Rockville MD, Sept. 23, 2022 (GLOBE NEWSWIRE) — According to the latest report from Fact.MR, the market research and competitive intelligence provider, the global security services market is currently worth US$89.7 billion and is projected to grow at a CAGR of 4.3% between 2022 and 2032. The market is poised to grow due to technological improvements and positive economic trends.
By investing in new technology platforms and systems, companies can enhance manned guard protection by providing more precise accuracy to a problem, enabling 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 safely and effectively respond to any emerging threat.
Improving technology in the security industry can improve the service offerings of security service market players. The combined products can be used in both domestic and commercial settings. Manned guarding with technology is a great way to protect a business. In addition, having a security camera can help reduce the chance of theft and vandalism and can also reduce insurance costs.
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Rising corporate income will actve Request for Security Services
The return of global operations to normal operations has led to an increase in the revenue allocated to security services. Startups and construction projects are becoming more and more popular. As the global economy continues to grow, the need for secure infrastructure is increasing in industrial complexes, offices, IT parks and other public facilities.
The growing number of tier 1 and tier 2 cities has led to rapid growth in residential construction. The growing urban population will have a positive impact on the demand for security services.
Rises Socialtal Tensions a Boon in Disguise
Many people see the world today as a more dangerous place than ever before. This is due to various risks, 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 becomes more complex as security challenges become more complex.
The trend towards regulation of private security providers continues, which is helping to 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 has the demand for security-related products and services.
Key facts from market research
- 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, custodial services lead the market and were valued at US$ 45.6 billion in 2021.
- North America leads the global market with a market share of 28%.
- Security services revenue is expected to grow at a CAGR of 4.2% and 4.4%, respectively, in Europe and South Asia and Oceania.
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The business environment in the security product integration services market continues to reflect a consolidation within the industry despite extreme competition among the major players. To gain a firm position in the market, prominent market players use organic and inorganic strategies.
- For example, in 2021, Allied Universal, one of the major players in the security services market, went on an acquisition spree and acquired around 10 companies, including G4S, Inc., for a whopping US$4.3 billion.
Security companies are expanding their services by providing services with technology such as CCTV surveillance, access control systems and fire alarm systems. The combination of security guards on a customer’s premises, as well as cameras monitored off-site, can provide greater security.
Prominent security service companies are ADT, Inc., Allied Universal, Garda World, Securitas AB, AP Securitas Pvt. Ltd., AMAG Technology, Amentum, Blackpanda, Booz Allen Hamilton, Fujitsu, Kudelski Security, Mitie Total Security Management plc, Nihon Cyber Defense, OCS Group UK Ltd, Standard Guard Services Limited, The Brink’s Company, Trend Micro, Unified Security Group, Wilson Security, Fireball Group and Prosegur.
The leading global security service providers are trying to gain market share through mergers and acquisitions, expansion into new geographies and partnerships.
- In 2021, Allied Universal, one of the largest security service providers, acquired 10 companies, including G4S for US$4.3 billion.
- In April 2021, The Brink’s Company acquired PAI, Inc., the largest privately held ATM cash services in the US for US$213 million.
Segmentclass Security Services Industry Research
- By service type:
- Alarm systems
- Background verification
- Fire and Safety
- Patrol vehicles
- Security services
- Security Consulting Services
- By end-use sector:
- Defense & Aerospace
- Distribution & Logistics
- Financial institution
- Government body
- Health Care
- Hotel & Hospitality
- Industrial & Manufacturing
- Real estate
- Communications & Mass Transportation
- Utility industry
- By Region:
- North America
- Latin America
- east asia
- South Asia & Oceania
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Fact.MR, in its new offering, presents an unbiased analysis of the global security services market, presenting historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals key insights based on service type (alarm systems, background checks, fire and security, patrol vehicles, security guard services, security consulting services) and end-use industry (aerospace, defense and aerospace, distribution and logistics, education, financial institution, government institution, healthcare, hotel and hospitality, industrial and manufacturing, real estate, transportation and public transport, utility industry), in major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania and Middle East and Africa).
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