May 10, 2022
According to the recent research report titled ‘Global Security Services Market (2021 Edition) - Analysis By Services Type (Manned Guarding, Alarm Monitoring, Cash Logistics, Others), End User, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026), available with MarketStudyReport, global security services market had reached valuation worth USD 240.18 billion in 2020 and is projected to expand significantly through 2026.
Rapid urbanization, growing demand for fire safety, alarm monitoring, as well as building automation systems, and rising construction & safeguarding activities are some of the major factors driving the growth of the global security services market.
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Advancements in technology in terms of electronics, computer hardware & software, and sensors. coupled with growing demand for smart security devices like smart alarms, locks, sensors, etc. are stimulating the overall industry outlook
Meanwhile, worldwide governments aim to reduce the crime rate by increasing its spending capacity on public spaces and facilities for security cameras as well as a video surveillance system to decrease security breaches, which in turn is also adding traction to global security services market size.
The market is fragmented in terms of service type, end-user landscape, and regional contribution. Based on service type the market is further divided into cash logistics, manned guarding, alarm monitoring, and other security services segments.
Moving on to the end-user landscape, the market is bifurcated into commercial, residential, and government.
The geographical analysis of this business space extends to Latin America, Asia-Pacific, North America, Middle East & Africa, and Europe, with major emphasis on countries such as Brazil, Israel, China, India, Japan, France, the U.K., Germany, U.S., and Canada with China and India to be the fastest-growing security services markets.
The key players in the global security services industry are G4S, The Brink's Company, ADT Inc., SIS Group Enterprise, Siemens AG, Prosegur Compañía de Seguridad S.A, Securitas AB, Secom Co. Ltd., Johnson Controls International, and Loomis.