A Fact.MR market research study has revealed 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 a problem, allowing for faster response time 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, the residential and commercial spaces. Manned guarding with technology is a great way to protect a business. In addition, presence of a security camera can help decrease the opportunity for theft and vandalism and can also reduce the cost of insurance.
Key Takeaways from Market Study
- The global security services market is set to expand at a CAGR of 4.3% and be valued at US$ 136.6 billion by 2032.
- The market expanded at 4.1% CAGR from 2017 to 2021.
- Under service type, security guard services lead the market and were valued at US$ 45.6 billion 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.
