Year | Value |
---|---|
2023 | USD 28.08 Billion |
2032 | USD 38.5 Billion |
CAGR (2024-2032) | 3.57 % |
Note – Market size depicts the revenue generated over the financial year
The Manned Guarding Services Market is expected to reach USD 28.08 billion by 2023, growing at a CAGR of 3.67% from 2024 to 2032. The demand for manned guarding services is expected to grow steadily, as the need for safety and security is increasing across all sectors, including residential, commercial, and industrial. Moreover, businesses and individuals are increasingly focusing on risk management, which is driving the market growth. Also, the advancements in security technology, such as integrated surveillance systems and real-time monitoring solutions, are expected to drive the market growth. The growing urbanization and rise in crime rate are the other factors that are expected to increase the investment in security personnel. Strategic initiatives, such as acquisitions and technological advancements, are undertaken by key players in the market, such as G4S, Securitas AB, and Allied Universal, to enhance their offerings and maintain their competitive advantage. For instance, G4S has been focusing on integrating technology with its manned guarding services to provide comprehensive security solutions and gain a competitive advantage in the rapidly evolving market.
Regional Market Size
The Manned Guarding Services Market is characterized by a wide range of services and growing demand from various industries, mainly due to increasing security concerns and the need for enhanced safety measures. In North America, the market is influenced by a strong regulatory framework and the high level of investment in security technology. In Europe, the emphasis is on risk management and compliance. The Asia-Pacific region is characterized by rapid urbanization and industrialization, which in turn has increased the need for security. The Middle East and Africa are characterized by geopolitical tensions that have increased the need for security services. Latin America is experiencing growth due to the high crime rate and the need for private security solutions. In each region, the market is characterized by cultural, economic and regulatory factors that affect the demand and supply of services.
“In the United States, the manned guarding services market employs over 1 million security personnel, making it one of the largest sectors in the private security industry.” — Bureau of Labor Statistics
Manned guarding is a major segment of the security industry, and is currently experiencing stable growth due to the increasing security concerns in various industries. The main reasons for this are the rising crime rate, the stricter regulatory environment, and the need for compliance with government policies, especially in the finance and healthcare industries. In addition, technological advances in surveillance and communication equipment have increased the effectiveness of manned guarding. The use of manned guarding has reached a relatively mature stage. Notable examples are G4S and Securitas, which have established extensive operations in North America and Europe. The main application areas are the security of commercial premises, the security of events, and the security of individuals. The current trends of emphasizing workplace safety and the government’s increased focus on security are accelerating this growth. The integration of artificial intelligence and mobile applications is expected to make manned guarding more efficient and effective.
The Manned Guarding Services Market is expected to grow steadily from 2023 to 2032, registering a CAGR of 3.57% from the estimated value of $28.08 billion in 2023 to $38.49 billion in 2032. The growth is mainly driven by the increasing demand for security services in various sectors, including commercial, residential, and government. The increasing number of businesses and individuals are placing safety and risk management as a top priority. Hence, the penetration of manned guarding services is expected to increase, especially in the urban areas, where the crime rate is high. The use of manned guarding services is expected to reach over 15% of the total security expenditure in North America and Europe by 2032. The key trends shaping the manned guarding services market include the integration of artificial intelligence with surveillance and monitoring systems, which enhance the effectiveness of security personnel. In addition, the increasing trend of outsourcing security functions to specialized security companies is expected to bolster the market growth, as organizations are looking to focus on their core business activities while ensuring robust security. Furthermore, the changing government policies and regulations regarding the implementation of safety standards will compel the companies to invest more in manned guarding services, thereby creating a favorable environment for the market growth. The evolution of the security landscape will continue to have a positive impact on the manned guarding services market.
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