CLEVELAND — U.S. guarding revenues reached US$29 billion in 2018 and represented 43% of private security service revenues. This is according to the 17th edition Private Security Services report by research firm The Freedonia Group.
In addition, Freedonia says U.S. guarding revenues are expected to grow 2.6% per year through 2023, reaching $33 billion, with gains supported by:
- continued interest in more highly trained, and thus more expensive, guards who provide a variety of market specific services
- increasing demand for armed security guards, who require additional training and command higher wages
- ongoing technological advances to security systems that make guards more efficient and cost effective
From 2013 to 2018, guarding revenues matched the pace of the overall security services market, supported by a number of the aforementioned trends. However, Freedonia says guarding is one of the most mature segments of the market and will see among the slowest gains of any segment through 2023.
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