Study: $350 billion U.S. security market expected to grow
ALEXANDRIA, Va.—In its first comprehensive study of the security market since 1990, ASIS International and the Institute of Finance and Management analyzed the expansion of private security over the past decade and project further growth in the country’s security products and services market. The report says the $350 billion market comprises $282 billion in private-sector spending and $69 billion in federal government spending on homeland security.
“This research is a watershed in understanding the enormous size and breadth of the security marketplace in the United States,” said RD Whitney, executive director of IOFM, in a press release. “Market intelligence is a must-have tool for all security directors planning their departmental and personnel budgets and resource needs, as well as for industry suppliers planning their marketing and product growth. We are honored to have worked with ASIS on this landmark study,” he said.
In the 189-page report, study authors estimate spending on operational private security to be $202 billion, with expected growth of 5.5 percent this year. The market for private security related to information technology is estimated at $80 billion; the report projects growth of 9 percent in 2013.
In addition, the study anticipates the number of people employed as full-time security workers to be between 1.9 million and 2.1 million. The report says security-related occupations, such as private detective/investigator and some IT positions will grow more than 20 percent through 2020, while many survey respondents anticipated increased spending on training.
Calling the data an invaluable tool, ASIS President Geoff Craighead, CCP, said the study will help security practitioners, providers and manufacturers develop business plans and strategies. “A heightened threat environment, among other factors, has stimulated rapid advancements and significant overall growth in technology and key services across the operational and IT security markets and increased the demand for knowledgeable, skilled workers at all levels within the security management structure,” said Craighead in a prepared statement.
ASIS and IOFM will present findings of the report in a special-information session at the ASIS International 59th Annual Seminar and Exhibits at McCormick Place in Chicago, Ill., during Defining the U.S. Security Market, Session 4204, 1:45 p.m. to 2:45 p.m., Thursday, Sept. 26 in Room S502b. The report may be purchased from the ASIS Store online at https://www.asisonline.org/bookstore.