Commercial spaces re-open vistas for security service firms: CRISIL

Private security players' key service offerings include manned guarding, cash management services, and allied services such as electronic security services

The Indian private security service industry will grow 12-14 per cent to about Rs 1 trillion in revenue in 2022-23 (FY23), driven by the gradual post-pandemic reopening of offices across the country, a CRISIL MI&A Research estimate shows.

The tailwinds include infrastructure development, urbanisation, growing incidents of crime and terrorism, and a low police-population ratio. Rising private investment and recovery in commercial real estate are supporting demand growth too. This is good for micro, small and medium enterprises (MSMEs), which account for 35-40 per cent of the industry’s revenue. 

As things stand, industrial and manufacturing; banking, financial services, and insurance;