As a result of the exponential expansion that has occurred in the world economy over the course of the last two decades, there has been a growing demand for increased security at manufacturing plants, offices, information technology parks, and other public infrastructures such as airports, subway stations, retail complexes, and public utilities.
Europe will dominate the Private Contract Security Services Market
Recent months have seen an increase in the number of terrorist threats emanating from a variety of extremist organizations across Europe, namely in nations such as France and the United Kingdom. Over the course of the previous two decades, the continent of Europe has been the scene of the greatest number of attacks carried out by extremists of the right wing. Over the course of the time covered by this prediction, these factors are going to make it easier for the market for private security services to expand in Europe. This report on market research contains in-depth information on the marketing gaps, geographical opportunities in store for suppliers, and competition intelligence regarding the marketing landscape. Using this knowledge will make it easier to create effective business plans.
Covid-19 Impact & Market Status
This study offers actionable market insights on the impact of post-COVID-19 on each segment, as well as an accurate estimate of the contribution of each category to the growth of the overall size of the market for private security services.
Private Security Services Type will dominate the Private Contract Security Services
During the period covered by this estimate, the industrial sector's share of the market for private security services is expected to increase by a significant amount. The industrial sector is the most prominent user of various security services, including manned guarding and electronic security systems. Growing rates of urbanization and population growth are driving up overall consumer demand for a wide range of goods, which in turn is fueling an expansion of the manufacturing industry across the globe. The expansion of manufacturing plants is the cause of the increased output of manufactured goods, which in turn is producing a considerable demand for the services of private security companies.
In order to satisfy this requirement, the industry has greatly enhanced its operational capacities to complement the machinery of the government and ensure that citizens and the resources they use are safe and secure. The market share for private security services is projected to expand from USD 53.58 billion in 2022 to USD 84.89 billion in 2029, at a compound annual growth rate (CAGR) of 4.71%.
The rising pace of urbanization is one of the most important reasons that is driving growth in the market for private security services. Because the majority of people in emerging economies find greater employment possibilities in urban areas as compared to rural ones, this shift is particularly evident in emerging economies. The expansion of residential and commercial complexes in metropolitan regions will result from the growth of the urban population, necessitating the demand for private security services.
Changes in the method of operation of terrorist organizations, organized crime, or the emergence of "new forms" of disasters or crises are the primary drivers of the need for safety equipment in general, as well as the types of security capabilities and solutions that are required on the market. The high rate of homicide that is observed in particular regions is primarily attributable to organized crime, the trafficking of illegal drugs, and the violent cultures of adolescent gangs. The increased usage of weapons is frequently connected to the illicit activities of organized criminal groups, most frequently those actions that are tied to the trafficking of drugs.
Advanced security measures in cities will be required to reduce criminal activity as the urban population grows. As a result, growing urbanization will result in an increase in the need for private security services, which in turn will fuel the expansion of the global market for private security services.
As the number of people living in cities throughout the world continues to swell at an alarming rate, there has been a commensurate rise in the need for private security services. On the other hand, providers of private security services are contending with a lack of qualified private security employees, which has an impact on the providers' overall financial health.
The shortage of private security workers around the world is being caused by a number of factors, including the absence of a clear path to advancement within the industry, significant variations in pay packages, and extensive working hours. Because there is a shortage of security staff, the cost of labor is increasing, which in turn drives up the price that customers pay for private security services. Consequently, sellers all over the world have difficulties due to the unavailability of private security professionals.
This study on the market for private security services also includes in-depth information on other forthcoming trends and challenges that are expected to have a significant impact on the expansion of the market. Companies will be able to assess and establish growth strategies for the period 2022-2029 with the assistance of actionable information on the trends and obstacles.
Monitronics International, Prosegur Compania de Seguridad, SECOM, Securitas AB, SIS Group, Allied Universal, Garda World Security, ISS, Loomis AB, and Monitronics International are the leading software firms for real estate management. Other prominent companies include SECOM, Securitas AB, and SIS Group. These big organizations are putting a primary emphasis on their research and development departments in order to break into the market for private contract services.
Latest Innovations in the Global Private Contract Secuirty Market: A Snapshot
- ATOS and Intigrit established a bug bounty service together in September 2021. ATOS was involved in developing the service. Customers are going to be provided with vulnerability detection as well as remediation services through this service.
- The ATOS consultant will perform the following services for the client: audit, vulnerability classification, monitoring, remediation, managed detection and response services, penetration testing, and testing for platform vulnerabilities.
- The expansion of IBM's Zero Trust strategy capabilities with new SASE services to update network security is scheduled to take place in August 2021.
Private Contract Security Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 84.89 billion|
|Growth Rate||CAGR of 4.71 % during 2021-2028|
|Segment Covered||Type, End User, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Monitronics International, Prosegur Compania de Seguridad, SECOM, Securitas AB, SIS Group, Allied Universal, Garda World Security, ISS, Loomis AB, Monitronics International & among others.|
Key segments of Global Private Contract Security Services Market
Type Overview, 2022-2029 (USD Million)
- Transport Services
- Alarm Monitoring Services
- Manned Guarding
End-User Overview, 2022-2029 (USD Million)
- Private Households
- Private Enterprises
- Public Sector
Application Overview, 2022-2029 (USD Million)
Regional Overview, 2022-2029 (USD Million)
- North America
- United States of America
- the Netherlands
- The United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America