Market Spotlight: Security Guards

Overall employment of security guards and gambling surveillance officers is projected to grow 15% from 2020 to 2030, faster than the average for all occupations, according to the U.S. Bureau of Labor & Statistics. About 165,000 openings for security guards and gambling surveillance officers are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire. While increased litigation, broader contract interpretations, and larger jury settlement awards continue to drive up the cost of insurance, the outlook for this sector overall remains positive. In the May/June research survey by the Security Industry Association, some 80% of industry respondents rated current business conditions as "good" or "excellent," 52% of security professionals reported increases in marketing spending and 73% said they believe business conditions will be "much" or "a little" better within the next three months.