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Physical Security Services Market

Global Physical Security Services Market Size, Forecast: By Services: Manned Guarding, Electronic Security, Cash Solution, Others; By End Use: Industrial, Energy Utility, Commercial, Retail, Government, BFSI, Airports, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Global Physical Security Services Market Outlook

The global physical security services market size was valued at USD 357.30 billion in 2023. The market is further projected to grow at a CAGR of 6% between 2024 and 2032.

 

Key Takeaways

  • For physical security, 40% of businesses installed security cameras and other monitoring systems in 2023.
  • As per security services market statistics, 70% of residential properties installed physical security in 2020.
  • Currently, 25% of businesses have adopted physical security solutions like gates, barriers, and security fencing.

 

Physical security services provide security from the unauthorised access of resources, facilities, and equipment, thus, protecting personnel, information, or property from harm or damage caused by espionage, vandalism, terrorist attacks, or theft, among other threats. Physical security services include manned guarding, electronic surveillance, access control, alarm systems, perimeter protection, fire safety, and emergency response.

 

The global physical security services market outlook looks positive due to the increasing demand for security solutions in various sectors such as commercial, residential, industrial, and public. Some of the factors driving the physical security services market growth are the digital transformation of security services, the low cost of innovative technologies, the rising social insecurity, and the expanding scope of security services.

 

Global Physical Security Services Market

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Key Trends and Developments

Rising demand for cloud-based security solutions, integration of AI and ML, and expanding use of biometric authentication are augmenting the physical security services market development

 

Date Company Event
November 2023 GardaWorld Security Corporation Secured contracts worth USD 2.7 billion with CATSA to deliver security screening services at 45 airports across Canada
July 2023 Securitas AB Expanded its global contract with Microsoft to strengthen its technology-based solutions
April 2023 Allied Universal Security Services Acquired Elite Tactical Security Solutions based in Las Vegas to enhance its presence in the Las Vegas market
July 2022 Securitas AB Completed the acquisition of STANLEY Security, leading to the establishment of Securitas Technology

 

 

Trends Impact
Rising demand for cloud-based security solutions Cloud-based security solutions offer remote access, scalability, and cost-efficiency for customers and service providers, which can boost physical security services market growth and competitiveness.
Increasing adoption of IoT and smart devices IoT and smart devices generate more data sources and endpoints for security monitoring, which can enhance the situational awareness and responsiveness of security services.
Growing integration of AI and machine learning (ML) AI and machine learning (ML) can improve the capabilities and efficiency of security systems and services by enabling automated detection, classification, and prediction of security events and anomalies.
Expanding use of biometric authentication and identification in offices Biometric authentication and identification can improve the accuracy of security verification and access control by using unique and hard-to-forge physical or behavioural characteristics of employees.

 

Global Physical Security Services Market Trends

The demand for physical security services is driven by the increase in crime rates, social unrest within countries, and rising terrorism. The rising social insecurity is prompting the buyers to be more proactive in securing their premises, further augmenting the global physical security services market. Moreover, to curb these rising problems, there has been massive innovation in the security services lately. Smart technology is currently being used for monitoring and managing security workforces. Real-time incident reporting and GPS tracking have led to significant advances in employee accountability while integrating apps with employee’s smartphones have led to improved communication and efficiency.

 

Improvements have also been made to security devices like access control and CCTVs, which now come with features like Bluetooth-enabled access control and 360-degree view. These technological advancements in the physical security services market are expected to increase the physical security services market value in the coming years.

 

The increasing digital transformation in the physical security services market to effectively predict and mitigate threats is propelling its growth. Physical security service providers are increasingly leveraging various technologies to enhance their operational efficiency and reduce operating costs. With the growing adoption of the Internet of things (IoT) and cloud connectivity, physical security services can process data to deliver meaningful insights and enhance operational decision-making.

 

The employment of cutting-edge sensors in physical security services to automatically identify potentially dangerous items in public, residential, and commercial areas is also augmenting the physical security services market expansion. Moreover, the surging investments in innovating physical security services by the leading companies are expected to significantly contribute to the physical security services market growth in the forecast period.

 

Global Physical Security Services Market By Services

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Market Segmentation

Global Physical Security Services Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Services Manned Guarding, Electronic Security, Cash Solution, Others
End-use Industrial, Energy Utility, Commercial, Retail, Government, BFSI, Airports, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Manned guarding services aid in market growth due to high demand for trained and skilled personnel in hospitality and other sectors

According to physical security services market analysis, the manned guarding segment accounts for the largest share of the market due to the high demand for trained and skilled personnel to protect various premises and assets in hospitality and other sectors.

 

However, the electronic security segment is expected to grow at the highest CAGR during the forecast period, as it offers cost-effective and efficient solutions to monitor and control access to various facilities and locations, such as office and residential buildings.

 

The cash solution services segment in the physical security services market is also expected to witness significant growth, as it provides secure transportation and management of cash and valuables for various sectors, such as banking, retail, and hospitality.

 

Retail and commercial segments to hold a fastest-growing market share to prevent robbery or shoplifting in malls and other premises

Commercial segment encompasses the office buildings, business parks, convention centres, and other commercial spaces that require physical security services to protect their premises, employees, customers, and information from unauthorised access, burglary, fraud, or violence. The commercial segment is anticipated to hold a large physical security services market share due to the rapid expansion of the service sector and the rising adoption of smart and connected technologies in the commercial settings.

 

Retail segment includes the shopping malls, supermarkets, department stores, and other retail outlets that need physical security services to prevent shoplifting, robbery, inventory shrinkage, and employee theft. The physical security services market estimates that the retail segment is likely to use a varied security services due to the increasing consumer spending, the proliferation of online and offline retail channels, and the growing competition among the retailers.

 

Industrial segment includes manufacturing, mining, construction, and other industrial sectors that require physical security services to protect their assets, equipment, personnel, and data from theft, vandalism, sabotage, or natural disasters. The industrial segment is expected to witness a high demand for physical security services due to the increasing automation and digitisation of the industrial processes. Moreover, the rising awareness of the social impacts of industrial activities is also driving the need for physical security services to comply with the regulatory standards.

 

Government sector covers the public buildings, military bases, diplomatic missions, and other government facilities that require physical security services to ensure the safety and security of the government officials, personnel, assets, and information from espionage, sabotage, terrorism, or civil unrest. The government segment is also expected to account for a significant physical security services market share due to the increasing geopolitical tensions, the rising threat of cyberwarfare, and the growing need for national and international security.

 

Global Physical Security Services Market By Region

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Competitive Landscape

Market players are expanding their presence in international markets by engaging in acquisitions and providing advanced security solutions

 

Company Name Year Founded Headquarters Products/Services
Securitas AB 1934 Stockholm, Sweden Security services, security systems, risk management, electronic security
Garda World Security Corporation 1995 Montreal, Canada Security services, cash services, risk management, crisis response
Brinks Security Services Limited 1859 Texas, United States Secure transportation, cash management, ATM services, vault outsourcing
Agile Security Force 2010 Mumbai, India Security services, facility management, fire safety, training academy

 

Other physical security services companies in the market are Securiguard Services Ltd., Allied Universal Security Services, and The Brink’s Company, among others.

 

Global Physical Security Services Market Analysis by Region

North America is expected to dominate the market due to the increasing geopolitical instability

North American region is expected to dominate the global physical security services market due to the high adoption of advanced technologies, such as IoT, cloud, and artificial intelligence in context of security by the corporate and residential sector. The presence of major players, such as ADT, Allied Universal, and Securitas also helps in increasing the physical security services market size in this region. Moreover, the increasing demand for security services from various industries, such as banking and finance, healthcare, and retail, in this region is driving the market expansion.

 

Asia Pacific physical security services market is projected to witness the fastest growth rate due to the rapid industrialisation and economic development in countries, such as China, India, Japan, and Australia. The rising security threats, such as terrorism, cyberattacks, and civil unrest, in this region are also boosting the demand for physical security services. Additionally, the growing investments in smart city projects, infrastructure development, and public safety initiatives in this region are creating lucrative opportunities for the market players.

 

Additionally, the physical security services market forecasts that demand for security may rise in Middle East and Africa due to the increasing geopolitical instability, civil wars, and terrorist activities in countries, such as Iraq, Syria, Yemen, and Libya. The need for securing critical infrastructure, such as oil and gas pipelines, airports, and power plants, in this region is also propelling the physical security services market growth.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Services
  • End Use
  • Region
Breakup by Services
  • Manned Guarding
  • Electronic Security
  • Cash Solution
  • Others
Breakup by End Use
  • Industrial
  • Energy Utility
  • Commercial
  • Retail
  • Government
  • BFSI
  • Airports
  • Others   
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Securitas AB
  • Garda World Security Corporation
  • Brinks Security Services Limited
  • Agile Security Force
  • Securiguard Services Ltd.
  • Allied Universal Security Services
  • The Brink’s Company
  • Others

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Physical Security Services Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Physical Security Services Historical Market (2018-2023) 
    8.3    Global Physical Security Services Market Forecast (2024-2032)
    8.4    Global Physical Security Services Market by Services
        8.4.1    Manned Guarding
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Electronic Security
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Cash Solution
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Others
    8.5    Global Physical Security Services Market by End Use
        8.5.1     Industrial 
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Energy Utility
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Commercial
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Retail
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Government 
            8.5.5.1    Historical Trend (2018-2023)
            8.5.5.2    Forecast Trend (2024-2032)
        8.5.6    BFSI
            8.5.6.1    Historical Trend (2018-2023)
            8.5.6.2    Forecast Trend (2024-2032)
        8.5.7    Airports
            8.5.7.1    Historical Trend (2018-2023)
            8.5.7.2    Forecast Trend (2024-2032)
        8.5.8    Others   
    8.6    Global Physical Security Services Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
              8.6.4.1    Historical Trend (2018-2023) 
              8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032)
9    North America Physical Security Services Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Physical Security Services Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5   Others
11    Asia Pacific Physical Security Services Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Physical Security Services Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Physical Security Services Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Securitas AB
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Garda World Security Corporation
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Brinks Security Services Limited
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Agile Security Force
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Securiguard Services Ltd.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Allied Universal Security Services
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    The Brink’s Company
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Others
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Physical Security Services Market: Key Industry Highlights, 2018 and 2032
2.    Global Physical Security Services Historical Market: Breakup by Services (USD Billion), 2018-2023
3.    Global Physical Security Services Market Forecast: Breakup by Services (USD Billion), 2024-2032
4.    Global Physical Security Services Historical Market: Breakup by End Use (USD Billion), 2018-2023
5.    Global Physical Security Services Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6.    Global Physical Security Services Historical Market: Breakup by Region (USD Billion), 2018-2023
7.    Global Physical Security Services Market Forecast: Breakup by Region (USD Billion), 2024-2032
8.    North America Physical Security Services Historical Market: Breakup by Country (USD Billion), 2018-2023
9.    North America Physical Security Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
10.    Europe Physical Security Services Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    Europe Physical Security Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Asia Pacific Physical Security Services Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Asia Pacific Physical Security Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Latin America Physical Security Services Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Latin America Physical Security Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Middle East and Africa Physical Security Services Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Middle East and Africa Physical Security Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Global Physical Security Services Market Structure

Key Questions Answered in the Report

In 2023, the physical security services market reached an approximate value of USD 357.30 billion.

The physical security services market is expected to grow at a CAGR of 6% between 2024 and 2032.

The market is being driven by the increasing threats of social insecurity, rising crime rates, and the growing availability of low-cost electronic security services.

Key trends aiding security market expansion include the advent of smart technology, real time incident reporting, and GPS tracking for managing and monitoring security workforces.

Physical security involves protecting people, assets, and data from physical actions and events that could lead to significant loss or damage at a site.

Physical security systems can integrate technologies such as access control, video surveillance, intrusion detection, visitor management, managed access control, managed video, and situational awareness technologies.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The various services in the market are manned guarding, electronic security, and cash solution, among others.

The significant end uses of physical security services include industrial, energy utility, commercial, retail, government, BFSI, and airports, among others.

Key players in the market are Securitas AB, Garda World Security Corporation, Brinks Security Services Limited, Agile Security Force, Securiguard Services Ltd., Allied Universal Security Services, and The Brink’s Company, among others.

Analyst Review

The global physical security services market attained a value of about USD 357.30 billion in 2023, driven by the increasing cases of security breaches and terrorism. Aided by the growing use of advanced technology such as GPS sensors, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6%.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on service, the market can be categorised into manned guarding, electronic security, and cash solution, among others. On the basis of end use, the market can be segmented into industrial, energy utility, commercial, retail, government, BFSI, and airports, among others. The major regional markets for physical security services are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Securitas AB, Garda World Security Corporation, Brinks Security Services Limited, Agile Security Force, Securiguard Services Ltd., Allied Universal Security Services, and The Brink’s Company, among others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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