Private Security Industry: Opportunities for Digital Transformation

28 January 2021

Private Security Industry: Opportunities for Digital Transformation

Moderated by Japnit Singh, Deputy CEO of Spire, the webinar discusses the ways technology can bolster the efficiency of the private security industry. Held on 28 Jan 2021, the panel comprised Imran Mohd, Spire research consultant, Ian Stewart, CEO of security software-as-a-service company Security Risk, as well as Josef Gueta, Managing Director of private security company Business Profiles Inc.

A flourishing private security market

Spire research consultant Imran Mohd highlighted how the global private security market is a lucrative and burgeoning one. The industry is slated to grow 6% year-on-year to hit US$257 billion by 2022. However, 95% of private security operations remain insulated from technology, with just 5% adopting smart security solutions.

There is huge untapped potential for digital solutions for the Asia Pacific private security market, which boasts the highest growth rates around the world.

An industry in need for rejuvenation

Industry experts Ian Stewart and Josef Gueta weighed in on how COVID-19 has upended traditional notions of security guarding and challenged the way guards are expected to perform.

Josef shares that new challenges to security guarding work include adapting to movement control restrictions, and the inability of guards to physically report to work. Furthermore, the urgency of contact-tracing fuelled by COVID-19 jolted the security industry’s need to use tech solutions to replace outmoded pen-and-paper tracing methods.

For Ian, solutions offered by Security Risk help security firms climb up the value chain. The Security Risk Manager (SRM) platform offers a cloud-based solution for remote-site management and the digitisation of day-to-day operational administration. It is also capable of operating at low bandwidth networks and offline, making it suitable for remote sites as well as markets with nascent levels of internet connectivity.

Overcoming the challenges to digitisation

In response to an audience question on the main obstacles to adopting digital solutions, Josef shared that prior to COVID-19, technology was not a priority in security guarding. The pandemic prompted the realisation that pen-and-paper methods could not meet heightened demands for data accuracy and accountability.

Expressing his conviction that smart solutions are the future of security management, Imran believes that technology will serve as the vehicle through which security firms can scale up their businesses. Furthermore, being equipped with a suite of QR, GPS and 4G technology serves to integrate the firm’s equipment management process, incident reporting process and other day-to-day functions in an all-in-one solution.

For security companies looking to remain ahead of the game, smart solutions such as those offered by Security Risk can help boost productivity of security firms, with technology working hand in hand with higher-order human capacities to meet the security needs of the future.

To find out more about the discussion, watch the recording of our live webinar, where our speakers discuss the technological disruptions to the private security industry.

Click to watch our webinar.

For media enquiries, please contact:

Marie Teo
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (65) 6838 5355
E-mail: [email protected]

For media enquiries, please contact:

Marie Teo
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (65) 6838 5355
E-mail: [email protected]