NEWARK, Del, March 19, 2024 (GLOBE NEWSWIRE) -- The private security market is anticipated to surpass US$ 2,47,333.2 million in 2024 and is likely to attain a valuation of US$ 3,51,893.2 million by 2034. The private security market size is projected to expand at a CAGR of 3.60% from 2024 to 2034.
Cybersecurity is becoming a top priority for organizations due to the growing digital ecosystem. Private security companies are adopting strategic portfolio diversification to meet the increasing need for all-encompassing digital security solutions. Businesses are rapidly adopting advanced cybersecurity services due to realizing how important it is to protect sensitive data from increasingly sophisticated cyber attacks. This tactical change fits in with changing business environments and establishes security companies as essential allies in protecting customers from the growing spectrum of online threats.
Managed services and remote monitoring solutions are becoming increasingly prevalent in the growth of security services. Companies are using these services more frequently as they realize remote surveillance's cost- and efficiency benefits. Private security companies are profiting from this trend by offering smooth remote monitoring, preemptive danger identification through managed services, and sophisticated CCTV surveillance. This strategy shift places security companies as proactive partners in guaranteeing ongoing monitoring and quick reaction times, which aligns with the increasing demand for outsourced security solutions.
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Key Takeaways from the Private Security Market Report
- The global private security market size expanded at a 2.60% CAGR from 2019 to 2023.
- The guard service segment holds 33.60% of market shares in 2024.
- The commercial sector segment captured 49.20% of market shares in 2024.
- The market size in the United States is projected to rise at a 1.90% CAGR through 2034.
- The market size in Germany is anticipated to develop at a 0.70% CAGR through 2034.
- The market size in Japan is estimated to surge at a 4.30% CAGR through 2034.
- The market size in India is expected to increase at a 6.80% CAGR through 2034.
“Success in the rapidly changing private security market depends on innovation, sustainability, and regulatory compliance. Businesses must continually develop revolutionary products, concentrate on sustainable solutions, and adjust to evolving regulatory environments. Collaboration and personalization are essential tactics to traverse the dynamic market and satisfy changing client wants successfully.”- says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Players in the Private Security Market
- Securitas AB
- G4S plc
- Allied Universal
- Prosegur
- ADT Inc.
- GardaWorld
- Loomis AB
- Brink's Company
- SIS Group Enterprises
- Control Risks Group
- Secom Co., Ltd.
- Tyco International
- Paladin Security Group Ltd.
- ICTS International N.V.
- Pinkerton Government Services, Inc.
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Competitive Landscape
The private security market is highly competitive, with a few strong companies fighting for market dominance alongside many smaller specialty companies serving certain industries or geographical areas. Securitas AB, G4S plc, and Allied Universal are notable industry titans that leverage their worldwide reach, diverse clientele, and broad service portfolios to sustain a competitive edge. Due to their size, operational effectiveness, and well-timed acquisitions, these businesses have solidified their positions as leaders in their respective industries and command a large portion of the market.
Recent Developments
- In December 2023, Kodiak Robotics, Inc., an innovative self-driving technology developer for the transportation and defense industries, launched its first autonomous test vehicle, particularly for the United States Department of Defense (DoD).
- In May 2023, Barracuda Networks, Inc., a cloud-first security solution provider, launched Barracuda SecureEdge, a SASE solution for hybrid and remote work environments. Barracuda SecureEdge integrates the Secure SD-WAN, Firewall-as-a-Service, Zero Trust Network Access, and Secure Web Gateway capabilities.
Private Security Market Segmentation
By Service:
- Manned Guarding
- Security Systems
- Cash Solutions
- Guard Services
- Others
By End User:
- Residential
- Industrial
- Commercial
- Government Institutions
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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