LONDON--(EON: Enhanced Online News)--Technavio’s latest research study covers the present scenario and growth prospects of the global security services market for 2016-2020. Some of the top suppliers listed in the report include Tyco International, Securitas AB, G4S, Secom, BoozAllen Hamilton, and The ADT.
“The demand for security services is growing at a faster rate in emerging countries than in mature markets. This has propelled security service providers to constantly invest in electronic surveillance system and integrate them with existing security personnel to offer better services and enhance their market presence.”
Security services market at a glance
The global security services market was valued at USD 229 billion in 2015 and is expected to reach USD 267 billion by 2018, growing at a CAGR of about 7%. The expansion of business operations to emerging markets, adoption of IoT, FDI across different sectors around the globe, and technological advancements are the major factors driving the growth of this market.
The security services market has also been witnessing increased demand over the past few years from key end-user segments such as the manufacturing, energy utility, and banking, financial and insurance sectors due to the following factors:
- Increasing need to safeguard infrastructure
- Need for contract guarding services
- Growing adoption of cloud-based managed security services
- Increased need for integrating physical security services with electronic surveillance systems
According to Angad Singh, a procurement analyst specializing in category spend intelligence, “The demand for security services is growing at a faster rate in emerging countries than in mature markets. This has propelled security service providers to constantly invest in electronic surveillance system and integrate them with existing security personnel to offer better services and enhance their market presence.”
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The supply market is fragmented with the presence of many small local and regional security service providers, leading to increased competition. The top five players, such as Tyco International, Securitas AB, G4S, Secom, and Booz Allen Hamilton, accounted for merely 16%–17% of the total global security service revenue in 2015.
Globally, the US, China, India, the UK, Germany, Mexico, and Brazil are the main contributors to market growth as they are witnessing an increase in economic activities, personal incomes, cybercrime, foreign investment activities, and need for personal and public safety. The security services market in the US was valued at USD 32 billion in 2015, making it the largest market for security services in the Americas. In the US, most service providers are located near areas with dense population such as southeast, west, and mid-Atlantic.
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