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I AgreeAnalysis of Security Services market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global security services market is predicted to expand at a CAGR of 4.3% and reach a valuation of US$ 136.6 billion by the end of 2032, up from US$ 89.7 billion in 2022.
Security services accounted for around 3% share of the global administration, facility management, and business support services market in 2021, and are likely to increase this share by 200 BPS over the next ten years.
Report Attributes |
Details |
---|---|
Security Services Market Size (2021A) |
US$ 86 Billion |
Estimated Market Value (2022E) |
US$ 89.7 Billion |
Forecasted Market Value (2032F) |
US$ 136.6 Billion |
Global Market Growth Rate (2022-2032) |
4.3% CAGR |
North America Market Share (2021) |
~28% |
East Asia Market Growth Rate (2022-2032) |
~4.8% CAGR |
United States Market Growth Rate (2022-2032) |
~4.4% CAGR |
Market Share of Top 5 Companies |
~37% |
Key Companies Profiled |
|
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Urbanization & industrialization are on the rise as more people move to cities. High population density has increased concerns about crime and instability, which, in turn, could lead to increased demand for security services in residential and commercial spaces. The commercial and industrial market is forecast to be the major driver for security service growth in the future.
The global market for security services registered a CAGR of 4.1% from 2017 to 2021, according to Fact.MR, a market research and competitive intelligence provider, and is projected to progress at a 4.3% CAGR between 2022 and 2032.
Market share analysis of security services based on service and region. Under the service segment, the security guard services sub-segment accounts for the highest market share of 53%.
“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.
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“Shortage of Skilled Labor Workforce”
Due to the Covid-19 pandemic, there was a shortage of available labor in almost every industry. Many people lost their jobs because of the pandemic and some governments provided them with monetary aid.
Companies are now hiring candidates that they would have previously rejected. Candidates with less experience, fewer skills, past disciplinary problems, and questionable work histories are being hired by companies that would not have considered hiring them in the past.
“High Wage Demand from Security Personnel”
The cost of wages is the most important factor that determines the price of a labor-based service such as security. In most cases, 60% or more of the total revenue for services goes to workers’ salaries. Just like any other company, security companies need to attract and keep employees at salaries that are competitive in the market.
The COVID-19 pandemic had a significant impact on the labor market around the world. The current worldwide labor shortage has created a shortage of workers in nearly every industry, which has led to staffing shortages and unfilled positions. This has led to wages being inflated as employers compete for a smaller pool of available workers.
The U.S. security industry is growing rapidly and new companies are entering the market all the time. The increase in security threats is likely to be responsible for the recent growth in security services. The world is always changing, and as it does, new security threats (defund police, violent black lives matter movement (BLM) arise that need the attention of professionals.
Recently there has been a change in the perception of the people in how they see the security market or its people.
The changes that educational institutions are making are similar.
The U.S. security service market is currently valued at US$ 22 billion in 2022.
The security services market is growing globally as people become more security-conscious due to increasing terror threats and the low police-to-citizen ratio. There are many factors such as rapid economic growth, urbanization of large populations, and increased consumer spending power, which will drive the demand for private security services.
Compared to some other countries, India has a high rate of terror activity (7.15 incidents per 1,000 citizens as compared to 3.5 incidents per 1,000 citizens in the United States and 2.5 incidents per 1,000 citizens in Europe). However, India also has a very low police-to-citizen ratio (1.3: 1,000 as compared to the global median of (3: 1,000).
Private security services in India are expected to grow faster than in some of the more developed and mature markets. This is likely due to the country's rapid economic development and growth in financial services.
Since global economic growth has been good, urbanization has accelerated and new industries and infrastructure have been created in response. There has been an increased need for personal security services. The demand for security guard services is on the rise, not only in booming corporate sectors but also in burgeoning middle classes residing in housing societies and residential apartments.
Security guard services are important for urbanized industrial societies, ensuring the safety and security of individuals and property. This includes protecting intellectual property and sensitive corporate information. In developed societies like the USA, the jobs of private security personnel go beyond manned guarding. Private security personnel are typically engaged in activities such as crime prevention and law enforcement.
Government security forces have limited resources and outdated equipment. Around the globe, many government companies and municipalities are now requesting adequate security. The companies and municipalities that need to protect their property, employees, and citizens will turn to the outsourcing market to meet this increased demand for security with a shrinking number of police officers on the street.
These several issues faced by governments across the world will ultimately push the demand for private security services.
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Prominent security service providing companies are ADT, Inc., Allied Universal, Garda World, Securitas AB, A.P. Securitas Pvt. Ltd., AMAG Technology, Amentum, Blackpanda, Booz Allen Hamilton, Fujitsu, Kudelski Security, Mitie Total Security Management plc, Nihon Cyber Defence, OCS Group UK Ltd, Standard Guard Services Limited, The Brink’s Company, Trend Micro, Unified Security Group, Wilson Security, Fireball Group, and Prosegur.
Top global security service providers are trying to gain market share through mergers and acquisitions, expansions to new geographies, and partnerships.
Fact.MR has provided detailed information about the providers of security services positioned across regions, revenue growth, and product offering expansion, in the recently published report.
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North America accounts for 28% share of the global security services market.
Global demand for security services is anticipated to reach US$ 136.6 billion by 2032.
Between 2017 and 2021, revenue from security service companies increased at 4.1% CAGR.
Security guard services lead and account for 53% market share.
The global security services market is estimated at US$ 89.7 billion in 2022.