According to a new report published by Allied Market Research, titled “Private security market in Vietnam By Service Type and End User: Opportunity Analysis and Industry Forecast, 2020-2027, “Vietnam Private Security Market size was valued at USD 713.5 million in 2019 and is expected to grow at a CAGR by 7.9% from 2020 to 2027 to reach the market size of $1,294.0 million in 2027. Watch service was the largest segment in 2019 and is expected to grow at a CAGR of 6.9 % to reach $545.4 million in 2027.
Private security can be defined as an outsourced protection or security service that can be both armed and unarmed. The private security service in Vietnam has grown tremendously and over the years the number of people working in this sector has increased significantly. Private security is also one of the major employment sectors for a number of skilled and unskilled people in the country.
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The private security industry in Vietnam is driven by rapid urbanization, an increasing risk of crime and terrorism as well as the notion of insufficient security. However, the rising cost of human surveillance and the growing affinity for personal CCTV cameras are the major restraints in the market. On the contrary, the improving economic environment, increasing inbound travel to Vietnam, and growing concern for the personal safety of tourists have also fueled the demand for private security.
The Vietnamese private security market is segmented on the basis of type of service and end user. Based on service type, the market is segmented into event management security service, monitoring service, personal protection, mobile patrol security service, pre-employment screening and other services. Based on the end user, the market is categorized into commercial, institutional, residential, and government.
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According to Vietnam private security market analysis by service type, the surveillance services segment was the largest category in 2019 and is expected to remain dominant during the forecast period. The mobile patrol security services segment is expected to grow at a notable CAGR of 9.1% during the forecast period.
According to the Vietnam private security market forecast based on end-user, the commercial segment was the largest contributor to the Vietnam private security market in 2019 and is expected to remain dominant until 2020-2027. However, the institutional segment is expected to grow at a higher growth rate during the forecast period.
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Main results of the study
Vietnam Private Security Market was valued at USD 713.5 Million in 2020 and is projected to reach USD 1,294.0 Million by 2027, growing at a CAGR of 7.9% over the forecast period.
Based on service type, the mobile patrol security services segment would witness the fastest growth, registering a CAGR of 9.1% during the forecast period.
In 2019, based on type of service, the surveillance services segment held the highest share, accounting for almost half of the Vietnamese market.
In 2019, on an end-user basis, the institutional segment was the largest segment and is expected to grow at a significant CAGR throughout the forecast period.
The commercial segment was the dominant segment in 2019, accounting for a considerable share of Vietnam’s private security market
Key players profiled in the report include ISS A/S, Securitas, Vietnam Manpower, PMVSecurity, T-Force Security, Secom, Vietnam Day and Night Security Services Co., Ltd., The Brink’s Co., Global Guardian and Night & Day Security Services Co.Ltd.
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