Private Security Market Forecasts to 2030 – Global Analysis By Service Type (Manned Security, Electronic Security Services, Cash Services and Other Service Types), Application (Commercial, Residential, Government and Industrial), End User and By Geography

Private Security Market Forecasts to 2030 – Global Analysis By Service Type (Manned Security, Electronic Security Services, Cash Services and Other Service Types), Application (Commercial, Residential, Government and Industrial), End User and By Geography

According to Stratistics MRC, the Global Private Security Market is accounted for $240.87 million in 2023 and is expected to reach $394.45 million by 2030 growing at a CAGR of 7.3% during the forecast period. Private security is a range of services and measures provided by private organisations or individuals to safeguard people, properties, assets, and information. It encompasses a diverse array of services, including manned guarding, electronic security systems, cybersecurity, risk assessment, consulting, and investigative services. Private security firms may serve various sectors, such as residential, commercial, industrial, governmental, and institutional clients. These services aim to prevent crime, deter threats, protect assets, ensure safety, and respond effectively to security incidents.

According to the Metropolitan Police Service (MET), a London-based territorial police force, retail crime in London is increasing, with shoplifting up by 21.1% as compared to 2022.

Market Dynamics:

Driver:

Rising crime rates

Rising crime rates and public safety concerns act as a major fuel for the booming private security market. As individuals and entities perceive an increased risk of theft, vandalism, or violence, they turn to private security solutions for additional protection. This can encompass a range of services, from traditional manned guarding to sophisticated alarm systems and cybersecurity measures. Businesses, residential complexes, and public spaces invest in security measures to deter criminals, detect threats, and respond effectively to security incidents. Therefore, these factors are contributing to the overall safety and well-being of society.

Restraint:

Regulatory compliance burden

Compliance with diverse and evolving regulations, licensing requirements, and industry standards demands significant time, resources, and expertise. Non-compliance risks penalties, legal liabilities, and reputational damage. The need to navigate varying regulatory frameworks across jurisdictions adds further challenges, hindering innovation and market entry for new players. This regulatory burden constrains the ability of security firms to adapt swiftly to changing security threats and client demands, limiting overall competitiveness and profitability in the market.

Opportunity:

Rise of cloud-based solutions and remote monitoring platforms

Cloud-based security systems offer scalability, flexibility, and cost-effectiveness, allowing security firms to deliver advanced security services to clients of all sizes. Remote monitoring allows real-time oversight of security systems and personnel, reducing operational costs and improving response times. By embracing cloud-based solutions and remote monitoring platforms, private security firms can unlock new markets, offer competitive pricing, and deliver enhanced security services to their clients. This technology-driven approach can be a key driver of growth and innovation in the private security market.

Threat:

Cyber threats

As security systems become increasingly interconnected and reliant on digital technologies, they become vulnerable to cyber attacks such as hacking, malware, phishing, and ransomware. These threats can compromise sensitive information, disrupt operations, and undermine the integrity of security services. Also, breaches in cybersecurity erode trust in security firms, leading to reputational damage and the potential loss of clients. Thus, it will hinder market demand.

Covid-19 Impact

The COVID-19 pandemic has had a significant impact on the private security market. Initially, there was increased demand for security services to enforce public health measures, secure essential facilities, and protect healthcare facilities. However, widespread lockdowns and economic downturns led to reduced demand from sectors such as retail, hospitality, and events. Despite these challenges, the pandemic also accelerated trends such as the adoption of technology-driven security solutions and the prioritisation of remote monitoring and contactless access control.

The electronic security services segment is expected to be the largest during the forecast period

The electronic security services segment is estimated to hold the largest share. These systems include CCTV surveillance cameras, access control systems, intrusion detection alarms, and biometric identification systems. Electronic security service providers offer a range of solutions tailored to meet the specific security needs of various industries and clients, such as corporate offices, retail establishments, residential complexes, and critical infrastructure. With the increasing adoption of advanced technology like AI and IoT, electronic security services play a crucial role in enhancing threat detection, crime prevention, and overall safety for businesses and individuals.

The ports/airports segment is expected to have the highest CAGR during the forecast period

The ports/airports segment is anticipated to have lucrative growth during the forecast period. Ports and airports are focusing on safeguarding transportation hubs and critical infrastructure. Private security firms provide a range of specialised services tailored to these environments, including access control, perimeter security, baggage and passenger screening, surveillance, threat detection, and emergency response. Moreover, technological advancements, such as AI-based surveillance and biometric identification systems, enhance security capabilities.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period due to rapid urbanization, economic growth, increasing crime rates, and concerns about terrorism. The market features a mix of international firms bringing advanced technology and local players with deep regional knowledge. While regulations vary, the industry is witnessing a shift towards technology-driven solutions like AI and biometrics. As the region continues to develop, the demand for private security services is expected to remain robust.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period. With a strong emphasis on protection against crime, terrorism, and cyber threats, the market includes offerings such as manned guarding, alarm systems, surveillance, and cybersecurity solutions. Key players include both multinational corporations and local firms catering to various industries and sectors. Government regulations play a significant role in shaping the market landscape, with a focus on compliance and standards. The market continues to evolve with technological advancements, offering opportunities for innovation and growth in the provision of comprehensive security solutions.

Key players in the market

Some of the key players in the Private Security Market include Allied Universal Security Services LLC, Securitas AB, Secom Co Ltd, ADT Inc, The Brink's Company, ISS A/S, Prosegur Compania de Seguridad, S.A, Loomis AB, GardaWorld Corporation, ICTS International N.V., SIS Group Enterprise, Kingdom Protection Services Pvt Ltd., AMZ Sicherheitsdienste GmbH, Hanwei International Security Services Co. Ltd., Ava Security, DynCrop, G4S Plc., CACI International Inc., ADT Inc. and Japan Security and Intelligence Corps.

Key Developments:

In April 2023, Allied Universal®, the leading security and facility Services Company, and MSA Security®, an Allied Universal company, announced the strategic expansion of services in the Las Vegas region with the acquisition of Elite Tactical Security Solutions.

In March 2023, Allied Universal®, a leading security and facility services provider, today announced the acquisition of Landmark Event Staffing Services, a comprehensive event security and guest services company supporting a wide range of venue and event clients nationally.

In October 2022, Allied Universal®, the leading security and facility Services Company, is continuing its strategic expansion with the acquisition of Century Event Security & Staffing based in Orlando, Fla.

In October 2022, Allied Universal®, the leading global security and facility Services Company, and its international business, G4S, have signed a Memorandum of Understanding (MoU) with Shell to accelerate the transition to sustainable solutions for customers and employees through a global collaboration in sustainability and security.

Service Types Covered:
• Manned Security
• Electronic Security Services
• Cash Services
• Other Service Types

Applications Covered:
• Commercial
• Residential
• Government
• Industrial

End Users Covered:
• BFSI
• Manufacturing
• Infrastructure
• Energy & Utilities
• Ports/Airports
• Retail
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances