'Pvt security services to be Rs 80,000-cr industry in 5 years'

With demand for cash handling services and manned security rising, the domestic private security service providers expect the industry size to double to Rs 80,000 crore in the next five years.
The private security sector, which comprises 15,000 companies, directly employs about 70 lakh individuals and expects to grow at 20 per cent year-on-year for the next few years, said Chairman of the Central Association of Private Security Industry (CAPSI) Kunwar Vikarm Singh.
"The 40,000-crore domestic private security services industry is all set to double to over Rs 80,000 crore in the next five years," he added.
The need for security arrangements of industrial complexes, offices, IT parks and other public infrastructures such as airports, metro stations, shopping malls and public utilities has grown manifold.

"We believe that manned guarding continues to be one of the key segments in private security space and it contributes about 80 per cent of business to the industry, followed by cash services," he said.
The cash management service is expected to grow at a rate of 20-25 per cent over the next few years on growing number of ATMs across the country.
The cash logistics industry deals with the physical movement and storage of currency notes and other valuables on behalf of banks, he said.
This sector employs about 50,000 individuals and caters to approximately 1 lakh ATMs pan-India for cash replenishment services, he added.