Private security services market size is set to grow by USD 56.33 billion from 2021 to 2026: Rapid urbanization to boost the market - Technavio
NEW YORK, March 23, 2023 /PRNewswire/ -- The global private security services market size is estimated to grow by USD 56.33 billionfrom 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 4.81% during the forecast period. Moreover, the growth momentum will accelerate. Rapid urbanization is driving market growth. Many people moved to urban areas in the last few decades, especially in emerging economies, for better employment opportunities. This, in turn, has increased the number of construction of residential and commercial complexes in urban areas, which require private security services. The popularity of virtual security systems is a key trend in the market. Some of the common applications of virtual security systems include retail security, construction security, residential complex security, parking lot security, hotel security, and government institution security. Virtual security systems are a cost-effective tool. With the increasing labor wages, virtual security systems will become prominent. Hence, Technavio expects virtual security systems to be a key trend. For more insights on the market - Request a sample report
Technavio has segmented the market based on end-user (industrial, residential, financial institutions, and others) and service (manned guarding, electronic security services, and cash services).
The industrial segment will account for a significant share of market growth during the forecast period. This segment is the largest adopter of security services such as manned guarding and electronic security systems. Rapid urbanization and the increasing population are driving the demand for various products. As a result, the number of manufacturing activities is increasing globally. These factors are creating a significant demand for private security services.
Based on geography, the global private security services market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global private security services market.
APAC will account for 31% of the global market's growth during the forecast period. The region has some of the fastest-growing economies in the world, such as China, India, Thailand, and Indonesia, which are witnessing rapid economic development. Economic growth in these countries supports infrastructural development. Rapid urbanization is creating significant demand for residential and commercial complexes, thereby fueling the demand for private security services. Moreover, governments of countries in APAC are investing in the capacity expansion of existing airports in many cities. The growing investments in public infrastructure will create significant demand for private security services. The increasing number of terror threats and homicide cases in APAC is also fueling the demand for private security services in the region.
The manned security services market size is expected to increase by USD 53.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.31%. Furthermore, this report extensively covers market segmentation by application (commercial buildings, industrial buildings, and residential buildings) and geography (APAC, North America, Europe, MEA, and South America).
The security services market size is expected to increase by USD 36.43 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.41%. Furthermore, this report extensively covers the security services market segmentation by component (SaaS security services, managed security services, security consulting services, and threat intelligence security services) and geography (North America, Europe, APAC, the Middle East and Africa, and South America).
Private Security Services Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.81%
Market growth 2022-2026
USD 56.33 billion
YoY growth 2022-2023 (%)
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 31%
US, China, India, Germany, and UK
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
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
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, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 137: Monitronics International Inc. - Overview
Exhibit 138: Monitronics International Inc. - Product / Service
Exhibit 139: Monitronics International Inc. - Key offerings
11.9 Prosegur Compania de Seguridad SA
Exhibit 140: Prosegur Compania de Seguridad SA - Overview
Exhibit 141: Prosegur Compania de Seguridad SA - Business segments
Exhibit 142: Prosegur Compania de Seguridad SA - Key offerings
Exhibit 143: Prosegur Compania de Seguridad SA - Segment focus
11.10 SECOM Plc
Exhibit 144: SECOM Plc - Overview
Exhibit 145: SECOM Plc - Business segments
Exhibit 146: SECOM Plc - Key offerings
Exhibit 147: SECOM Plc - Segment focus
11.11 Securitas AB
Exhibit 148: Securitas AB - Overview
Exhibit 149: Securitas AB - Product / Service
Exhibit 150: Securitas AB - Key news
Exhibit 151: Securitas AB - Key offerings
11.12 SIS Ltd.
Exhibit 152: SIS Ltd. - Overview
Exhibit 153: SIS Ltd. - Business segments
Exhibit 154: SIS Ltd. - Key offerings
Exhibit 155: SIS Ltd. - Segment focus
12.1 Scope of the report
12.2 Inclusions and exclusions checklist
Exhibit 156: Inclusions checklist
Exhibit 157: Exclusions checklist
12.3 Currency conversion rates for US$
Exhibit 158: Currency conversion rates for US$
12.4 Research methodology
Exhibit 159: Research methodology
Exhibit 160: Validation techniques employed for market sizing
Exhibit 161: Information sources
12.5 List of abbreviations
Exhibit 162: List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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