The industry also draws in plenty of foreign investment. British firms Chubb and Securicor, and the US company ADT all have a strong presence on the streets, despite an attempt by the government in 2001 to prevent foreigners owning stakes in security firms in the country. That plan was quickly reversed, after drawing considerable criticism.
In 1990 the industry was worth about 1.2 billion rand. By 1997, its size had risen to almost 6 billion, according to a paper published by the country's Institute for Security Studies in 2000.
Today, it could be worth 14 billion rand, according to industry magazine editor and publisher Godfrey King.
That figure is about one-ninth of the value of mineral sales from the country's huge mining sector, and compares to the safety and security ministry's 22 billion rand annual budget this year.
King says the private sector is increasingly taking over roles once thought the preserve of the regular police force.
"It [the industry] is growing because of the crime situation in the country. We haven't really got an effective police force, so people have got to pay for their security."
Burglaries and break-ins at most wealthy homes already draw armed-response teams from private firms, rather than the regular police, while stolen cars are tracked and recovered by military-style, gun-toting private security operations.
Despite its success, some doubt the intentions of the private security industry.
"They are making good money out of people's fears ... Are they going to be trying to create a climate that is conducive to low crime?" asked one senior police officer.
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