LONDON--(BUSINESS WIRE)--According to Technavio Research Report," Private Security Services Market by application end-user (industrial, residential, and financial institutions) and geography (the Americas, APAC, and EMEA) is witnessed to grow by USD 68.74 billion, at a CAGR of 6% from 2018 to 2022.”
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Global private security services market: Increasing global economic activity
With globalization, several companies across verticals are expanding their presence in developing and underdeveloped countries, leading to an increase in the global economic activity, especially in emerging economies. For example, in countries such as China, India, Brazil, and Indonesia, several manufacturing companies have set up their manufacturing plants owing to low labor costs in these economies.
According to a senior analyst at Technavio for research on homeland security, “In countries such as India and Singapore, the service sector is growing at a fast rate. This has resulted in an increase in the number of commercial spaces in these countries. Commercial spaces need to be protected by private security guards due to the inadequacy of the police force and overall cost-effectiveness of private security services.”
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Growing private security services market: Rising deployment of drones and robots
The growing use of drones and robots for security purpose is one of the major trends being witnessed in the global private security services market 2018-2022. Private security service providers are expected to increase the use of drones and robots. The global drones market is growing rapidly, as drones are being used by security service providers for surveillance purposes. In large-scale events such as music concerts and sports events, it becomes difficult to track the activities of people in large crowds. Thus, drones are used at such places to effectively mitigate threats of public discord and violence.
Global private security services market: Segmentation analysis
The global private security services market research report provides market segmentation by end-user (industrial, residential, and financial institutions), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The industrial segment held the largest market share in 2017, accounting for nearly 19% of the market. The Americas led the market in 2017 with a market share of nearly 38% of the market share. The market share occupied by this region is anticipated to decrease by nearly 3% during 2018-2022.
Few Major Vendors in the Private Security Services Market are:
- Allied Universal
- Security & Intelligence Services (India)
Browse Industries Reports: Aerospace and Defense
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