The U.S. security industry is a $350 billion market, according to a new study from ASIS International and IOFM.
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According to the results of a new study released by ASIS International and the Institute of Finance and Management (IOFM), the U.S. security industry is a $350 billion market. The majority of the market consists of private sector spending ($282 billion) followed by federal government spending on homeland security ($69 billion).
The study, dubbed "The United States Security Industry: Size and Scope, Insights, Trends, and Data," examines the private security industry’s expansion over the past decade, its projected future growth and contains an analysis of the security products and services market, as well as the industry’s personnel market. According to a statement, over 400 security industry executives participated in the survey. A companion survey of industry manufacturers, vendors, service providers, dealers, distributors, installers and integrators was also conducted.
Other findings from the report include:
- Operational (non-IT) private security spending is estimated to be $202 billion with expected growth of 5.5 percent in 2013; IT-related private security market is estimated at $80 billion with growth of 9 percent projected for 2013
- Number of full-time security workers is estimated to be between 1.9 and 2.1 million
- 42 percent of respondents indicated spending on training would increase in 2013, with 12 percent anticipating a rise of 10 percent or more
- Private detective/investigator is one of the fastest growing occupations, with anticipated growth of 21 percent projected through 2020; several IT positions are anticipated to grow 22 percent through 2020
"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 ASIS President Geoff Craighead. "Not since the 'Hallcrest Report II,' published in 1990, has such a definitive study been conducted. This data will assuredly be an invaluable tool for security practitioners, service providers and manufacturers as they develop business plans and strategies for the coming years."
"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 at IOFM. "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."
Other high-level findings from the report will be presented in a special information session (Defining the U.S. Security Market, Session 4204, Room S502b, Thursday, Sept. 26 from 1:45 to 2:45) next month at ASIS 2013 in Chicago. The 189-page report can also be purchased from the ASIS Store online at https://www.asisonline.org/bookstore.