According to a new report from Cleveland-based market research firm The Freedonia Group, the global market for private contract security services is expected to grow by 7.4 percent annually through 2014 and exceed more than $218 billion.
The firm, in its "World Security Services" report, said that it expects the strongest market gains to be posted in developing parts of Asia, Eastern Europe, Africa, and the Middle East.
"Factors such as rapid gains in economic activity, rising personal incomes, foreign investment activity, and the increasing belief that public safety forces are overburdened, corrupt or insufficient will boost gains," the research firm said in a statement, citing anticipated market drivers for growth in those regions.
In addition, the U.S. is expected to remain the biggest consumer of private contract security services, accounting for 29 percent of global demand in 2014. Contract guarding services is also expected to account for more than half of the market’s total revenues in 2014.