Security Industry Market Worth $350 Billion: Study
The U.S. security industry is a $350 billion market, according to a new benchmark study from ASIS International and the Institute of Finance and Management.
The study, The United States Security Industry: Size, Scope, Insights, Trends, and Data, analyzed the security products and services market, as well as the industry’s personnel market, with the participation of more than 400 security industry executives, according to an ASIS press release.
Key highlights include:
- The $350 billion market breaks out to $282 billion in private sector spending and $69 billion in federal government spending on homeland security.
- 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 is estimated at $80 billion, and a nine-percent boost in grown is projected for 2013.
- The number of full-time security workers is estimated at between 1.9 million and 2.1 million.
- Forty-two percent of respondents indicated spending on training would increase in 2013.
- Private detective/investigator is one of the fastest growing occupations – growth of 21 percent is projected through 2020. Several IT positions could outpace it though, growing 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,” says ASIS President Geoff Craighead, CPP, in the press release.