The Future of the Security Industry
Security in Australia is a growing industry. The estimated annual revenue generated by the Australian Private Security industry is approximately 11 billion dollars.
The industry employs over 180,000 people including over 153,000 licensed security professionals which makes this industry significantly larger than both the Australian police force and defence forces.
Analysts are forecasting a 3% annual growth in the industry between now and 2028 and that is a lot of new security guards, private investigators, and security experts.
But what kind of changes are we likely to see in the industry over the next few years?
The Australian Security Industry Association limited or ASIAL have been working on figuring out the future of the Australian security industry in their research project, Security 2025.
In this research project, they aimed to identify growth opportunities for the industry and individual security professionals. Their report, Security 2025 – a Roadmap for the Future predicts these ten future trends to be on the lookout for in the Australian Security Industry.
AI or artificial intelligence
In the cyber security world, AI is going to play a key role. Artificial intelligence are computer programs created to simulate human intelligence. Artificial Intelligence or AIs can be programmed to seek out malware and report on it, and to protect sensitive data. It’s predicted AIs will play a big role in the future of cyber security.
Speaking of AI, cyber security is going to play a leading role in the future of the Australian Security Industry. The Australian Cyber Security Industry is already a well-known player on the international stage.
Australians spent $5.6 billion dollars on cyber security in 2020. That figure is projected to increase to 7.6 billion by 2024. The industry is growing too quickly for the demand to keep up, making cyber one of the safest security jobs out there for a long-term career.
Predictive Data Analytics
Predictive data analytics are going to be a trending technology in both cyber and traditional security. Predictive data analytics is the use of data, statistical algorithms, and machine learning to identify the likelihood of different outcomes.
The use of predictive data analysis is on the rise in traditional security. Operatives are using it to inform decisions around patrolling schedules and security system installation. And in cyber security, predictive data analytics help businesses identify and quell security threats in the infection stage to minimise the damage they can do to the business systems.
Connectivity and the Internet of Things
In the security industry when they say ‘the Internet of Things’ or the IoT, they are referring to the security of business networks, industrial machines, smart energy grids and interconnected devices.
As we have more tech that is connected to networks, businesses can leave themselves vulnerable to cyber-attacks from multiple different vantage points. That is why the IoT will be a vital component in the future of the Australian security industry.
Cloud Based Computing
Cloud security or cloud-based computing is a system of policies, procedures, controls and technologies that come together to protect cloud-based systems data and infrastructure. You can do all kinds of things from authenticating users to filtering web traffic, cloud-based computing can be uniquely tailored to the needs and specific security threats of each business making it a must have for most businesses.
Move to service-based business models
The ASIAL report predicted a move to service-based business models in the security industry. It’ll be all about the client relationships with a focus on both fostering trust and tailoring services to the individual business in the future of security for Australians.
Touchless and frictionless solutions
Since the pandemic hit, we’ve all become awfully familiar with touchless technology and contactless services. When the pandemic hit security teams and consultants had to scramble to implement touchless technology to eliminate the risk of sharing ID badges, entering pin codes or scanning palms.
Industry predictions suggest we will not only see more contactless tech being used in all fields but also a shift toward frictionless solutions which describes the entire process of streamlining access control and visitor management in physical business spaces.
As access points and visiting systems are often designed and managed by security teams this technology will be essential for the security industry of the future.
Responsive environment and intelligent spaces
Intelligent spaces are physical locations that have sensors hooked up to a network and can report on what happens in those locations, how they are being used and what condition they are in.
Responsive environments have been popular in the conceptual art world and the therapy world for a while now, they are environments in which the user of the environment can adjust their experience of the environment to their liking. This is extremely helpful for individuals suffering from mental health issues such as social anxiety.
The application of these two technologies in security would mean that an intelligent space could detect and report on what was happening in it and as a responsive environment it could be programmed to react to threats with actions such as locking its doors or putting up shields.
Facial recognition software will play a major part in the future security industry. CCTV monitoring and staff in the patrolling or gatehouse sectors will have to work with this technology and it could go a long way to simplifying the process of checking in staff and confirming access as well as monitoring for suspicious people.
Data privacy and protection will be paramount to the security industry. As more companies operate in cloud-based systems and security companies must work with more complex technologies that are interconnected through networks, establishing a safe and secure data privacy system will be key to managing these technologies.
The security industry will continue to expand in the next 5 years and beyond. It will be an interesting ride as we watch how these technological advances and future trends unfold in the Australian security industry.
There are some actions you can take now to prepare for the future changes. Check out our Certificate IV in Cyber Security. This qualification can give you foundational knowledge in cyber security to prepare you for these future developments. Contact us for more information.