The global private security market size was valued at USD 224.49 billion in 2022 and is expected to be worth USD 235.37 billion in 2023. The market is projected to reach USD 338.23 billion by 2030, recording a CAGR of 5.3% during the forecast period.
Browse Report Summary:
https://www.fortunebusinessinsights.com/private-security-market-108283
Private security services refer to a company offering preventive and protective measures to enterprises, individuals, and other entities to protect them against different types of risks and threats. Some of these services include surveillance & monitoring, physical security, event security, access control, personal protection, cybersecurity, and many others. The rising crime rate across the world is expected to bolster the private security market growth.
Fortune Business Insights™ displays this information in a report titled, "Private Security Market, 2023-2030."
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Allied Universal Security Services LLC (U.S.)
- ADT Inc. (U.S.)
- Securitas AB (Sweden)
- Secom Co., Ltd. (Japan)
- Prosegur Compania de Seguridad, S.A (Spain)
- The Brink's Company (U.S.)
- ISS A/S (Denmark)
- GardaWorld Corporation (Canada)
- Loomis AB (Sweden)
- SIS Group Enterprise (India)
- ICTS International N.V. (Netherlands)
- AMZ Sicherheitsdienste GmbH (Germany)
- Hanwei International Security Services Co. Ltd. (China)
- Kingdom Protection Services Pvt. Ltd. (India)
COVID-19 Impact:
COVID-19 Boosted Demand for Screening Personnel and Access Control Solutions, Fueled Market Growth
Many sectors increased the demand for private guard services during the COVID-19 pandemic period. Many companies hired security personnel to conduct screening processes by using thermal cameras incorporated in different healthcare applications. Healthcare facilities, companies, and essential service providers needed additional security personnel to ensure people’s compliance with safety measures. These factors had a positive impact on the market growth.
Segments:
Demand for Manned Security to Rise with Growing Criminal and Terrorism Activities
By service type, the market is categorized into manned security, cash services, electronic security services, and others. The manned security segment is dominating the private security market share and may record the fastest growth rate during the forecast period. This is due to the rising threat of terrorism, crime, and growing instances of security breaches.
Product Use to Rise in Industrial Applications due to High Demand for Appropriate Asset Protection Solutions
Based on application, the market is bifurcated into residential, commercial, industrial, and government. The industrial segment is dominating the market and is expected to register significant growth during the forecast period as there is a robust demand for reliable asset protection solutions.
Manufacturing Sector to Boost Product Adoption due to Growing Need for Integrated Risk Management Platforms
Based on end user, the market is segmented into manufacturing, energy & utilities, BFSI, infrastructure, retail, port/airports, and others. The manufacturing segment is dominating the market and might register significant growth in the coming years as there is a high demand for integrated and high-quality risk management platforms.
With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage:
The report analyzes the market in detail and covers all major aspects such as R&D capabilities and optimization of the operating services. Moreover, it offers valuable insights into the market forecast, regional analysis, market dynamics, competitive landscape of various companies profiled with market competition. It also highlights key industry developments. Besides the abovementioned factors, the report covers several factors that have contributed to the global market’s growth in recent years.
Drivers and Restraints:
Rising Crime Rates and Evolving Societal Dynamics to Fuel Demand for Private Security Solutions
Companies, individuals, and communities are looking for a comprehensive range of security solutions due to the growing incidence and complexity of crimes. Public law enforcement authorities might find it difficult to overcome these complex threats, which will increase their dependence on private security solutions. Moreover, the growing crime rate across the world will also surge the adoption of specialized security services.
However, the ever-changing nature of threats and high costs associated with training and recruitment of high-quality personnel can hinder the market growth.
Regional Insights:
Asia Pacific to Dominate Market due to Growing Urbanization and Industrialization
Asia Pacific held a dominant position in the market in 2022 and may retain its dominance in the future as well due to factors such as rapid urbanization, large-scale industrialization, and rising investments in infrastructure development.
Europe accounted for the second-largest market share in 2022 as the region is witnessing a robust demand for anti-retail theft solutions.
Competitive Landscape:
Technological Innovations and Mergers & Acquisitions to Help Key Companies Dominate Market
The market is highly competitive due to the presence of key players such as ADT Inc., Allied Universal Security Services LLC, Securitas AB, Prosegur Compania de Seguridad, S.A., and Secom Co., Ltd. These organizations are increasing their focus on technological innovations, new product launches, and mergers & acquisitions to expand their market presence.
Key Industry Development:
July 2023 – Universal Protection Service LP, a U.S.-based provider of private security services, was given a three-year contract worth USD 178 million by the state Department of Transportation to offer security services through February 14, 2024. The company's own security force complements the 80 deputies in Honolulu and includes all security forces at other airports in the state.