Modern security concerns frequently necessitate a comprehensive response. Integrated security solutions combine numerous security technologies and systems to give complete protection. This can include integrating access control, video surveillance, intrusion detection, and other systems into a single system for enhanced threat management. For instance, in October 2021, Backstreet Surveillance, Inc., a U.S.-based manufacturer of Do-It-Yourself (DIY) security camera systems, unveiled the Backstreet Cyber Secure Series, a next generation of powerful, "hardened," IP-based video surveillance systems.

The global market is highly fragmented with key private security players such as Allied Universal Security Services LLC, ADT Inc., Securitas AB, Secom Co., Ltd., Prosegur Compania de Seguridad, S.A. and others. These companies are focusing on product innovation, technological advancements, and mergers & acquisitions to increase their market share. For instance, in August 2022, Allied Universal Security Services LLC, a global leader in security facilities and services, completed the strategic acquisition of Attenti Group, one of the world's leading electronic surveillance companies. This would enable the combination of Attenti Surveillance Technology and G4S to become a world leader in electronic surveillance solutions.

The BFSI segment is expected to be the fastest growing segment due to the increasing demand for cash management services. This segment includes ATM replenishment, Cash-In-Transit (CIT), and cash pickup & delivery services, which uses high-end security systems to conduct these activities smoothly.

For instance, businesses in London are increasingly turning to companies operating in security services due to claims that the Metropolitan Police (Met) has failed to deal with shoplifting incidents. In November 2022, the Business Improvement District (BID) launched two My Local Bobby (MLB) wardens, allocating a third of its USD 470,397 yearly budget to the program. MLB is a private contract-based security company. In June 2023, 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. However, the area's BID anticipated that the increase is much greater.

Moldex2200N95

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

The Rest of the World, which includes Latin America and the Middle East & Africa, is anticipated to witness significant growth in the global market during the forecast period. The growing demand for monitoring and inspection solutions due to increasing illegal activities and gang violence in Latin America is set to help the regional market grow. Furthermore, the expansion of industries, such as infrastructure, energy & utilities, and transportation, will necessitate the implementation of robust security measures to protect both assets and customers.

Shifting Focus Toward Private Security Owing to Rising Crime Rates and Changing Societal Dynamics to Drive Market Growth

An Infographic Representation of Private Security Market View Full Infographic To get information on various segments, share your queries with us

MoldexN95

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

With the help of this solution, integrators can provide customers with a feature-rich, fully scalable video and access control system with low upfront costs, always-updated software, embedded cybersecurity, and less IT staff support. Additionally, advanced technologies and systems, such as surveillance cameras, drones, biometric access control, artificial intelligence (AI)-based analytics, and remote monitoring, have revolutionized the private security landscape.

During the COVID-19 pandemic, various sectors' demand for private security services increased. Security checks use security personnel using thermal cameras and other security systems incorporated into healthcare applications. Businesses, healthcare facilities and key service providers require more security personnel to monitor health practices, manage crowds and ensure security measures are followed. Security services shifted their focus from normal concerns to pandemic challenges. Remote monitoring technologies, such as CCTV cameras, drones and access control systems, are increasingly invested in reducing physical contact.

The residential segment is expected to be the fastest growing segment due to rising concerns of safety and security of homes and related entities. Residential security refers to protecting people and their property from privacy violations, disturbances, or any other threat that could endanger the safety of the people who live there. Some gated communities may also hire security guards to patrol the premises and monitor entrances. Similarly, some HLM agencies use video surveillance and access control services for this purpose.

Individuals, businesses, and communities have an increased need for comprehensive security solutions as crime rates fluctuate and criminal activities become more diversified and complex. Public law enforcement authorities may find it difficult to handle these evolving risks which, in turn, can boost the focus toward private security services. The complexity and range of criminal activities, ranging from cybercrime and identity theft to vandalism and organized crime, will create a surge in the demand for specialist security services.

The market, by end user, is segmented into manufacturing, energy & utilities, BFSI, infrastructure, retail, port/airports, and others. The manufacturing segment dominates the market and is expected to register a significant growth owing to the rising demand for integrated risk management platforms. The manufacturing sector is extremely diverse, from manufacturing advanced fighter jets, ventilators, and pharmaceuticals to automobiles, paper products, steel, clothing, high-tech components and more. This factor will increase the use of security solutions to protect production processes from data breaches.

The global private security market size was valued at USD 235.37 billion in 2023 and is projected to grow from USD 247.75 billion in 2024 to USD 385.32 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period. Asia Pacific dominated the private security market with a market share of 32.02% in 2023.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

Moreover, it is difficult to keep up with the ever-changing threat scenario, which includes cyber-attacks, terrorism and sophisticated criminal activity. Addressing these many threats requires constant software updates and investment in cutting-edge technology and capabilities. Failure to keep up with the increasing risks may decrease the quality of security services, which is expected to curb the growth of the market.

An electronic security system uses software and electronics to perform a multitude of security functions to enhance the protection of a designated area. These systems monitor and collect data from subsystems, allowing operators to interpret data, determine responses, and quickly respond to events. The increasing demand for remote surveillance is anticipated to boost the growth of this segment.

Moldexblack N95

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

By application, the market is bifurcated into residential, commercial, industrial, and government. The industrial segment is dominating the market and is expected to register significant growth during the forecast period due to the rising demand for appropriate asset protection solutions. Industrial security comprises a wide variety of security services, such as supervision during manufacturing, security access control, vehicle patrol & security services, ingress & egress at distribution, warehousing & manufacturing facilities, construction traffic control and others.

Private security service refers to a company that offers protective and preventive measures to individuals, businesses, and other entities to safeguard against various risks, threats, and criminal activities. These services encompass roles, such as physical security, surveillance & monitoring, access control, event security, cybersecurity, personal protection, investigations, security consulting & risk assessment, and security training.

MoldexAirWave

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

These services are offered by trained professionals who are not part of the government or public law enforcement agencies. This market can represent a wide range of organizations including corporate security, security guard companies, armored car businesses, investigative service agencies, and many others. They typically engage in providing bodyguard, guard dog, parking security, and security guard services. These services are broadly defined as personnel and asset protection services. The rising threats and crime rates are expected to drive the growth of the global market size from 2024 to 2032.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

The global private security market size was valued at $235.37 billion in 2023 & is projected to grow from $247.75 billion in 2024 to $385.32 billion by 2032

Moldexmask

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

End Users in Manufacturing Sector to Increase Product Adoption with Growing Demand for Integrated Risk Management Platforms

These technological advances can help security vendors deliver effective solutions in real-time. In addition, real-time channels and notifications enable quick decisions, allowing security teams to coordinate their emergency response effectively.

North America held a significant share in the base year and is anticipated to experience considerable growth during the forecast period. This growth is attributed to the presence of major OEMs and increasing number of mergers & acquisitions in this region. For instance, in April 2021, Allied Universal Security Services LLC, a U.S.-based security and facility services company, completed the acquisition of G4S plc for a deal amount of USD 5.3 billion. This acquisition created a world-leading integrated security company that claims to provide unparalleled capabilities for customers and new opportunities for corporate teams around the world. G4S plc is a U.K.-based private security company.

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

Asia Pacific dominated the market share in 2023 and was valued at USD 75.27 billion during that year. This region is also expected to be the fastest growing region during the forecast period. This growth is attributed to rapid urbanization, industrialization, and infrastructure development. For instance, in September 2022, the Airport Authority of India (AAI) announced that it would deploy security personnel to 60 airports to perform non-core duties. As per decision of the central government, a total of 1,924 personnel from private manned security agencies will be deployed to 60 airports in place of CISF staff assigned to non-essential positions.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

Moldex3D

The market research report provides a detailed market analysis. It comprises all major aspects, such as R&D capabilities and optimization of operating services. Moreover, the report offers insights into the market forecast, dynamics, regional analysis, porter’s five forces analysis, competitive landscape of various companies profiled with market competition, and highlights key industry developments. In addition to the above-mentioned factors, it focuses on several factors that contributed to the global market growth in recent years.

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

Acquiring and retaining skilled security personnel can be difficult. Competition for competent individuals, particularly in areas of labor shortage, can put a strain on recruitment efforts. Additionally, offering continual training to ensure workers are up to date on the latest security procedures and technologies can be costly. Inadequately qualified people can decrease the quality of security services, which can shrink the client base and hamper the global private security market growth.

By service type, the market is categorized into manned security, cash services, electronic security services, and others. The manned security segment dominates the private security market share and is estimated to be the fastest growing segment during forecast period due to persistent threat of crime, terrorism, and other security breaches. Manned security, also known as manned guarding, refers to security guards that provide physical protection to property and personnel. Businesses, public spaces, and critical infrastructure require on-site personnel to deter and respond to potential threats effectively.

MoldexN95 2300

For instance, in March 2023, ProdataKey Inc. (PDK), U.S.-based cloud access control platform for cloud video surveillance systems, unveiled a powerful integration that provides users with a seamless solution that offers benefits of a 100% cloud-based platform.

The product effectively provides every element requested by a surveillance business on a single platform. It claims to incorporate powerful deep learning Artificial Intelligence (AI,) peer-to-peer remote access, automated motion monitoring, gunshot detection & location identification, 24-hour color night vision video technology, facial detection, profile identification, people counting, and much more. Additionally, with the help of predictive analytics and threat intelligence, it is possible to anticipate potential security threats and take preventive action. Organizations can improve their overall security by anticipating security breaches and cyberattacks by examining patterns and trends in data.

Asia Pacific Private Security Market Size, 2023 (USD Billion) To get more information on the regional analysis of this market, Request a Free sample

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

Europe captured the second-largest market share in the base year. This growth is due to the increasing demand for anti-retail theft solutions. For instance, in November 2022, according to the Commercial Victimization Survey, 42% had been victims of crime in the past 12 months who worked for establishments in the wholesale and retail sectors. Medium-sized establishments with 10 to 49 employees were more likely to become victims of crime (38%) than those with 9 or fewer employees (26%).

Moldex

BIDs are privately directed and publicly sanctioned entities that augment governmental services within a specific geographical area by earning multiyear revenue through a mandatory assessment on local property owners or companies. In December 2022, banks and supermarkets in Lebanon relied on private security due to rise in violent crimes and pickpocketing in recent months.

Cloud-based surveillance solutions enable remote access to camera feeds and recorded video from any location with an internet connection. This adaptability is useful for companies and individuals to help them monitor their assets while they are abroad. Cloud storage also provides redundancy, protecting important footage from alteration or on-site destruction.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”