LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global security services market is expected to grow at a CAGR of 6.7% over the next five years due to technological changes and increasing system and physical vulnerability across the organization in the industry.
“Regulatory compliances across different regions have mandated the adoption of proper security systems to raise safety standards. This is the foremost factor responsible for the growth of the security services market”
The research report titled, ‘Global Security Services Market: Procurement Market Intelligence Report 2017-2021,’ provides an in-depth analysis of category spend, best procurement practices, and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Regulatory compliances across different regions have mandated the adoption of proper security systems to raise safety standards. This is the foremost factor responsible for the growth of the security services market,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Other factors positively impacting the security services market is the rising number of events with large crowds and increasing international tourism,” adds Angad.
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Cost saving opportunities in the global security services market
The adoption of various cost-optimization levers helps buyers of the global security services market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global security services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
The global security services market is adopting technologies such as the Internet of things (IoT), cloud computing, and drones to reduce their overall category spend actively.
Buyers also actively seek for vendors capable of providing services such as RFID and human security interface, which can cater to a wide variety of systems and platforms such as IoT. The seamless integration of devices and technologies is leading to rising demand for personalized solutions.
Supplier competition saving aspects
Buyers look for suppliers who offer a wide range of services to ensure that they receive services with seamless integration of organization infrastructure with security systems across various industry verticals.
Buyers also chose suppliers based on experience, expertise, value-added services, and transparency in pricing. These factors can result in saving of up to 12% on the total category spend.
Bundling of services saving aspects
Security service providers are seeking ways to improve their ROI and sales by bundling together related services. Suppliers most commonly offer surveillance and manned guard security consulting together, which is beneficial for both the service provider and the buyer. The bundling of services is also resulting in an increasing demand for personalized services.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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