Private Security Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Private Security Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Private Security Market

The global private security market size was valued at USD 235.37 billion in 2023 and is projected to grow from USD 247.75 billion in 2024 to USD 385.32 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period of 2024-2032.

In the COVID-19 environment, private security has seen changes that are mainly new security demands manifest in healthcare, transport, and commercial industries. Thus, it has caused a shift in security spending, where security in the digital and remote space has gained importance, such as by providing cybersecurity and virtual guard services, affecting private security market growth.

The factors that contribute significantly to such a trend in the private security system are the growing demand for services that protect people's facilities and infrastructures. The world is currently facing a rise in terrorism activities, cybercrimes, and organized crimes; hence, a need for professional security services like risk consulting, intelligence, and crisis advisory is growing by the day.

The integration of technology is transforming private security. Conventional security interventions are being substituted by new security technologies that improve the processes of surveillance, monitoring, and response. For instance, security cameras now have analysis to identify and trace threats, and access control systems use fingerprint or iris recognition to identify persons, impeding a global rise in private security market share. Unmanned aerial vehicles also patrol and transport real-time information for improved situational awareness. This technology integration helps security professionals perform their tasks efficiently and effectively in dealing with threats, thus minimizing the risk of threats to security and increasing the quality of security.

Comprehensive Analysis of Private Security Market

The private security market can be segmented into three main categories: nature of service, type of application, and end-user. Based on the service structure, it has been segmented into manned security services, cash services, electronic security services, and others, where manned security services make the highest share in the market due to soaring threats of criminal and terror activities. The market is categorized based on application: Residential, Commercial, Industrial, and Government. Industrial proved to be the largest in terms of application as there is a higher demand for suitable asset protection measures. Moreover, regarding the end-user, the market is segmented into manufacturing, energy & utilities, BFSI, infrastructure, retail, port/airports, and others, where paper manufacturing is the largest sub-segment due to the increasing requirement for integrated risk management platforms.

The Asia Pacific region led the medical devices market by benefitting a size of USD 75.27 billion in 2023 due to the acceleration of urbanization, industrialization, and infrastructure development, the market demand has also increased tremendously.

The leading players in the private security market significantly influence its growth trajectory and set industry standards. These key players, including Allied Universal Security Services LLC (U.S.), ADT Inc. (U.S.), Securitas AB (Sweden), Secom Co., Ltd. (Japan), Prosegur Compania de Seguridad, S.A (Spain), The Brink's Company (U.S.), ISS A/S (Denmark), GardaWorld Corporation (Canada), Loomis AB (Sweden), SIS Group Enterprise (India), ICTS International N.V. (Netherlands), AMZ Sicherheitsdienste GmbH (Germany), Hanwei International Security Services Co. Ltd. (China), and Kingdom Protection Services Pvt. Ltd. (India), contribute to a competitive landscape, driving innovation and market advancement.

In June 2023, Downtown Santa Monica Inc. intended to spend up to USD 1.7 million in enhanced private security measures to account for escalating safety concerns and changes in other community expectations. The organization has aligned with security firm Covered 6 to improve security in Downtown Santa Monica by offering extra services to what is often provided by the city’s police department.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.7% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Service Type

Manned Security

Cash Services

Electronic Security Services

Others

By Application

Residential

Commercial

Industrial

Government

By End User

Manufacturing

Energy & Utilities

BFSI

Infrastructure

Retail

Ports/Airports

Others

By Geography

North America (By Service Type, Application, End User, and Country)

- U.S. (By Service Type)

- Canada (By Service Type)

Europe (By Service Type, Application, End User, and Country)

- U.K. (By Service Type)

- Germany (By Service Type)

- France (By Service Type)

- Italy (By Service Type)

- Spain (By Service Type)

- Russia (By Service Type)

- Rest of Europe (By Service Type)

Asia Pacific (By Service Type, Application, End User, and Country)

- China (By Service Type)

- India (By Service Type)

- Japan (By Service Type)

- South Korea (By Service Type)

- Australia (By Service Type)

- Rest of Asia Pacific (By Service Type)

Rest of the World (By Service Type, Application, End User, and Sub-Region)

- Middle East & Africa (By Service Type)

- Latin America (By Service Type)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.