Investor
The private security sector is among the fastest growing sectors which has witnessed significant growth since 2020 and is expected to continue its growth through 2030.Global demand for private contract security services is likely to increase by 7.4 percent annually and reach US$ 464 billion (approx.) in 2030. The demand for security services is fueled by an increasing rate of urbanization, improving foreign investment activity and growing middle class owning assets they wish to protect. Fear of terrorism and crime has also fueled this demand.
It is expected that security industry segment will rapidly grow in the developing parts of Asia, Eastern Europe, Africa and the Middle East, where security markets are relatively underdeveloped. In fact, several markets including China, India, Mexico, Russia and South Africa are expected to achieve double digit annual growth through the year 2016.
Private security services are expected to increase at a rate of 20 percent over the next few years and Indian Security industry to grow at 20% CAGR to become $ 103 bn (approx.) market by 2030.
* Data Courtesy: Ficci Report (India) *
Factors favouring demand for private security and Facility services in India
- Aligned with Organizational Goals: Rewards and recognition initiatives should support the organization’s mission, values, and strategic objectives.
- Fair and Transparent: Criteria for rewards and recognition should be clearly communicated and applied consistently to ensure fairness and avoid perceptions of favoritism.
- Timely: Rewards and recognition should be timely, meaning they should be delivered promptly after the desired behavior or achievement occurs to reinforce its importance.
- Meaningful: Rewards and recognition should be meaningful and personalized, taking into account individual preferences and motivations.
- Continuous: Rather than being a one-time event, rewards and recognition should be ongoing and integrated into the day-to-day operations of the organization to sustain motivation and engagement over time.
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