MUMBAI: The private security industry expects to grow manifold in the next five years, with India Inc enhancing the protective measures after the Mumbai attacks.
Industry officials said private and public institutions are now ramping up their security and the industry could experience up to 35 per cent growth over the next five years.
The security market, going by an estimate, is expected to touch USD 1 billion dollars in the next eight years, they added.
According to an analysis by US-based consulting firm Frost & Sullivan, "The security market earned revenues of USD 800 million in 2007 and is estimated to reach over USD one billion in 2016".
"After 26/11, there have been many enquiries from firms in the aviation, transport, oil & gas and power sectors for security equipment. Commercial entities like malls,
multiplexes and retail outlets, too, have sought surveillance systems," Zicom Electronic Security Systems' Managing Director Pramod Rao said.
With India being black-listed as one of the 20 most dangerous destinations in the world, security industry officials expect a 25-30 per cent growth over the next few years.
"I foresee a 25 per cent growth over the next 5-years," Rao said.
The week following the terror strikes has already witnessed increased inquiries for security equipment and personnel, say officials.
