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The most important difference is that as business services, private security companies seek to PREVENT problems, and to PREDICT threats.
Homeland Security in the Post-9/11 world limited some of the acceleration, but, largely, since about 1970 or 75, private security has been eclipsing public policing by 2-to-1 to 3-to-1 both in staffing and capital investment. We are already a society mostly protected by private security, and have been for about 30 or 40 years.