The global private security market size was valued at USD 224.49 billion in 2022 and is expected to be worth USD 235.37 billion in 2023 and is projected to reach USD 338.23 billion by 2030, recording a CAGR of 5.3% during the forecast period.
Private security services refer to a company offering preventive and protective measures to enterprises, individuals, and other entities to protect them against different types of risks and threats. Some of these services include surveillance & monitoring, physical security, event security, access control, personal protection, cybersecurity, and many others. The rising crime rate across the world is expected to bolster the private security market growth.
“Companies leading the Private Security Market are 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), Kingdom Protection Services Pvt. Ltd. (India)”.
Many sectors increased the demand for private guard services during the COVID-19 pandemic period. Many companies hired security personnel to conduct screening processes by using thermal cameras incorporated in different healthcare applications. Healthcare facilities, companies, and essential service providers needed additional security personnel to ensure people’s compliance with safety measures. These factors had a positive impact on the market growth.
Asia Pacific held a dominant position in the market in 2022 and may retain its dominance in the future as well due to factors such as rapid urbanisation, large-scale industrialization, and rising investments in infrastructure development. Europe accounted for the second-largest market share in 2022 as the region is witnessing a robust demand for anti-retail theft solutions.
