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Economic Outlook for the Security industry in 2017

By: Mylene Dumoulin
January 26, 2017

The current political and social context, exacerbated by the result of the recent elections in the United States, should increase demand for security services over the next few years.

Whether it is the rise in terrorism or “mad gunman” events, which we recently had to face, we can already see an increased impact on security demand. A business such as GardaWorld, which offers a wide range of security services, from security guards to security patrols, as well as investigations, close protection, access controls, crowd management and special events security, can see firsthand the consequences on the various spheres of security.

For example, requests for special security services during high visibility events are a lot more frequent. There is greater demand than before among event organizers for our access control services using metal detector technology. Another impact of this tense climate is increased interest in security training. Many facilities such as shopping centres, office buildings and schools are looking for a security provider which can train their staff on the procedures to follow in crisis situations.

Finally, current economic conditions are somewhat favourable for private security companies. In fact, since budgets are limited, several managers are reconsidering the option of outsourcing security services instead of retaining their internal resources. Security firms such as GardaWorld offer turnkey services, including recruiting, training, employee benefits, uniforms, etc. All of these often make outsourcing such services more profitable for businesses than keeping them internally.

Outsourcing security services is not a profitable alternative for private businesses only. Several municipalities are looking for alternative solutions that allow them to keep their citizens safe at a lower cost.

Private security agencies can offer additional services to those of police forces, while offering the same quality at a more affordable price. It is not, therefore, surprising that many cities have decided to outsource part of their security services to private agencies. Whether it is for preventive patrols in parks and schools, or enforcing compliance with some municipal by-laws on parking, signage, noise, etc., security agencies offer a viable and economical alternative.

Market driven, GardaWorld has recently added fire safety to its service offering. Due to the limited resources they must deal with, municipalities sometimes have a hard time maintaining a fire department and complying with the legal requirements of the coverage plan.