According to a new report, published by KBV research, The Global Private Security Market size is expected to reach $437.8 billion by 2031, rising at a market growth of 7.4% CAGR during the forecast period.
The Manned Security segment is leading the Global Private Security Market by Service in 2023, thereby, achieving a market value of $211.9 billion by 2031. This segment includes services provided by trained security personnel who are physically present to offer protection and monitoring. Manned security services encompass various activities, such as on-site guarding, patrolling, access control, and emergency response. The continued reliance on human presence for security underscores the value placed on the ability of security personnel to provide immediate intervention, assess situations in real-time, and offer a sense of assurance and deterrence through their visibility.
The Industrial segment is anticipating a CAGR of 7.6% during (2024 - 2031). This segment encompasses various industries, such as manufacturing plants, warehouses, logistics centers, and energy facilities, which require specialized security solutions to protect their critical infrastructure, equipment, and personnel. The industrial sector often faces unique security challenges, such as safeguarding valuable machinery, preventing industrial espionage, and ensuring the safety of hazardous materials. As a result, private security services in the industrial segment typically involve a mix of manned security and advanced electronic security systems to provide comprehensive protection.
Full Report: https://www.kbvresearch.com/private-security-market/
The North America region dominated the Global Private Security Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $156.6 billion by 2031. The Europe region is experiencing a CAGR of 7% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 8% during (2024 - 2031).
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