CLEVELAND, April 26, 2017 /PRNewswire/ — Revenues for private investigation services are projected to expand over 3% per year through 2021 to $6.4 billion. Because these services are typically utilized by more affluent end users (such as wealthy individuals and large corporations) and because perceived risk of crime rises during difficult economic times, demand for private investigation services has enjoyed relatively stable demand over the past decade. Growth will be supported by ongoing concerns regarding fraud, cyber attacks, and other corporate crimes, especially as media outlets continue to bring attention to high profile cases of such breaches. These and other trends are presented in Private Security Services in the US, 15th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Private investigation services are highly affected by the amount of information available for free online. On the one hand, the expansive data available for anyone to access can limit the need for contracted private investigative services, since some end users are able to find the information for themselves. However, the proliferation of information also benefits private providers by broadening the amount of information available for them to utilize in their research. In addition, private investigators are more highly trained and familiar with sorting through and understanding the available data, supporting the use of these services.
Additional revenue gains will be limited by the increasing competition that private investigators face from other segments of the security services industry. According to analyst Katherine Brink, “Pre-employment screening providers, security consultants, and data security firms all offer services that provide better protection from attacks or that allow end users to track security breaches for themselves, restraining demand to a certain degree.”