Globalization of the world and its markets has opened the doors to many new private sector players into the global markets. With all the advancements on the planet, these new players in the markets are proving to be worth in terms of their services and market value which is boosting the world economies to new bar standards on the graphs.
These new private sectors are helping for the development of the gross value of the economies by providing employment opportunities for many aspiring and eligible candidates.
One such entity in the global market which is setting up new standards as the best service providers in the market is the Private Security Industry.
What is PSI (Private Security Industry)?
Urbanization has grasped over many Tier 2 and Tier 3 cities in many parts of our nations, this has become the reason for more organized crimes in many areas. The increased need for prevention, detection, protection of assets both tangible and non-tangible against criminal activities such as fraud, theft, drug-related violence, violent crimes, and terrorism has demanded more public safety measures.
The rise in banking sectors and the expansion of ATM networks, and many individuals joining in the billionaire league who need constant security made the government realize that the public safety measures are insufficient. In India, the ratio of police personnel per person is 150:10000, which means that for every 67 people there is one police officer to look after them.
In the year 2005, the government of India has regulated a new act called PSAR (Private Security Agencies Regulation Act) which gave a chance to the private security industry to rise as a new security sector in India.
The private security industry has progressed slowly as an organized sector, to meet the demand as primary service providers in the security department for the consumers with increased concern for their security.
As of 2020, there are 22,000 PSAs (Private Security Agencies) in India, which means the PSAs in the security industry have seen a growth of 20% compared to the last decade. Initially, there were only 40% of organized private security agencies in India, but today the scenario is different because of the demand for them. Not only becoming an organized player in the market, but these private securities agencies are also evolving in their employee practices by introducing new standards in training and skills to meet the needs of the corporate world.
The technology has added more value with its introduction of artificial intelligence, hi-tech surveillance, biometric technology, remote sensors, and cybersecurity to counter all kinds of threats that may come in their way, while they are on security duty. Re-skilling and up-skilling have become a routine for many security personnel.
Why do we need PSI (Private Security Industry)?
When compared to the private security department with the police department in our country, we have a very less ratio of police officers per person. In India, the private security personnel consists of 76% whereas the police department is only 24% in terms of security detail.
In the world with all the corporate sectors uprooting from every corner, cinema halls, workplaces, shopping malls, hospitals, industrial compounds, warehouses, unoccupied houses, airports, events, and festivals every place we need safety and security at each of these places. Along with the changing times even the threats we face also changed their faces. We can never guess from which direction a threat is coming our way, hence security is very important for everyone.
Even the Indian government felt the need for security is more important. So, they started investing in the human capital by introducing a new government scheme PMKVY in 2015-16 to train 24 lakhs unemployed youth with a budget of 1500 cr INR which was later re-launched again with a revised budget of 12,000 cr INR under the scheme PMKVY 2.0 to train more 1 cr youth who are now employed in 30 different sectors, one among these sectors is private security industry.
Let’s look at the Statistics
India is the 6th largest economy in the world with a GDP of 3,304 trillion USD in the year 2020. Many corporate companies look to invest in India and build their empires through the FDI.
So, this country can be in grave danger with no one to look out for security measures. This is a reason to get the private security agencies involve in the businesses with the corporate business sectors.
The private Security Industry in India has more security personnel working for them than the combined strength of the Army, Navy, Air Force, and Police force. In the year 2019, the private security industry was employing almost 89 lakhs security professionals in various positions compared to the police force being only 19 lakhs. By the year 2022, the private security industry is planning to induce additional 31 lakhs of security personnel into their firms.
The private Security Industry is the second largest sector in India, after agriculture. The market value of the private security industry in India is 40,000 cr INR in 2014, which more than doubled by the year 2020, with a market value of 99,000 cr INR. This market value is estimated to grow up to 1.5 lakh cr INR by the year 2022.
Here comes the greatest realization of this Era
Many people in India are yet to realize the growth and worth of the security agencies in our country is more than they know. 80% of the revenue generated by the Private Security Industry comes from manned guards. They are also with the maximum employment capacity in the industry. So, with the given data about the private security industries, it is up to you, to just know how much an 80% revenue in the security industry is valued.
The security industry is perceived as non-aspirational by the workforce. It is the right time to change your views on the security profession. Many youths who don’t know what career they want to choose in their lives, which can place them in a good career path for the rest of their lives, security industry always welcomes you with a good positioned job and a huge amount as salary for your work and efforts to protect others and for making them feel safe.