A report into the private security industry - which is estimated to be worth £200 million per year - has called for the establishment of a statutory body to operate a licensing system.
Licensing would apply to security company directors and their beneficial owners as well as individuals. Applicants would be required to obtain clearance from the gardai and, in certain cases, complete mandatory training, according to the consultative group's conclusions.
The group, which included representatives from both unions and employers, estimated that about 20,000 licences could be issued by the authority in its first two years of operation.
The Minister for Justice, Equality and Law Reform, Mr O'Donoghue, said he favoured the proper regulation of the private security industry and described the report as "an excellent starting point".
He said the report recommended a multi-agency approach to "most effectively tackle the various problems within the industry".
SIPTU's national officer, Mr Jack Nash, described the report as a very positive development for the industry and for those employed in it.
Ireland, Britain and Greece were now the only European countries which had no regulations covering the security industry, he said.