Outdoor Power Equipment Market Revenue US$ 7,190.2 Mn by 2025 At 6.44% CAGR | Opportunities in Emerging Economies to Drive Sales of Outdoor Power Equipment

Competitive Dashboard:

Key competitors influencing the global manned security services market include Tops Security Limited (India), U.S. Security Associates, Inc. (U.S.), OCS Group Limited (U.K.), ICTS Europe S.A. (France), Andrews International Inc. (U.S.), Securitas AB (Sweden), G4S plc (U.K.), China Security & Protection Group Ltd. (China), Transguard Group (UAE), Allied Universal (U.S.), Axis Group Integrated Services Ltd. (U.K.), and SIS International S.R.L. (Italy).

Overview:

The global manned security services market is expecting to touch a valuation of USD 7,190.2 million by the end of the forecast period (2018-2025), Market Research Future (MRFR) in their extensively studied report includes chief drivers and detailed study of segments to deliver reliable prediction about the market future. Among the drivers, the increased use of manned security personnel for providing protection to citizens living within complexes, apartments, and housing societies is expected to fuel the market..

The spike in crime rates coupled with the pressing demand for 24/7 monitoring solutions are expected to augment market demand over the forecast period. Adoption of equipment such as surveillance cameras, IP cameras, and drones to fortify the defenses of buildings will positively affect market revenues. Increase in population and continuous construction of penthouses, hotels, and parks in a bid to assist tourism are likely to elicit the demand for manned security services in the forthcoming years. But rise of automated security can impede market growth.

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Industry Trend:

Training centers are mushrooming in various nations to enforce and impart discipline among security personnel. The sudden growth in retail, infrastructure, and real estate sectors is expected to create the demand for high-end security services. Emergence of private security firms in India and China which caters to two of the world’s biggest populations can carry this trend forward till 2025.

Furthermore, lucrative incentives and pay structures coupled with health insurance for the employee and their families along with proper training accorded to the same is increasing the strength of security firms. Organizational hierarchy established within these firms to motivate employees and tackle the paucity of security personnel can bode well in the coming years.

Segmentation:

The global manned security services market can be segmented by type and end-user.

By types, the market is bifurcated into service and equipment. The equipment segment accounted for 66.82% share in 2018. It can exhibit a CAGR of 6.98% during the forecast period to reach a size of USD 4,976.9 million by 2025. On the other hand, the service segment is predicted to experience a 5.31% CAGR over the assessment period. Services comprise training of manned personnel, regular patrols of teams, and implementation of technology to alleviate the pressure on the said teams.

Key end-users in the manned security services market comprise industrial buildings, commercial buildings, and residential buildings. The industrial buildings segment is further divided into energy, construction, and mining; telecommunications, entertainment, and mass media; chemicals & pharmaceuticals; utilities & transportation; and other industrial buildings. The residential segment is further divided into apartments & gated communities, individual houses, and other residential buildings; while the commercial buildings segment is further segmented into banks and other office buildings, shopping centers and other public infrastructure, hospitals & educational institutions, airports, and other commercial buildings.

Among the three, the commercial buildings segment is expected to exhibit the highest CAGR of 6.66% during the forecast period. The industrial buildings segment accounted for close to 56% market share in 2018. It is projected to reach a value of USD 4,049.2 million by 2025, at a 6.53% CAGR over the assessment period.

Regional Analysis:

The manned security services market covers North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

The APAC region had accounted for 34.55% share of the manned security services market in 2018. It can touch a value of USD 2,512.1 million by 2025 by exhibiting a CAGR of 6.61% during the forecast period. Factors such as skilled labor force, huge employment opportunities in the sector, high police per capita, and burgeoning population can drive market growth. The inclination towards paperless technologies and the presence of prominent companies in China and India can positively impact the market.

The North America region had captured 30.05% market share in 2018. It has the potential to reach USD 2,172.1 million by 2025. The spate of terrorist incident and huge offering of exclusive services which provides security to industries and corporations are likely to bolster market demand in the forthcoming years.

The Europe market had a hold of nearly 24.13% share in 2018. Increasing prevalence of terrorism and the spike noticed in crimes is expected to induce the demand for manned security services. The integration of electronic security into manned security services is one of the prime factors driving the market growth in the region.

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