SpendEdge has been monitoring the global security services industry and the industry is poised to experience spend growth of more than USD 80 billion between 2019-2024 at a CAGR of over 8% during the forecast period. Request Free Sample Pages.
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Read the 131-page research report with TOC and LOE on "The Global Security Services Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Factors such as the increase in the instances of IP infringement, the frequency of economic and sporting events are exposing masses to significant security risks. 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.
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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. This will contribute to the stability in the price of procuring in the global security services industry.
- Overhead expenses such as costs related to utilities, insurance, taxes, repairs, and advertising will observe a minimal increase which will have a hairline impact on the security services prices.
What are the strategies to adopt to optimize procurement spend in this industry?
Leverage integrated solutions to reduce costs
The adoption of technology-based security services is an effective way for buyers to reduce the procurement costs associated with security services. However, the efficacy of these solutions gets compromised when the security systems are used in silos. Using integrated solutions is an excellent way of reducing costs and redundancy associated with standalone security systems.
Develop a risk profile of risks faced by organizations
Buyers are advised to develop a risk profile of the threats faced by their organizations and assess the their abilities to absorb the same. This would help in eliminating unnecessary outlay on risks that can be borne by the buyers or can be mitigated through more cost-effective measures.
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Some of the key topics covered in this report are:
- Security services industry spend segmentation by region
- Total cost of ownership analysis in the security services industry
- Regional spend opportunity for security service providers
- Security service providers cost structure
- Security services pricing models analysis
- Security services procurement best practices
- Category management objectives
- Cost saving opportunities in the security services industry
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