A new study from Cleveland-based market research firm The Freedonia Group forecasts strong growth for the guard services sector in the U.S., as the market is predicted to grow at five percent annually over the next several years reaching $63 billion in 2014.
According to the new "Private Security Services" study, the anticipated growth in the market is expected to be the result of economic recovery in construction and business expansion. It is also expected that many organizations and institutions will continue to shift towards outsourcing security services.
In addition to guard services, which is the largest security services segment and accounts for 40 percent of total industry revenue, the second largest segment, alarm monitoring, is also expected to see significant growth over the next several years.
For more information about the study, visit www.freedoniagroup.com.