The personal security industry market size is forecast to exceed Rs. 1,500 crore by 2022. The major changes in the industry are expected to increase from 35% currently to around 50% over the next five years. The global game changer has started investing.
Competitive wages:
A minimum wage of 7,500 per month should be given for all trained guards.
Human resources:
About 85% of the population live below the poverty line, there is little progress in education and therefore low incomes.
Skills required:
STAR (Standard Training Assessment and Reward) introduces MES (Modular Employable Skills).
The sector currently employs more than 7 million people, of which 11.8 million are expected to be employed by 2022. There are a total of 16,000 private security agencies, 88% of which are that large.
The introduction of the Private Security Agency Act of 2005 has resulted in more private organizations adopting internal training guidelines.
The private security sector is generally divided into the following areas:
- Commercial: The commercial sector that includes office space, activities, public spaces, and religious places.
- Habitat: Surrounding residential units, urban areas, single-family houses, several camped colonies, etc.
- Industry: This security aspect includes the manufacturing and infrastructure industries.
- Personal protection
While the commercial security services are investing together with the multinational security agency. For Industry Growth Opportunities Maharashtra has a total of 135 registered agencies.
Challenges:
- Unorganized sectors:
It is a very disorganized sector with a lot of unregistered companies.
2nd competition:
As it is an unorganized sector due to the tremendous competition in this area.
- Flexibility required:
This is because the entire workforce is focused on rural areas, which over time will require flexible labor and constant relocation as there is a lot of digging in rural areas.
- Few people consider it a career option:
Rural people occupy this employment only during the poor agricultural season, which leads to seasonal skill gaps, which in turn leads to poor labor.
- Clarity:
The lack of guidelines regarding armed guards has created security issues as most armed officers work in a disorganized part on personal weapons licenses.
