The ratings on Sweden-based Securitas AB reflect its position as the world's leading company in the security services market, its diversified customer base, a strong track record, and a moderate financial profile. The security services market, estimated to be worth about $65 billion, is growing by 7%-8% per year. Although slowly consolidating, the industry is highly fragmented and Securitas, which is the market leader in both Europe and North America, has less than 10% of the world market. The fragmented nature of the industry and the low barriers to entry are reflected in pricing pressure. The security services industry is a low-capital-intensity business, and growth can be achieved with limited capital expenditures. Securitas started its expansion in 1988, and currently
