The Global Private Security Market size is expected to reach $437.8 billion by 2031, rising at a market growth of 7.4% CAGR during the forecast period.
This substantial share underscores the high demand for private security services across the United States and Canada, driven by rising crime rates, increasing awareness of security threats, and the need for enhanced protection in urban and rural areas. The North American private security market benefits from a well-established infrastructure and advanced technological integration, allowing the widespread adoption of manned and electronic security solutions. Thus, the North America region witnessed 37% revenue share in the private security market in 2023.
Educational initiatives and media coverage of crime and security have heightened public awareness about personal safety and the importance of security measures. The rise of various security threats, including terrorism, workplace violence, and cybercrime, has led to an increased focus on comprehensive security solutions. Additionally, the proliferation of festivals, concerts, trade shows, corporate gatherings, and sporting events has increased the demand for security services. These events often attract large crowds, necessitating robust security measures to ensure safety. Thus, the expansion of the event management sector and security services is driving the market's growth.
However, security firms typically rely on a large workforce to provide on-site security services. As minimum wage laws and employee benefit requirements increase, labor costs rise significantly, straining profit margins. The security industry often requires extensive personnel training and background checks. The costs associated with hiring, training, and retaining qualified staff can be substantial, affecting overall profitability. In conclusion, high operational costs and profitability challenges for security firms are hampering the market's growth.
Services Outlook
Based on service, the market is divided into manned security, electronic security, cash handling services, and others. The electronic security segment procured 25% revenue share in the market in 2023. This segment focuses on technological advancements and integrating electronic devices to enhance security measures.
End User Outlook
On the basis of end user, the market is segmented into commercial, industrial, government, and residential. The commercial segment recorded 46% revenue share in the market in 2023. This segment includes businesses and enterprises, such as retail stores, office buildings, financial institutions, hotels, and shopping centers, which require robust security measures to protect their assets, employees, and customers.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region generated 30% revenue share in the market. This significant share reflects the region's emphasis on maintaining high-security standards amidst various challenges, including terrorism threats, organized crime, and public safety concerns.
Recent Strategies Deployed in the Market
- Aug-2023: Prosegur collaborated with WeSuite, a manufacturer of sales management software tailored for security technology sales and service providers. This collaboration aimed to redefine Prosegur's market approach across a multitude of industries which includes energy and utilities, healthcare, industrial domains, and logistics.
- Apr-2023: Garda World Security Corporation released force multiplier, a Hybrid Security Solution. The launched product would be created to support organizations in protecting their critical assets.
- Apr-2023: Allied Universal took over MSA Security, a global provider of high-consequence threat solutions. This acquisition aimed to expand its services in the Las Vegas region.
- Jan-2023: Prosegur introduced the Next Generation Suite of RFID Solutions, with the highest accuracy available. This launch aimed to enhance inventory accuracy, reinvent loss prevention, and give retailers a new approach to offset costs and grow revenue.
- Dec-2022: Crisis24, a subsidiary of GardaWorld company partnered with Palantir Technologies Inc., a public American company that specializes in big data analytics. Under this partnership, both companies aimed to transform security and risk management with the power of AI.
- Aug-2022: Garda World Security Corporation took over ARCA, a manufacturer of teller cash recyclers for financial institutions. This acquisition aimed to grow GardaWorld as a security and cybersecurity player.
- Jul-2022: Securitas AB took over Stanley Security, a provider of integrated security solutions. This acquisition aimed to offer complementary portfolios across the security services value chain that seamlessly could help Securitas clients' businesses.
- May-2022: Brink's Incorporated partnered with Metaco SA, a provider of security-critical software and infrastructure to the digital asset ecosystem. Under this acquisition, both companies aimed to bring together the only custody platform that would ensure no single point of failure in the software and infrastructure stack, with a physical backup solution that would be end-to-end secure and fully distributed to equally verify no physical and operational single point of failure for key recovery storage and logistics.
List of Key Companies Profiled
- Allied Universal
- Prosegur
- Brink's Incorporated (Brink's)
- Garda World Security Corporation (GardaWorld) (BC Partners)
- Securitas AB
- ADT, Inc.
- Secom Co. Ltd.
- Convergint Technologies LLC
- Loomis AB
- ISS A/S
Global Private Security Market Report Segmentation
By Service
- Manned Security
- Electronic Security
- Cash Handling Services
- Other Service
By End User
- Commercial
- Industrial
- Government
- Residential
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Private Security Market, by Service
- 1.4.2 Global Private Security Market, by End User
- 1.4.3 Global Private Security Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- 3.3 Porter Five Forces Analysis
Chapter 4. Strategies Deployed in Private Security Market
Chapter 5. Global Private Security Market by Service
- 5.1 Global Manned Security Market by Region
- 5.2 Global Electronic Security Market by Region
- 5.3 Global Cash Handling Services Market by Region
- 5.4 Global Other Service Market by Region
Chapter 6. Global Private Security Market by End User
- 6.1 Global Commercial Market by Region
- 6.2 Global Industrial Market by Region
- 6.3 Global Government Market by Region
- 6.4 Global Residential Market by Region
Chapter 7. Global Private Security Market by Region
- 7.1 North America Private Security Market
- 7.1.1 North America Private Security Market by Service
- 7.1.1.1 North America Manned Security Market by Country
- 7.1.1.2 North America Electronic Security Market by Country
- 7.1.1.3 North America Cash Handling Services Market by Country
- 7.1.1.4 North America Other Service Market by Country
- 7.1.2 North America Private Security Market by End User
- 7.1.2.1 North America Commercial Market by Country
- 7.1.2.2 North America Industrial Market by Country
- 7.1.2.3 North America Government Market by Country
- 7.1.2.4 North America Residential Market by Country
- 7.1.3 North America Private Security Market by Country
- 7.1.3.1 US Private Security Market
- 7.1.3.1.1 US Private Security Market by Service
- 7.1.3.1.2 US Private Security Market by End User
- 7.1.3.2 Canada Private Security Market
- 7.1.3.2.1 Canada Private Security Market by Service
- 7.1.3.2.2 Canada Private Security Market by End User
- 7.1.3.3 Mexico Private Security Market
- 7.1.3.3.1 Mexico Private Security Market by Service
- 7.1.3.3.2 Mexico Private Security Market by End User
- 7.1.3.4 Rest of North America Private Security Market
- 7.1.3.4.1 Rest of North America Private Security Market by Service
- 7.1.3.4.2 Rest of North America Private Security Market by End User
- 7.2 Europe Private Security Market
- 7.2.1 Europe Private Security Market by Service
- 7.2.1.1 Europe Manned Security Market by Country
- 7.2.1.2 Europe Electronic Security Market by Country
- 7.2.1.3 Europe Cash Handling Services Market by Country
- 7.2.1.4 Europe Other Service Market by Country
- 7.2.2 Europe Private Security Market by End User
- 7.2.2.1 Europe Commercial Market by Country
- 7.2.2.2 Europe Industrial Market by Country
- 7.2.2.3 Europe Government Market by Country
- 7.2.2.4 Europe Residential Market by Country
- 7.2.3 Europe Private Security Market by Country
- 7.2.3.1 Germany Private Security Market
- 7.2.3.1.1 Germany Private Security Market by Service
- 7.2.3.1.2 Germany Private Security Market by End User
- 7.2.3.2 UK Private Security Market
- 7.2.3.2.1 UK Private Security Market by Service
- 7.2.3.2.2 UK Private Security Market by End User
- 7.2.3.3 France Private Security Market
- 7.2.3.3.1 France Private Security Market by Service
- 7.2.3.3.2 France Private Security Market by End User
- 7.2.3.4 Russia Private Security Market
- 7.2.3.4.1 Russia Private Security Market by Service
- 7.2.3.4.2 Russia Private Security Market by End User
- 7.2.3.5 Spain Private Security Market
- 7.2.3.5.1 Spain Private Security Market by Service
- 7.2.3.5.2 Spain Private Security Market by End User
- 7.2.3.6 Italy Private Security Market
- 7.2.3.6.1 Italy Private Security Market by Service
- 7.2.3.6.2 Italy Private Security Market by End User
- 7.2.3.7 Rest of Europe Private Security Market
- 7.2.3.7.1 Rest of Europe Private Security Market by Service
- 7.2.3.7.2 Rest of Europe Private Security Market by End User
- 7.3 Asia Pacific Private Security Market
- 7.3.1 Asia Pacific Private Security Market by Service
- 7.3.1.1 Asia Pacific Manned Security Market by Country
- 7.3.1.2 Asia Pacific Electronic Security Market by Country
- 7.3.1.3 Asia Pacific Cash Handling Services Market by Country
- 7.3.1.4 Asia Pacific Other Service Market by Country
- 7.3.2 Asia Pacific Private Security Market by End User
- 7.3.2.1 Asia Pacific Commercial Market by Country
- 7.3.2.2 Asia Pacific Industrial Market by Country
- 7.3.2.3 Asia Pacific Government Market by Country
- 7.3.2.4 Asia Pacific Residential Market by Country
- 7.3.3 Asia Pacific Private Security Market by Country
- 7.3.3.1 China Private Security Market
- 7.3.3.1.1 China Private Security Market by Service
- 7.3.3.1.2 China Private Security Market by End User
- 7.3.3.2 Japan Private Security Market
- 7.3.3.2.1 Japan Private Security Market by Service
- 7.3.3.2.2 Japan Private Security Market by End User
- 7.3.3.3 India Private Security Market
- 7.3.3.3.1 India Private Security Market by Service
- 7.3.3.3.2 India Private Security Market by End User
- 7.3.3.4 South Korea Private Security Market
- 7.3.3.4.1 South Korea Private Security Market by Service
- 7.3.3.4.2 South Korea Private Security Market by End User
- 7.3.3.5 Australia Private Security Market
- 7.3.3.5.1 Australia Private Security Market by Service
- 7.3.3.5.2 Australia Private Security Market by End User
- 7.3.3.6 Malaysia Private Security Market
- 7.3.3.6.1 Malaysia Private Security Market by Service
- 7.3.3.6.2 Malaysia Private Security Market by End User
- 7.3.3.7 Rest of Asia Pacific Private Security Market
- 7.3.3.7.1 Rest of Asia Pacific Private Security Market by Service
- 7.3.3.7.2 Rest of Asia Pacific Private Security Market by End User
- 7.4 LAMEA Private Security Market
- 7.4.1 LAMEA Private Security Market by Service
- 7.4.1.1 LAMEA Manned Security Market by Country
- 7.4.1.2 LAMEA Electronic Security Market by Country
- 7.4.1.3 LAMEA Cash Handling Services Market by Country
- 7.4.1.4 LAMEA Other Service Market by Country
- 7.4.2 LAMEA Private Security Market by End User
- 7.4.2.1 LAMEA Commercial Market by Country
- 7.4.2.2 LAMEA Industrial Market by Country
- 7.4.2.3 LAMEA Government Market by Country
- 7.4.2.4 LAMEA Residential Market by Country
- 7.4.3 LAMEA Private Security Market by Country
- 7.4.3.1 Brazil Private Security Market
- 7.4.3.1.1 Brazil Private Security Market by Service
- 7.4.3.1.2 Brazil Private Security Market by End User
- 7.4.3.2 Argentina Private Security Market
- 7.4.3.2.1 Argentina Private Security Market by Service
- 7.4.3.2.2 Argentina Private Security Market by End User
- 7.4.3.3 UAE Private Security Market
- 7.4.3.3.1 UAE Private Security Market by Service
- 7.4.3.3.2 UAE Private Security Market by End User
- 7.4.3.4 Saudi Arabia Private Security Market
- 7.4.3.4.1 Saudi Arabia Private Security Market by Service
- 7.4.3.4.2 Saudi Arabia Private Security Market by End User
- 7.4.3.5 South Africa Private Security Market
- 7.4.3.5.1 South Africa Private Security Market by Service
- 7.4.3.5.2 South Africa Private Security Market by End User
- 7.4.3.6 Nigeria Private Security Market
- 7.4.3.6.1 Nigeria Private Security Market by Service
- 7.4.3.6.2 Nigeria Private Security Market by End User
- 7.4.3.7 Rest of LAMEA Private Security Market
- 7.4.3.7.1 Rest of LAMEA Private Security Market by Service
- 7.4.3.7.2 Rest of LAMEA Private Security Market by End User
Chapter 8. Company Profiles
- 8.1 Garda World Security Corporation (GardaWorld) (BC Partners)
- 8.1.1 Company Overview
- 8.1.2 Recent strategies and developments:
- 8.1.2.1 Partnerships, Collaborations, and Agreements:
- 8.1.2.2 Product Launches and Product Expansions:
- 8.1.2.3 Acquisition and Mergers:
- 8.1.3 SWOT Analysis
- 8.2 Securitas AB
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental and Regional Analysis
- 8.2.4 Recent strategies and developments:
- 8.2.4.1 Acquisition and Mergers:
- 8.2.5 SWOT Analysis
- 8.3 Brink's Incorporated (Brink's)
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Regional Analysis
- 8.3.4 Recent strategies and developments:
- 8.3.4.1 Partnerships, Collaborations, and Agreements:
- 8.3.4.2 Acquisition and Mergers:
- 8.3.5 SWOT Analysis
- 8.4 Prosegur
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Recent strategies and developments:
- 8.4.4.1 Partnerships, Collaborations, and Agreements:
- 8.4.4.2 Product Launches and Product Expansions:
- 8.4.5 SWOT Analysis
- 8.5 Allied Universal
- 8.5.1 Company Overview
- 8.5.2 Recent strategies and developments:
- 8.5.2.1 Partnerships, Collaborations, and Agreements:
- 8.5.2.2 Acquisition and Mergers:
- 8.5.3 SWOT Analysis
- 8.6 ADT, Inc.
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental Analysis
- 8.6.4 SWOT Analysis
- 8.7 Secom Co. Ltd.
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 SWOT Analysis
- 8.8 Convergint Technologies LLC
- 8.9 Loomis AB
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Regional Analysis
- 8.10. ISS A/S
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Regional Analysis
Chapter 9. Winning Imperatives of Private Security Market