Abstract
Worldwide market to grow in excess of 7% annually through 2010
The global market for private contract security services will rise over seven
percent per year through 2010, surpassing $150 billion. While building
construction -- especially in North America, China and Eastern Europe -- is
expected to decelerate from an impressive 2000-2005 performance, a firming
global economy and rising urbanization will continue to drive demand. Also
important will be heightened fears of domestic crime and terrorism in many
countries, and recovery in the travel and tourism industries.
US to remain largest single global consumer
The US will remain the largest single consumer of private contract security
services, accounting for over 30 percent of total demand, although advances
will trail the global average by a wide margin. The fastest growth is
anticipated in the world' s developing regions -- Asia, Latin America, Eastern
Europe, Africa and the Middle East. These areas feature largely unpenetrated
private security markets and are characterized by rising crime rates,
expanding economies, new business formation activity, heightened foreign
investment, emerging middle and upper classes, and privatization of formerly
state-owned industries like banking and air travel. As such, they will
increasingly possess both the need for and the means to invest in supplemental
security measures.
China and India jointly account for less than one percent of the global
market, but will log some of the fastest gains, generating a $5 billion
combined market by 2015. Security markets in Latin America and Eastern Europe
will also grow at double-digit rates, while spending in the Middle East and
North Africa will benefit from inflated petroleum prices.
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