Physical Security Services Market Size To Grow At A CAGR Of 6% In The Forecast Period Of 2023-2028
Physical Security Services Market Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028
The ‘Global Physical Security Services Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global physical security services market, assessing the market on the basis of its segments like services, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Physical Security Services Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6%
The global physical security services market is expected to register growth during the forecast period on account of the demand to secure physical environments from undesired activities. Such activities include crime, potential burglaries, vandalism, fire incidences, and theft. Increasing crime rates are expected to aid the market growth globally for physical security services.
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Aspects like the adoption of cloud-based data storage, advanced analytics, technological developments in access control, and video surveillance are significant trends likely to propel the market growth of physical security services. Businesses are also augmenting their spending on security to safeguard their critical assets.
Growing concerns about ensuring the safety of people, vital assets, and resources against vulnerabilities and physical threats are expected to become major aspects supporting the demand for a strong security environment. This is further expected to fuel the physical security services market across the globe over the upcoming years. Increasing threats have also enhanced the demand for well-secured physical infrastructure at business and residential premises.
Physical Security Services Industry Definition and Major Segments
Physical security refers to the security of software, personnel, hardware, data, and networks from physical events and actions that could result in serious damage or loss to an agency, institution, or enterprise. This includes safety from theft, terrorism, vandalism, burglary, flood, fire, and natural disasters.
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Based on services, the market is segmented into:
- Manned Guarding
- Electronic Security
- Cash Solution
By end use, the market is classified into:
- Energy Utility
Based on region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Physical Security Services Market Trends
Geographically, the North America region is anticipated to drive the physical security services market growth on account of an increase in the adoption rate of advanced physical security systems. The rising investments by SMEs along with strong economic growth and regulatory reforms in physical security solutions are some of the significant aspects driving the market growth in the North American region.
There is a strong presence of key market players like Allied Universal Security Services and The Brink’s Company, among others, in the region. They provide a complete variety of security services to railways, airports, and bus stations across North America, comprising security consulting, investigation, pre-employment screening, and manned guarding.
Meanwhile, the physical security services market is anticipated to gain momentum in the Asia Pacific over the coming years on account of the surging demand for smart security solutions, especially in China and India. Major investments by the government of China in safe city projects, that emphasise traffic monitoring and city surveillance, are expected to aid the market growth of physical security services. With an increase in the adoption of technologies like IoT and Artificial Intelligence (AI) in China for the development of the national smart cities, the market growth is expected to propel across the region.
Key Market Players
The major players in the global physical security services market report are:
- Securitas AB
- Garda World Security Corporation
- Brinks Security Services Limited
- Agile Security Force
- Securiguard Services Ltd.
- Allied Universal Security Services
- The Brink’s Company
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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