The security services industry in the US is experiencing phenomenal growth. From physical guarding to cutting-edge technology, the demand for security solutions is skyrocketing. But are you, as a security company owner, positioned to capitalize on this growth?

The landscape is shifting. Understanding market trends, employment dynamics, and the performance of leading security firms is crucial for navigating this new landscape.

This factsheet with security guard industry statistics dives deep into the latest industry trends, providing valuable insights to propel your security company toward sustainable growth.

‍

Overview of the security services industry in the U.S.

The security services industry in the U.S. is a vital part of maintaining safety and order in various sectors, from commercial properties to residential communities.

This industry encompasses a broad range of services designed to protect people, property, and information.

‍

Key components of the security services industry

• Guarding services: This is the most visible segment, involving uniformed security personnel who provide physical protection and surveillance. These guards can be found in a variety of settings, including shopping centers, office buildings, hospitals, and government facilities.
  
  
• Electronic security systems: This includes the installation and monitoring of alarms, CCTV systems, access control systems, and other electronic surveillance tools. These systems are often integrated into broader security strategies to enhance protection.
  
  
• Consulting services: Security consultants offer expertise in risk assessment, security planning, and the implementation of security measures. They help businesses identify vulnerabilities and develop strategies to mitigate risks.
  
  
• Investigation services: Private investigators and detective agencies fall under this category. They provide services such as background checks, fraud investigations, and surveillance to uncover information and support legal proceedings.
  
  
• Cash transit services: This involves the secure transportation of money and valuable items, often managed by armored car companies. These services are crucial for financial institutions, retailers, and other businesses that handle large amounts of cash.

‍

Market size and growth

The U.S. security services industry has experienced steady growth over the past decade. While the market size reached $40.19 billion in 2012, there were minor dips in 2014 and 2015.

In the coming years, the industry quickly rebounded, surpassing $48 billion by 2017 and peaking at $50.08 billion in 2018. Despite slight fluctuations in recent years, reaching $47.8 billion by 2023, the overall trend indicates a rising demand for security services.

The industry's growth trend from 2012 to 2023 has been driven by several factors:
‍

• Increased security concerns: With the rise in crime rates and security threats, businesses and individuals are increasingly investing in security services.
  
  
• Technological advancements: The adoption of advanced security technologies such as surveillance cameras, access control systems, and alarm systems has contributed to the industry's expansion.
  
  
• Regulatory changes: Stricter regulations and standards for security services have led to increased demand for professional security solutions.

‍

The rise of contract security services

The contract security market saw notable growth from 2014 to 2022, although the trend hasn't been uniformly upward. Businesses have increasingly shifted towards hiring specialized security firms instead of maintaining in-house security teams.

This shift has been driven by key factors such as cost efficiency, access to specialized expertise, and the flexibility to scale services according to demand.

Despite some fluctuations, the overall preference for outsourced security services remains strong.

‍

Growth trends

From 2014 to 2022, the market for outsourced security services expanded considerably. In 2014, the market was valued at approximately $22 billion. By 2022, it had grown to around $33 billion, marking a substantial 50% increase over eight years.

This growth is largely due to heightened security concerns across various sectors, including retail, healthcare, and corporate environments, which necessitated more robust and professional security measures.

‍

Key drivers of contract security services

• Cost efficiency over managing in-house teams: Outsourcing security services often proves more cost-effective for businesses. Instead of bearing the full costs of recruiting, training, and managing an in-house security team, companies can leverage the resources and expertise of established security firms.
  
  
• Access to specialized expertise: Security firms provide specialized knowledge and advanced technologies that may not be readily available to individual businesses. This includes sophisticated surveillance systems, cybersecurity measures, and comprehensive risk assessments.
  
  
• Scalability and flexibility: Outsourced security services offer the flexibility to adjust the level of security based on changing needs. Businesses can scale up during high-risk periods or scale down when less security is needed, allowing for better resource management.

‍

Industry impact

The rise of outsourced security services has significantly impacted the overall security services industry. It has led to the growth of several large security firms that dominate the market, providing a wide range of services from physical guarding to electronic security solutions.

This trend is expected to continue, with further advancements in security technology and increasing demand for professional security services.

‍

Security guard industry statistics: Employment in the security sector

According to the Bureau of Labor Statistics, there were approximately 1.1 million security guards employed in 2023. his significant workforce underscores the essential role of security personnel in maintaining safety and order.
‍

Industries employing the most security guards

Several industries are major employers of security guards. In 2023, the industries with the highest levels of employment for security guards included:
‍

1. Investigation and security services: Employing 735,430 security guards, this sector accounts for 73.69% of the industry employment. These roles primarily involve providing contracted security services to various clients.
   
   
2. General merchandise retailers: With 44,640 security guards, this sector employs 1.39% of the industry's workforce. Security personnel in this field help prevent theft and ensure the safety of customers and staff.
   
   
3. General medical and surgical hospitals: Employing 44,460 security guards, or 0.78% of the industry, hospitals rely on these professionals to maintain a secure environment for patients, staff, and visitors.
   
   
4. Elementary and secondary schools: Schools employ 44,010 security guards, representing 0.51% of the industry. Their presence is crucial for ensuring the safety of students and educational staff.
   
   
5. Traveler accommodation: With 31,280 security guards, making up 1.69% of the industry's workforce, this sector includes hotels and other lodging facilities that require security to protect guests and property.

(Source: Bureau of Labor Statistics)

‍

Employment concentration and top-paying industries

​​Certain sectors employ a higher density of security guards relative to their size:
‍

• Promoters of performing arts and sports: This sector employs 10,740 security guards, accounting for 6.56% of the industry's workforce.
  
  
• Gambling industries: With 12,770 security guards, this sector represents 5.88% of the industry's employment.
  
  
• Monetary authorities: Although this sector employs only 1,190 security guards, they make up 5.48% of the industry's workforce.
  
  
• Bars: This industry employs 18,200 security guards, which is 4.42% of the industry's total employment.

(Source: Bureau of Labor Statistics)

‍

Revenue breakdown of leading security companies

Allied Universal Security Services LLC emerges as the industry leader, with a dominant global revenue position. Their success is significantly fueled by the U.S. market, with a similar trend seen by close competitor Securitas AB.

Prosegur and GardaWorld further solidify the presence of major players, highlighting the global reach of the security services sector.

Beyond impressive revenue figures, here is a key characteristic they all have in common: A strategic focus on the U.S. market. Traditionally, manned guarding services have been a core offering.

But, a critical differentiator for these industry giants is their aggressive investment in technology. This focus empowers them to address the evolving security demands of their clientele and maintain a competitive edge against smaller firms.

‍

Revenue highlights for 2024

• Allied Universal Security Services LLC: Leading the market with a global revenue of $20.5 billion, including approximately $13.5 billion in U.S. revenue in their fiscal year between July 1, 2022 and June 30, 2023
  
  
• Securitas AB: Reporting a global revenue of $13 billion, with around $6 billion attributed to U.S. operations in 2022
  
  
• Prosegur: Generating $4.4 billion globally, with approximately $0.5 billion from the U.S. in 2022
  
  
• GardaWorld: Achieving a global revenue of $4.1 billion, with about $2.4 billion in U.S. revenue in their fiscal year between February 1, 2022 and January 31, 2023

‍

Maximize your security company’s growth with Belfry

The security market is expanding, but managing a security company comes with unique challenges. At Belfry, we understand the importance of efficient operations. Our all-in-one platform addresses those needs directly, helping you grow your business in this evolving market.

Belfry offers features designed to enhance officer safety, streamline operations, and help you grow your business as the security market expands.

How Belfry improves security operations:

• Maximize profitability by 60%: Effortless billing and labor cost forecasting help you identify areas for improvement and optimize operations for maximum profit.
  
  
• Scheduling simplified: Spend less time juggling schedules and more time growing your business. Belfry's smart tools manage call-offs, fill shifts, and forecast labor costs, saving you 80% of scheduling time.
  
  

By partnering with Belfry, you invest in technology that empowers your officers, optimizes operations, and fosters a culture of safety and transparency.

Schedule a Free Demo Today.