The Security Services Market size is estimated at USD 94.77 billion in 2024, and is expected to reach USD 131.13 billion by 2029, growing at a CAGR of 6.71% during the forecast period (2024-2029).
The security services market is very competitive. The market is fragmented due to the presence of various small and large players. All the major players account for a significant market share and focus on expanding the consumer base. Some of the significant players in the market are Broadcom, Trustwave Holdings Inc., G4S Limited, Securitas Inc., Allied Universal, Unity Resource Group, Constellis, DSS Securitech Pvt. Ltd, and Fortra LLC. Companies are increasing their market share by forming multiple partnerships, collaborations, and acquisitions and investing in introducing new products to earn a competitive edge during the forecast period.
April 2023: Allied Universal, a security and facility services provider, partnered with MSA Security, a subsidiary of Allied Universal, to acquire Elite Tactical Security Solutions, a strategic extension of their services to the Las Vegas area. The acquisition of Elite Tactical will enable Allied Universal to provide security and executive protection services and explosives and firearms detection canine teams. As a result of this acquisition, Allied Universal's portfolio of solutions will be responsible for managing security guard and executive protection services in Las Vegas. Elite Tactical's canine services will be integrated into MSA Security's program.
March 2023 - Fortra's Terranova Security partnered with Elevate Security to bring the best security awareness and threat monitoring to the marketplace. This factor is essential for organizations looking to protect sensitive information, enhance information security, and mitigate the human risk of cyber-attacks and data breaches. 4% of users account for 80% of all phishing incidents and 3% for 92% of all malware incidents. Elevate security proactively identifies and responds to an organization's most vulnerable users and provides security teams with visibility and analytics to mitigate user risk before enabling a security incident.
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