Security & Intelligence Services India Ltd., the nation’s only listed provider of security services, aims to treble sales in the next five years by increasing its share in the fast-growing local market. “We aim to hit $3 billion in annual revenues in the next five years as India is a big market and also growing at a faster pace,” Mr Rituraj Sinha, Managing Director of SIS India, said. “Our pie will expand in the already increasing securities business in the country.”
Factors including rising urbanization, increasing demand for protection from crime and terrorism, as well as a jump in completed new buildings, are boosting demand for private security services in India. Security firms’ sales in Asia’s third-largest economy are estimated to reach a combined ₹1.5 trillion ($21 billion) by 2022 from ₹57,000 crore in 2016.
Within five years, SIS India aims to capture a “double-digit” share of India’s market for security and management services – including the use of drones to inspect and map customer sites — as it wins over clients ranging from energy firms to owners of shopping malls, warehouses and residential buildings, Sinha said. He predicts registered security businesses’ sales will increase to 65% of the market from about 40% as they elbow out other operators