Security News > 2020 > January > Global security services industry to experience spend growth of more than $80 billion

The global security services industry is poised to experience spend growth of more than $80 billion between 2019-2024 at a CAGR of over 8% during the forecast period, according to SpendEdge.

This is creating a pressing requirement to engage security services across the domestic and business sectors across the globe and in the process is driving investments in the security services industry at a substantial rate.

The US is one of the dominant regions in the global security services industry in terms of spend share and is accounting for over 80% of the total regional demand.

Factors such as increasing standardization of private security regulations and the US-based SME's preference towards the contract guarding industry segment are driving adoption in the security services industry in the US. Insights into the industry price trends The potential impact on the security services prices because of the rise in minimum labor wages will be countered by the fact that most of the developed nations are replacing manned security services with integrated security solutions.

The adoption of technology-based security services is an effective way for buyers to reduce the procurement costs associated with security services.

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