How much is spent on security guards in the US each year, only for indoor areas?
Hello and thanks for your question about the market for indoor security guards. While there is no preexisting information to fully answer your question, we've used the available data to pull together key findings: our first response triangulated an estimate of the indoor security guard market based on all publicly available information. We have included the information from our first response here, and have included additional information about the robot security guard market as well. Below you'll find an outline of our research methodology to better understand why information you've requested is publicly unavailable, as well as a deep dive into our findings.
Our first response searched for pre-compiled data on the market size for indoor security, but turned up no results. Results from the Bureau of Labor Statistics were used to estimate the market share for indoor security guards, based on employment numbers and the classification specific industries as either indoor or outdoor. That number was then used to calculate the market size by multiplying that estimate by the total market size, which resulted in the following calculations:
The market size of the security services industry in the US was estimated to be $34 billion in 2017.
An alternate method to estimate the market size is as follows:
Employment in the security industry in 2016 = 1,103,120
Projected growth rate of employment (2014-2024) = 5%.
Projected employment in 2017 = 1103120 * 1.05 = 1,158,276.
Mean annual wage = $29,730.
Market size in 2017 = Mean annual wage * no. of employees = 29730 * 1158276 = $34,435,545,480.
Therefore, the market size for the security industry in the US in 2017 is estimated to be $34 billion. This estimate may be used to calculate the market size for the indoor security services in the US. The calculation goes as follows:
Market share of indoor security services in the US = 93.5%.
Market size of indoor security services in the US = 34 billion * 0.935 = $31.79 billion.
We then attempted to better triangulate the information by searching for information regarding market size for security services, and the prevalence of indoor spaces which require security, however, we again ran into the issue of the search parameters being too broad. Perhaps a search by industry would return better results. By submitting further requests, we could break down the market by industry and add the numbers to get a better estimate of the total market. We would likely need to have one request per industry due to the complicated nature of this niche market. After exhausting all possible public research venues, this is our best suggestion for how we could provide a more accurate market size for indoor security guards.
After additional extensive research, we have concluded that this is the closest we can come to estimating the market size for indoor security services because each industry is comprised of both indoor and outdoor environments, therefore it would be difficult to give hard numbers on market size based on such broad parameters.
We were able to locate additional information on the market for security robots which might prove helpful in your research.
Recent reports forecast the market for indoor security robots to reach $2.4 billion by 2022, with a 9% CAGR between now and then.
We located a most promising market research report on the indoor security robot market. This pay walled market research report from Arcluster Pte Ltd, "provides an in-depth analysis of the market size, forecasts and opportunities of security robots that cater to the commercial, government and residential ecosystem." The report includes market analysis for both indoor and outdoor segments, as well as "insights" into key market requirements "gathered from businesses, enterprises, commercial entities, agencies, and home owners." The report lists their "preferences, priorities, and perception of applications and adoption of security robots." Finally, the report details "key demand side ratings" across regions for owning or leasing security robots.
To wrap it up, after searching extensively through government, academic and industry databases, trusted media sources, blogs, reports, studies and surveys, a direct answer to your question is not publicly available because the search parameters are too broad. However, I learned that the indoor robotics market is projected to grow at a 9% CAGR until 2022. If you’d like to continue research on any of the other topics I’ve outlined above, just let us know!
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