30% of growth will come from Europe for the private security services market | Segmented by end user, department and geography | Main Market Drivers and Forecasts

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30% of market growth will come from Europe during the forecast period. Germany and the UK are key markets for private security services in Europe. Market growth in Europe will be faster than market growth in other regions. European countries like France and the UK has recently witnessed an increase in terrorist threats from various terrorist groups. Europe has witnessed the greatest number of far-right attacks in the past two decades. These factors will facilitate the growth of the private security services market in Europe over the forecast period.

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Rapid urbanization is one of the major factors driving the growth of the private security services market. Population movements to urban areas have increased over the past decades. The change is greater in emerging economies, as most people find better employment opportunities in urban areas compared to rural areas. The growth of the urban population will increase the construction of residential and commercial complexes in urban areas, which will necessitate the need for private security services. Emerging economies such as India, China, and Nigeria will significantly contribute to the growth of the urban population between 2020 and 2050. The growth of the urban population will also require the need for advanced security measures in cities to combat criminal activity. Hence, rapid urbanization will increase the demand for private security services, which will boost the growth of the global private security services market.

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The shortage of private security personnel will be a major challenge for the private security services market during the forecast period. The demand for private security services is increasing dramatically due to the rapid growth of the urban population across the world. However, private security service providers face a shortage of qualified private security personnel, which affects their financial health. This is a challenge for market growth, as the expansion of private security services depends on guarding. Factors such as lack of career path, wage disparity and long working hours are causing a shortage of private security personnel around the world. The shortage of security personnel increases the cost of labor, which increases the cost of private security services to clients. Hence, the shortage of private security personnel is a challenge for vendors around the world.

Private Security Services Market: Segmentation Analysis

This market research report segments the Private Security Services market by end-user (industrial, residential, financial, and other institutions), by service (guarding, electronic security services, and treasury services), and by geography (North America, Europe, APAC, South America, and MEA).

The growth in the market share of private security services by the industrial segment will be significant during the forecast period. The industrial segment is the largest adopter of security services such as guarding and electronic security systems. Growing urbanization and increasing population create significant demand for various products, resulting in an increase in the number of manufacturing activities globally. The increase in manufacturing output is a result of the expansion of manufacturing plants, which creates a significant demand for private security services.

Download this market for private security services report to discover new strategies to make the most of future growth opportunities.

Related reports on industrial products include:

Global Smart Grid Cybersecurity Market

Global Production Management Systems Market

Some of the main topics covered in the report include:

Market challenges

Market factors

Market trends

Supplier landscape

  • Covered suppliers
  • Supplier ranking
  • Positioning of sellers in the market
  • Competitive scenario

Scope of the private security services market

Cover of the report

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth dynamics and CAGR

Accelerate to a CAGR of 4.71%

Market growth 2021-2025

$ 53.58 billion

Market structure

Fragmented

Annual growth (%)

3.97

Regional analysis

North America, Europe, APAC, South America and MEA

Efficient contribution to the market

Europe at 30%

Main consumer countries

China, United States, India, Germany and United Kingdom

Competitive landscape

Leading companies, competitive strategies, reach of consumer engagement

Profiled companies

ADT Inc., Allied Universal, GardaWorld Security Corp., ISS AS, Loomis AB, Monitronics International Inc., Prosegur Compania de Seguridad SA, SECOM Plc, Securitas AB and SIS Group

Market dynamics

Parent Market Analysis, Market Growth Drivers and Obstacles, Analysis of Fast Growing and Slow Growing Segments, Impact of COVID-19 and Future Consumer Dynamics, Analysis of Market Conditions for the Forecast Period

Customization

If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments.

About Technavio

Technavio is one of the world’s leading technology research and consulting companies. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s report library includes over 17,000 and more reports, spanning 800 technologies, spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market intelligence to identify opportunities in existing markets. and potentials and assess their competitive positions in changing market scenarios.

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SOURCE Technavio


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