NEW YORK, Jan. 31, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
World demand to rise 7.4% annually through 2016The global market for private contract security services will increase 7.4 percent annually through 2016 to $244 billion. In general, demand for security services is driven by rising urbanization, the real and perceived risks of crime and terrorism, belief that public safety measures are insufficient, and growth of a middle class with assets to protect and the means to pay for supplementary security measures.
Going forward, the security service market will also be supported by an improved economic environment and building construction activity, notably in developed nations that saw significant slowdowns late in the 2006-2011 period.Developing areas to post strongest market gainsThe strongest market gains will be posted in developing parts of Asia, Eastern Europe, Africa and the Middle East where security markets are relatively underdeveloped. In fact, several national markets, including China, India, Mexico, Russia, and South Africa, are expected to achieve double-digit annual growth through 2016. In many of these areas, the intensity of security service use (measured against indicators such as GDP and urban population) is relatively low, indicating significant growth potential going forward. Factors such as rapid gains in economic activity, rising personal incomes, foreign investment activity, and the increasing belief that public safety forces are overburdened, corrupt or unable to provide sufficient protection will boost gains. Furthermore, increasing regulation and a trend toward greater professionalism in many of these local security service markets will improve public trust in security service businesses, thereby driving market gains.