New Delhi, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Saudi Arabia private security market is projected to hit the market valuation of US$ 5,675.3 million by 2032 from US$ 2,839.1 million in 2023 at a CAGR of 8.0% during the forecast period 2024–2032.
The oil and gas industry presents critical opportunities for private security market in Saudi Arabia, with over 120 facilities requiring advanced security to protect assets contributing $200 billion to GDP. The cybersecurity market is projected to reach $5 billion by 2025 due to escalating cyber threats. Financial institutions, including 30 banks with over 2,000 branches and managing assets worth $700 billion, are investing in sophisticated security systems. The growth of over 50 data centers nationwide further fuels demand for security services to protect digital infrastructure. Apart from this, tourism development offers significant growth angles, with goals to attract over 100 million visitors by 2030. The hospitality sector is expanding, with over 500 new hotels under construction, each requiring security solutions estimated to generate $1 billion in revenue. Transportation infrastructure expansion, including 27 airports and a 450-kilometer high-speed railway, contributes to the private security market growth. Large-scale events, with over 200 international conferences held annually, necessitate event security services valued at $100 million per year.
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Apart from this, one of the most compelling revenue pockets is the security needs of mega-projects under Vision 2030. The NEOM project, with an investment of $500 billion, offers security contract opportunities projected to exceed $2 billion over five years. The Red Sea Project, covering 28,000 square kilometers, is expected to generate security service demands worth over $500 million. The construction sector, with over 5,000 active projects valued at $1.6 trillion, requires extensive security solutions, creating lucrative prospects for private security firms.
Key Findings in Saudi Arabia Private Security Market
| Market Forecast (2032) | US$ 5,675.3 million |
| CAGR | 8.0% |
| By Services | Physical Security (41.1%) |
| By Application | Commercial (38.6%) |
| Top Drivers |
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| Top Trends |
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| Top Challenges |
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Unlocking New Horizons: The Unparalleled Dominance of Physical Security Set to Generate Over 41% Market Revenue
The physical security segment, encompassing manned guarding, escort services, mobile patrols, event security, crowd management, K9 security, police support services, airport security, and traffic control services, is at the forefront of Saudi Arabia's private security market. The kingdom's ambitious Vision 2030 initiative has spurred significant infrastructure projects, including the $500 billion NEOM city and the Red Sea Project, increasing the demand for comprehensive security solutions. As of 2023, there are over 1,500 licensed private security companies operating in the country, employing approximately 200,000 security personnel to safeguard these developments.
The annual Hajj pilgrimage attracts over 2.5 million pilgrims from around the world, necessitating extensive crowd management and event security services. The expansion of airports, such as the King Abdulaziz International Airport serving over 30 million passengers annually, has amplified the need for advanced airport security measures. K9 security units have grown in prominence, with more than 500 specialized dogs deployed nationwide for detection and patrol tasks. Mobile patrol services in the Saudi Arabia private security market cover an estimated 5,000 kilometers of urban and remote areas daily, enhancing the overall safety and security infrastructure.
Traffic control services have become increasingly vital, especially with the government's investment of $400 billion in transportation infrastructure, including highways and railways like the Haramain High-Speed Railway connecting Mecca and Medina. Police support services have integrated over 1,000 private security personnel to assist in national security efforts. The rise in international events hosted in Saudi Arabia, such as the G20 Summit and Formula E races, has further propelled the event security sector, with over 100 major events requiring specialized security annually. The physical security market's growth is also reflected in the increasing utilization of advanced technologies, contributing to a market value estimated at $7 billion.
Commercial Sector is the Driving Force Behind Saudi Arabia's Private Security Market Growth, Control More than 38.6% Market Share
The commercial sector, comprising educational institutions, hospitals and clinics, corporate offices, retail establishments, and banks and financial institutions, is leading the demand for private security services in Saudi Arabia. With over 30,000 schools and universities nationwide, educational institutions have heightened security measures to protect more than 7 million students enrolled annually. The healthcare sector, featuring over 500 hospitals and 2,000 clinics, relies on private security to ensure the safety of patients and medical personnel, especially amid ongoing health initiatives and the expansion of medical facilities.
Corporate offices, including the burgeoning number of startups and international companies establishing regional headquarters in Riyadh, have increased the demand for manned guarding and access control services, giving a boost to the private security market growth. The retail industry, with more than 1,000 shopping malls and thousands of retail outlets across the kingdom, requires robust security solutions to manage the footfall of millions of shoppers each year. Banks and financial institutions, numbering over 2,000 branches, invest heavily in security measures to protect assets and customer information, with the financial sector managing assets worth over $600 billion.
The surge in the commercial sector's security needs is further amplified by the implementation of advanced technologies such as biometric access systems and AI-driven surveillance. The adoption rate of these technologies in commercial establishments has grown by 15% annually. Additionally, the government's focus on developing economic cities and business hubs contributes to the increasing demand for private security services. The commercial sector's investment in security is estimated to contribute $3 billion to the private security market, reflecting its pivotal role in driving industry growth and setting new standards for safety and security in the kingdom.
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Saudi Arabia's Top 5 Private Security Players Control Nearly 35% Market Share
The private security market in Saudi Arabia is experiencing robust growth, with the top five companies—G4S Limited, National Security Services Company, The Arab Security and Safety Services Company (AMNCO), APSG, and Securitas AB—collectively controlling nearly 35% of the market share. This significant market consolidation highlights their dominant roles in meeting the escalating demand for security services across various industries. The competitive landscape is shaped by these leaders investing in advanced technologies, enhancing service quality, and expanding their operational capacities to secure larger market portions.
G4S Limited leads the private security market with over 12% revenue share, making it the most prominent player in Saudi Arabia's private security industry. The company's success is rooted in its comprehensive security service portfolio, including manned guarding, cash management, and integrated security solutions. Ground-level insights reveal that G4S’s strategic partnerships, extensive client base in critical sectors such as oil and gas, and strong brand reputation contribute to its leading position. Their focus on local workforce training and adoption of innovative security technologies further cements their dominance in the market.
Close contenders include National Security Services Company, AMNCO, APSG, and Securitas AB, each significantly impacting the Saudi Arabia private security market. National Security Services Company leverages its local expertise and governmental relationships to secure a substantial segment. AMNCO, with its specialization in cash-in-transit services, has broadened its offerings to increase market reach. APSG distinguishes itself through technology-driven solutions and customer-centric services. Securitas AB applies its international experience to the local context, attracting multinational clients. Ground-level observations indicate these companies are aggressively enhancing their capabilities to capture more market share amidst growing security needs.
Saudi Arabia Private Security Market Key Players:
- Al Qiada
- Annasban Security
- APSG Group
- The Arab Security and Safety Services Company (AMNCO)
- Ewan Jeddah
- ETH Security Solutions
- G4S Limited
- Garda World
- Herasat Al-Jazirah For security
- Initial Saudi Group
- Matco Security Services
- National Security Services (SAFE)
- Securitas AB
- Security & Safety Company
- Other Prominent Players
Market Segmentation:
By Service
- Physical Security
- Manned Guarding
- Escort Services
- Mobile Patrol
- Event Security
- Crowd Management
- K9 Security
- Police Support Service
- Airport Security
- Traffic Control Services
- Others
- Security Training
- Security Consulting & Planning
- Loss Prevention
- Investigation Consulting
- Security Risk Management
- Roadside Assistance
- Cash Management Services
- Security Equipment & Technology
- Access Control
- KeyFobs/ Card Access
- Biometric/ Keypad Access
- Facial Recognition
- Visitor Management
- Surveillance Systems
- Video Surveillance
- Alarm Systems
- Access Control
- Asset Tracking
- Smart Parking
- Others
By End User
- Individuals (Private / Personal)
- Residential
- Individual Homes
- Colonies & Societies
- Commercial
- Educational Institutions
- Hospitals & Clinics
- Corporate Offices
- Retail
- Banks & Financial Institutions
- Others
- Public Transport
- Industrial Facilities
- Others
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