The security services market is a crucial sector that caters to the diverse needs of businesses across various industries. As companies focus on their core competencies, they often outsource non-core functions, such as security, to specialised agencies. This strategic decision allows businesses to access expert knowledge, stay updated with the latest security trends, and ensure optimal protection of their assets.
Whilst some companies prefer to maintain an in-house security team, citing advantages like increased loyalty and direct control over personnel, outsourcing security services offers several compelling benefits. By partnering with a professional security company, businesses can leverage the expertise and training of seasoned security professionals who dedicate their time to staying abreast of industry best practises.
From a financial perspective, outsourcing security services can be more cost-effective compared to maintaining an in-house team. Hiring, training, and supervising security staff, along with purchasing equipment and managing employee benefits and liability insurance, can be a significant burden for companies. Outsourcing alleviates these costs and allows businesses to allocate resources more efficiently.
Moreover, managing an in-house security team can be a full-time responsibility, potentially stretching the capacity of a company’s security manager. By outsourcing, businesses can ensure that their security needs are met without compromising the quality of service or overburdening internal resources.
The range of security measures and services required by commercial buildings is extensive. From admittance monitoring and visitor processing to alarm response and incident tracking, security services cover all aspects of protecting corporate assets and reducing liability. The specific mix of in-house and outsourced services varies based on factors such as company size, industry, and the presence of union workforces or classified government work.
In conclusion, the security services market plays a vital role in supporting businesses across various sectors. Outsourcing security services offers companies access to expert knowledge, cost-effectiveness, and the ability to focus on their core competencies. As the market continues to evolve, businesses must carefully evaluate their security needs and determine the optimal balance between in-house and outsourced services to ensure the protection of their assets and the smooth operation of their facilities.
Security Services Market in UK
The Security services command a Total Contract Value in excess of £5 billion in the UK Market as per our database. The service has more than 700 contracts spread across several market sectors. Both Public and Private sectors contribute almost equally at 50% each to the overall contract value with Private sector contributing £2.51 billion and the public sector £2.49 billion to the total contract value.
A look at sectoral dissection based on the contract data that Baachu maintains gives a clear idea of which sectors avail Security services far more than others and their share in the overall pie. The competitive landscape gives an insight into leading players active in this arena.
Recent Outsourcing performance
A clear pattern emerges from a look on the extent of outsourcing for security services from buyers across market sectors over the last seven quarters. The below given trends depicted through the bar graph clearly shows a co-relation of business as usual vis-à-vis abating of pandemic. While the amount of outsourcing was subdued in all the quarters of 2021 barring Q2, the trend shows a growth in the two out of the three quarters of this year. The current year has already witnessed outsourcing to the tune of £127 Million in first three quarters against £96 Million in whole of 2021.
To have a deeper understanding of Security Services Market and the latest trends that are impacting the facilities management landscape – Please watch our Insight webinar “UK Facilities Management Market Analysis : Security Services Market”
