As per the latest report by Fact.MR, a market research and competitive intelligence provider, the global security services market is worth US$ 89.7 billion at present and is predicted to progress at a CAGR of 4.3% between 2022 and 2032. The market is poised to grow due to technology enhancements and positive economic trends.
By investing in new technology platforms and systems, companies can enhance manned guard protection by providing more precise accuracy in a problem, allowing for faster response time and providing a safer environment for guards. Security technology can help detect and prevent threats, and provide the information we need to respond safely and effectively to any emerging threat.
The enhancement of technology in the security industry can improve the service offerings of security services market players. Bundled products can be used in both, the residential and commercial spaces. Manned guarding with technology is a great way to protect a business. In addition, presence of a security camera can help decrease the opportunity for theft and vandalism, and can also reduce the cost of insurance.
“Growing Corporate Revenue Will Drive Demand for Security Services”
The return of global businesses to normal operations has led to an increase in revenue available for security services. Business start-ups and construction projects are growing in popularity. As the global economy continues to grow, the need for secure infrastructure is increasing in industrial complexes, offices, IT parks, and other public facilities.
Growing numbers of tier 1 and tier 2 cities have led to rapid growth in the construction of residential structures. The growing urban population will have a positive impact on the demand for security services.
“Increasing Societal Tensions a Boon in Disguise”
Many people view the world today as a more dangerous place than ever before. This is due to a variety of dangers, including terrorism and computer viruses, as well as fraud and organized crime. Public sector organizations continue to outsource many security services to the private sector in response to budget cuts and changing threats. This is becoming more complex as security challenges become more sophisticated.
The trend of regulating private security providers is continuing, which is helping increase public confidence in these services. Both the general public and clients in the private and public sectors have seen an increase in their use. As security concerns have increased, so too has the demand for security-related products and services.
Key Takeaways from Market Study
- The global security services market is set to expand at a CAGR of 4.3% and be valued at US$ 136.6 billion by 2032.
- The market expanded at 4.1% CAGR from 2017 to 2021.
- Under service type, security guard services lead the market and were valued at US$ 6 billion in 2021.
- North America leads the worldwide market with 28% market share.
- Revenue from security services is expected to increase at CAGRs of 4.2% and 4%, respectively, in Europe and South Asia & Oceania.
“Security services poised to evolve at an attractive long-term growth rate,” says a Fact.MR analyst.
Segmentation of Security Services Industry Survey
- By Service Type :
- Alarm Systems
- Background Verification
- Fire and Safety
- Patrol Vehicles
- Security Guards Services
- Security Consulting Services
- By End-use Industry :
- Defense & Aerospace
- Distribution & Logistics
- Financial Institution
- Government Institution
- Hotel & Hospitality
- Industrial & Manufacturing
- Real Estate
- Transit & Public Transport
- Utility Industry
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
The business environment in the security product integration services market continues to reflect a rollup within the industry despite extreme competition among major players. To gain a solid hold in the market, prominent market players are employing organic and non-organic strategies.
- For instance, in 2021, Allied Universal, one of the major players in the security services market, was on an acquisition spree and acquired around 10 companies, including G4S, Inc., for a whopping US$ 4.3 billion.
Security firms are expanding their services by providing technology-enabled services such as CCTV surveillance, access control systems, and fire alarm systems. The combination of security guards at a client’s site, as well as cameras being monitored offsite, can provide greater security.
Key Companies Profiled
- ADT, Inc.
- Allied Universal
- Garda World
- Securitas AB
- A.P. Securitas Pvt. Ltd.
- AMAG Technology
- Booz Allen Hamilton