Enjoy complimentary customisation on priority with our Enterprise License!
The private security services market share is expected to increase by USD 56.33 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.81%.
This private security services market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers private security services market segmentation by end-user (industrial, residential, financial institutions, and others), service (manned guarding, electronic security services, and cash services), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The private security services market report also offers information on several market vendors, including ADT INC., Allied Universal, AMZ Sicherheitsdienste GmbH, GardaWorld Security Corp., Hanwei International Security Services Co.Ltd., ICTS International NV, ISS AS, Kingdom Protection Services Pvt. Ltd, Loomis AB, Mitie Group Plc., Monitronics International Inc., OCS Group Ltd., Peregrine Guarding Pvt Ltd., Prosegur Compania de Seguridad SA, Provisor Security Services, SECOM Plc, Securitas AB, SIS Ltd., Corps of Commissionaires Management Ltd., and Top IPS Group among others.
Download Report Sample to Unlock the Private Security Services Market Size for the Forecast Period and Other Important Statistics
Rapid urbanization is notably driving the private security services market growth, although factors such as the shortage of private security personnel may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the private security services industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Private Security Services Market Driver
One of the key factors driving private security industry growth is rapid urbanization. The movement of people to urban areas has increased in the last few decades. The shift is more prominent in emerging economies, as most people find better employment opportunities in urban areas compared with rural areas. The growth of the urban population will increase the construction of residential and commercial complexes in urban areas, which will necessitate the need for private security services. Emerging economies such as India, China, and Nigeria will contribute significantly to the growth of the urban population between 2020 and 2050. The growth of the urban population will also necessitate the need for advanced security measures in cities to curb criminal activities. Hence, rapid urbanization will increase the demand for private security services, which will drive the growth of the global private security services market.
Key Private Security Services Market Trend
The popularity of virtual security systems is one of the major trends influencing the private security services market growth. The common applications of virtual security systems include retail security, construction security, residential complex security, parking lot security, hotel security, and government institution security. The adoption of virtual security systems is rising as they are a cost-effective tool for deterring and reducing criminal activities compared with deploying a high number of manned guarding personnel. As the cost of manned guarding is increasing significantly due to a labor wage hike, virtual security systems play a crucial role in the functioning of small businesses that require security services. Hence, Technavio expects virtual security systems to gain prominence shortly.
Key Private Security Services Market Challenge
The shortage of private security personnel will be a major challenge for the private security services market during the forecast period. The demand for private security services is increasing significantly due to the rapid growth of the urban population across the world. However, private security service providers are facing a shortage of skilled private security personnel, which affects their financial health. This is a challenge for the growth of the market as the expansion of private security services is dependent on manned security services. Factors such as a lack of career path, the disparity in pay packages, and long working hours are leading to the shortage of private security personnel across the world. The shortage of security personnel is raising the cost of labor, which is increasing the cost of private security services for clients. Hence, the shortage of private security personnel is a challenge for vendors across the world.
This private security services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global private security services market as a part of the global environmental and facilities services market within the global industrial market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the private security services market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the private security services market encompasses successful business strategies deployed by the key vendors. The private security services market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The private security services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the private security services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
31% of the market's growth will originate from Europe during the forecast period. Germany and the UK are the key markets for private security services in Europe. Market growth in Europe will be faster than the growth of the market in other regions.
European countries such as France and the UK have been witnessing a rise in terror threats from various terror groups recently. Europe witnessed the largest number of right-wing attacks in the last 2 decades. These factors will facilitate the private security services market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 propelled the growth of the regional market in 2020. Various countries in the region, such as China, Japan, South Korea, and India, witnessed a high number of COVID-19-positive cases. The Government of India imposed a nationwide lockdown in March 2020 and later extended it for a few more weeks. This resulted in the closure of public places but increased the demand for private security services to monitor the closed, empty spaces. Furthermore, with the reopening of shopping malls, movie theatres, and other public places, the need for private security services is growing rapidly in the country.
To gain further insights on the market contribution of various segments Request a PDF Sample
The private security services market share growth by the industrial segment will be significant during the forecast period. The industrial segment is the largest adopter of security services such as manned guarding and electronic security systems. Rising urbanization and the increasing population are creating significant demand for various products, which is leading to an increase in the number of manufacturing activities globally. The rising manufacturing output is the result of the expansion of manufacturing plants, which is creating significant demand for private security services.
This report provides an accurate prediction of the contribution of all the segments to the growth of the private security services market size and actionable market insights on the post-COVID-19 impact on each segment.
Kingdom of Saudi Arabia Security Sector -The market share in Saudi Arabia grew at a CAGR of 11.35 percent over the period 2013-2018.
|
Private Security Services Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.81% |
|
Market growth 2022-2026 |
$56.33 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
4.45 |
|
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
|
Performing market contribution |
APAC at 31% |
|
Key consumer countries |
US, China, India, Germany, and UK |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
ADT INC., Allied Universal, AMZ Sicherheitsdienste GmbH, GardaWorld Security Corp., Hanwei International Security Services Co.Ltd., ICTS International NV, ISS AS, Kingdom Protection Services Pvt. Ltd, Loomis AB, Mitie Group Plc., Monitronics International Inc., OCS Group Ltd., Peregrine Guarding Pvt Ltd., Prosegur Compania de Seguridad SA, Provisor Security Services, SECOM Plc, Securitas AB, SIS Ltd., Corps of Commissionaires Management Ltd., and Top IPS Group |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Service
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
