Private Contract Security Services Market to Reflect Impressive Growth Rate by 2025

Global market research report on private contract security services analyzes market demand and the scenario between 2015 and 2025. The report shows historical trends between 2015 and 2017 and the market forecast between 2019 and 2025. The report analyzes the current state and future market prospects at the global and national level. The global market for private security services is segmented by the type and end-user.

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The U.S. private contract security services market is expected to grow at a CAGR of 3.8% during the forecast period of 2019 to 2025. In 2018, the market was valued at USD 35.12 billion, owing to the government obligations of fulfilling the safety requirements. In response to changes in safety perceptions, legislation and regulations that establish safety requirements and obligations, the demand for safety products and services has a key role to play.

The report covers several qualitative aspects in market drivers, market constraints and the main industry trends of private security services. The report also provides a detailed evaluation of competition with global as well as local vendor company profiles.

The private security industry comprises those players who provide contractual and profit security for people and property. The industry is growing fast around the globe and can make an important contribution to providing security if it is effectively regulated and fully accountable. Many states across the world increasingly outsource their military and police functions to private contractors, partly in response to reductions in the public sector, but also because of the changes in the war. In recent years, the private security sector has taken on a more critical role.

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The global economy's exponential growth in the last two decades has resulted in a growing need for safety provisions for industrial facilities, bureaus, IT parks and other government infrastructures such as airports, subway stations, shopping centers, and public utilities. In order to meet that need, the sector has considerably improved its operational capabilities to supplement government machinery in order to ensure that citizens and their assets are safe and secure.

Manned guarding makes the highest contribution to the private services industry and it will be major employment segment in private security servcies. The industry is expected to see robust growth driven by a sustainable perception of security threats and an increase in labor wages under statutory guidelines. The key challenge facing the industry is procurement and maintaining quality manpower.

The growth of alternative employment opportunities and the rapid growth in manpower required to promote industry growth is expected to make manpower procurement and retention harder. With the adoption of the PSARA Act in the states, the industry today is significantly fragmented and will organize more organized activities in user industries. Compliance with regulatory regulations, particularly wage standards, is expected to improve and impact margins which, due to strong competition, are already pressured.

Several safety services companies provide allied services including electronic security products, such as CCTV, which are installed, operated and maintained. Although revenue from this segment, in general, is not significant for large security services companies, it will become even more important at the moment when companies decide to cut operating costs and invest more in the production of technologies. Despite the challenges, it is anticipated that the security services industry will maintain its growth momentum. Leading companies expect strong organic growth in staff and cash services, and increase their capacity in auxiliary services, for instance, facilities and pesticide control or for added-value services such as consultancy and training. In the past, private equity funds have been acquired and infused into the industry and will continue to have significant potential.

The global market in private security services is a highly fragmented industry and the well-established new players compete strongly. These players aim to gain a lead over other players by making significant investments in R&D and player acquisitions through innovation in product development. In April 2019, Securitas announced the acquisition of Staysafe, one of the largest monitoring companies in Australia. Through the acquisition of Staysafe, Securitas are building on their protective service offering in the Australian security market which will strengthen their service delivery and innovative solutions to the clients.

Some of the key players in the global private contract security services market are U.S. Security Associates, Inc, Allied Universal, G4S Secure Solutions, SOS Security, Inc, MITIE Total Security Management Ltd, Vision Security Group Ltd., R.A.D Security AG, Fidelity Security Group (Pty) Ltd., TSU Protection Services and Titan Security Europe.

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