Security services offer a variety of services, including security with guards, armored transportation and private investigation. Since the mid-1990s, demand for private security services has increased due to increasing outsourcing of security services by corporate and government clients. In recent years, however, the industry has had to battle greater competition from innovation in security tech.

Technology is a major driver of the development of the security industry. The sector is characterized by proprietary technologies that are a crucial factor for the competitive position of companies. Technological development and innovation not only meet market needs but can also stimulate new demand and create new markets. There is increasing demand for some security applications to move away from human operator equipment/systems to more automated systems. This can be partly due to, for example, equipment operators ' financial (labor) costs. In addition, human elements can be acknowledged as the weakest link in the overall performance of security systems and processes.

In order to sustain its growth, private security services are intensively staffed and demand a considerable number of personnel. One of the key issues affecting the industry is the availability of a quality workforce. A majority of security guards are not paid much higher salaries than the minimum wages specified. So attracting and retaining staff is difficult. Also, attrition is the main cause for concern in the security services industry. This is due to a poor understanding of the business environment and the lack of development opportunities that enable employees to grow.

One complaint in the security industry has been that there is no common European certification system for safety equipment and that there is no mutual recognition mechanism in each country. Similarly, the EU (national) and US certification systems have no mutual recognition. There have also been complaints that the processes used by the national certification bodies lack transparency, and the certification tests have provided inadequate feedback.

Various security service providers provide allied services such as electronic security products like CCTV installation, operation, and service maintenance. While revenues from this segment are generally not significant for large security service companies, they will become more important as companies decide to cut operating cost and invest more in technology products. Despite the challenges, it is anticipated that the security services industry will maintain its dynamic growth. Leading companies expect strong organic growth in the fields of manned guards and cash services. Their capacities in support services such as facility management and pesticide control or added value services such as consulting and training are being increased. In the past, the industry has witnessed a spate of acquisitions and infusion of private equity funds and will have substantial future potential.

Market Opportunities:

• Increased market requirements for integrated security and interoperability solutions.
• Increasing size with adequate flexibility in security projects to integrate additional capabilities when new threats emerge.
• The development of commercial applications will encourage new markets arising from increased identification needs (such as fraud or terrorism) and online business security.
• Enhanced cooperation between regulators, end-users, industrial suppliers and industry nurtures pioneering approaches and adoption of new technological methods.
• Product development and innovation are driven by the reliability of infrastructure to test, validate and optimize new technologies for specific security sectors (e.g. field-laboratories for first response equipment, forensics, surveillance systems, etc.).

Manned guarding contributes the most to the private service industry and will play a major role in the private security services sector. Solid growth is expected to stem from a sustained perception of safety threats and an increase in the wages of workers under statutory guidelines. Procurement and the maintenance of quality workers is the key challenge for the industry. It is expected that the increase of alternative jobs and the rapid increase in labor required to promote industrial growth will make labor procurement and conservation more difficult. The industry is now significantly fragmented by the adoption of the PSARA Act in the States and will organize more organized activities in user industries. Compliance with regulations, in particular with wage standards, should improve and influence margins that are already under pressure due to strong competition.

There is a growing market in the installation and maintenance of alarm and CCTV systems. In general, self-regulation in the commercial and top ends of the domestic market has worked well because of the pressure to comply with the influence of the insurance industry and the police. In terms of public safety, it is particularly important that those who install alarms in private homes, where often there may be only one occupant, be of good character. Those who are installing or maintaining alarms and CCTV systems can gain a unique insight into systems capable of facilitating or committing crimes. Security companies also tend to offer an entire security ' package, ' including alarms, CCTV and safety guards, and it would be wrong if one part of a company were licensed, but the other part did not.

In the last 20 years, in particular, the private security sector has gone up in size and extent. The use of safety equipment or manned guard is more effective in protecting individuals and businesses themselves and their properties. Increasingly, large organizations, including the Government, use outside companies for specialist functions such as cash movement rather than performing such functions. Major developments have occurred in the use of private firms to escort prisoners and run prisons. In order to fulfill these demands, the private security industry has expanded and adapted.

South Africa: Key Developing Market

With almost 9,000 registered companies, South Africa has the largest private security sector in the world. A growing number of private security companies operating in South Africa have characterized the large growth in the private security subsector during the past 10 years, driven by growing demand for private security services and facilitated by lower barriers to entry into the subsector.

One of the world's highest violent crime rates is in South Africa. On average, 52 persons were killed there each day last year. Highly restrictive gun legislation makes owning a firearm for self-defense lawfully very difficult. Many Southern Africans, therefore, depend on private security firms. The South African private security industry employs approximately half a million people. That is more than double the size of the South African Police Service.

The USA is the largest market, accounting for more than USD 30.00 billion in 2018, making it the main contributor to North America's private security services market growth. Factors such as growth in private infrastructures (malls, shopping centers, S

ports Stadiums, etc.) and increased demand for private household security services are expected to drive the overall private security services in the US during the forecast period.

The private security industry in the UK has grown in size and scope, particularly over the last 20 years. Individuals and companies are taking greater steps to protect themselves and their property through the use of security equipment or manned guards. Large organizations, including the Government, are increasingly using outside companies for specialist tasks such as the movement of cash rather than carrying out such functions themselves. There have been major developments in terms of using private companies for prisoner escorts and running prisons. The private security industry has expanded and adapted to fill these demands.

As the industry has grown it has made substantial efforts to regulate itself, with the support of the Government of the day. The industry has recognized that there need to be benchmarked to which the quality of the service which a company provides can be judged and certificated. It has promoted and adopted a wide range of British and European Standards and Codes of Practice specific to particular sectors and a large number of companies are also inspected to the international quality standard BS EN ISO 9000 (formerly BS5750) which clearly defines responsibilities and procedures to be followed by a company in delivering the service they provide.