According to a new report published by Allied Market Research, titled, “Vietnam private security Market by Service Type, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,”The Vietnam private security market size was valued at $713.5 million in 2019 and is expected to grow at a CAGR of 7.9% from 2020 to 2027 to reach the market size of $1,294.0 million in 2027. The watch service was the largest segment in 2019 and is expected to grow at a CAGR of 6.9% to reach $545.4 million in 2027.
Private security can be defined as an outsourced protection or security service that can be both armed as well as unarmed. The private security service in Vietnam has been growing at a substantial rate and over the years the number of individuals working in this sector has increased tremendously. The private security is also one of the key employment areas for a number of skilled and unskilled population in the country
The private security industry in Vietnam is driven by rapid urbanisation, growing risk of crime and terrorism together with the notion of insufficient security. However, increased cost of manned guarding and the growing affinity of personal CCTV cameras are the major restraints for the market. On the contrary, the improving economic environment, increase in inbound travel in Vietnam, and rise in concern for personal safety among tourists have also fueled the demand for private security.
The Vietnam private security market is segmented based on service type and end-user. Based on service type, the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening and other services. Based on the end-user, the market is classified into commercial, institutional, residential, and government.
