services as pre-employment screening , drug and contraband detection dog services, and private airline security services