Security Services Market to Reach $136.6 Billion by 2032, Driven by Technology Enhancements & Economic Growth

Manned Guarding Bundled with Technology Will Be Key Driver for Development of Security Services Market, Reveals FactMR.

As per the latest report by Fact.MR, a market research and competitive intelligence provider, the global security services market is worth US$ 89.7 billion at present and is predicted to progress at a CAGR of 4.3% between 2022 and 2032. The market is poised to grow due to technology enhancements and positive economic trends.

By investing in new technology platforms and systems, companies can enhance manned guard protection by providing more precise accuracy in problem-solving, allowing for faster response times, and providing a safer environment for guards. Security technology can help detect and prevent threats, and provide the information we need to respond safely and effectively to any emerging threat.

The enhancement of technology in the security industry can improve the service offerings of market players. Bundled products can be used in both residential and commercial spaces. Manned guarding with technology is a great way to protect a business. In addition, the presence of a security camera can help decrease the opportunity for theft and vandalism, and can also reduce the cost of insurance.

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Key Takeaways from the Market Study:

• The global security services market is set to expand at a CAGR of 4.3% and be valued at US$ 136.6billion by 2032.
• The market expanded at 4.1% CAGR from 2017 to 2021.
• Under service type, security guard services led the market and were valued at US$ 45.6billion in 2021.
• North America leads the worldwide market with 28% market share.
• Revenue from security services is expected to increase at CAGRs of 4.2% and 4.4%, respectively, in Europe and South Asia & Oceania.

“Security servicespoised to evolve at an attractive long-term growth rate,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Security Services Market

Prominent security service providing companies are ADT, Inc., Allied Universal, Garda World, Securitas AB, A.P. Securitas Pvt. Ltd., AMAG Technology, Amentum, Blackpanda, Booz Allen Hamilton, Fujitsu, Kudelski Security, Mitie Total Security Management plc, Nihon Cyber Defence, OCS Group UK Ltd, Standard Guard Services Limited, The Brink’s Company, Trend Micro, Unified Security Group, Wilson Security, Fireball Group, and Prosegur.

Market Development

The business environment in the security services market continues to reflect a rollup within the industry despite extreme competition among major players. To gain a solid hold in the market, prominent market players are employing organic and non-organic strategies.

• For instance, in 2021, Allied Universal, one of the major players in the security services market, was on an acquisition spree and acquired around 10 companies, including G4S, Inc., for a whopping US$ 4.3 billion.

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Security Services Industry News:

• Prominent security service providing companies are ADT, Inc., Allied Universal, Garda World, Securitas AB, A.P. Securitas Pvt. Ltd., AMAG Technology, Amentum, Blackpanda, Booz Allen Hamilton, Fujitsu, Kudelski Security, Mitie Total Security Management plc, Nihon Cyber Defence, OCS Group UK Ltd, Standard Guard Services Limited, The Brink’s Company, Trend Micro, Unified Security Group, Wilson Security, Fireball Group, and Prosegur.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global security services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights based on service type (alarm systems, background verification, fire & safety, patrol vehicles, security guards services, security consulting services) and end-use industry (aviation, defense & aerospace, distribution & logistics, education, financial institution, government institution, healthcare, hotel & hospitality, industrial & manufacturing, real estate, transit & public transport, utility industry), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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