The private security sector consist of 15000 companies as well as employs 70 lakh security professionals is expected to grow at 20% in coming five years. The growth in infrastructure sector has been created many job opportunities in private security sector. Since last 6-7 years private security sector has seen tremendous growth as the industry created nearly 5 million jobs and it is also expecting to create 5 million new jobs by the year 2020. At present, nearly 16000 security service oriented companies have been generated 8 million employment opportunities to private security officers/guards. There is estimation that these 6 million workforces will be doubled by the year 2020.
The need of private security manpower has been growing in parallel with the growth of infrastructure sector in India. Because of the rapid development of industrial complexes, offices, tech parks, airports, metro stations, shopping malls and public utilities created a space to hire security officers.
Still there is a gap between the supply and demand of security to match with the current requirement. Reports suggest that there is a surplus of 30% manpower to the actual requirement. 30000 tribal youth and 1000 girls and women participated in skill development programs to be part of the skilled workforce. The cash logistics industry deals with the physical movement and storage of currency notes and other valuables on behalf of banks. As of now, this sector employs about 50,000 individuals and caters to approximately 1 lakh ATMs pan-India for cash replenishment services.
Private security sector is the second largest job generating sector in India. It fills the manpower needs from rural areas, backward sections and remote backward section of the country with skill development initiatives. Despite the operational and manpower challenges like low wages, low productivity and unattractive working conditions many people are attracting towards security jobs.