Security services industry on slow comeback course: CRISIL SME Tracker

As a result, despite a projected 10-15 per cent growth this fiscal, the industry is expected to fall back to the FY18 level owing to negative growth of 30 per cent last fiscal

The security services industry is seeing a gradual revival, with schools reopening and offices initiating a phased return to work as the pandemic impact eases.

The industry was hit hard in the last fiscal year (FY21) -- and earlier this fiscal (FY22) -- as lockdowns and restrictions resulted in many offices and commercial establishments trimming down their security and facility management staff.

The recent resurgence of Covid-19 cases owing to the omicron variant also caused hiccups, albeit less severe than during the first two waves.

Micro, Small and medium-sized enterprises (SMEs), which account for half of the