Manned Guarding Services Market Growth Factors, Applications, Regional Analysis, Key Players and Forecast till 2025
Market Scenario:
Manned guarding services are a range of security services such as patrolling of premises at night, guarding people against unlawful conduct, and checking of assets. Market Research Future (MRFR) has released a report on the global manned guarding services market, which is a compilation of key market insights and forecasts for the period of 2018-2023. MRFR’s analysis has projected that the manned guarding services market is likely to expand at a CAGR of 6.44% over the forecast period. The market is anticipated to reach USD 7,190.2 Mn by the end of 2023.
A number of factors have been instrumental in shaping the growth of the manned guarding services market. Rapid urbanization is a key factor which is supporting the growth of the market. Urbanization has created greater security needs for communities. The surge in crime rates has also influenced the growth of the market. Various industries are also generating demand for manned guarding services. Other contributing factors include technological progress in security weapons and towering demand for manned guarding services at borders, which has fueled the growth of the market.
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On the other hand, the market growth might be hindered by increasing preference for automated systems for security purposes. Moreover, security appliances are available at cheaper rates and are proving to be less costly as compared to employing manpower for the same, which could deter the growth of the market.
Segmentation:
The manned guarding service market has been segmented based on type and end-user.
By type, the manned guarding services market has been segmented into equipment and service. The equipment segment has been further segmented into a two-way radio, flashlight, utility vest & belt, and other defense equipment. ‘Others’ includes cameras, hand-held metal detectors, door entry equipment, and innovative access control products. The equipment segment is likely to capture a CAGR of 6.98% over the forecast period while the service segment is anticipated to register a CAGR of 5.31% over the forecast period.
By end-user, the manned guarding services market has been segmented into industrial buildings, commercial buildings, and residential buildings. Industrial buildings comprise automotive, fast-moving consumer goods (FMCG), pharmaceutical, telecommunication & media, mining, energy, oil & gas, construction, and logistics. The commercial buildings segment includes banks, financial services, and insurance sector, IT & IT-enabled service sectors, shopping centers, airports, educational institutions, and others. The telecommunication & media segment is likely to be the fastest-growing segment over the forecast period and capture a CAGR of 6.81%. The industrial segment is anticipated to capture a CAGR of 6.53% over the forecast period. The commercial buildings segment is likely to capture a CAGR of 6.66% while the residential segment is likely to exhibit a CAGR of 5.51% over the forecast period.
Regional Analysis:
Region-wise, the manned guarding services market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is the dominant market for manned guarding services. The region is home to major market players such as Allied Universal, Securitas, Andrews International Inc., G4S plc, ICTS Europe S.A., OCS Group Limited, and U.S. Security Associates which gives the region unprecedented leverage over others. Additionally, the security industry has consolidated in recent years, which has fueled the growth of the market.
APAC and Europe collectively account for almost 50% share of the global market. Europe extensively used manned security services along with other electronic devices, which are aiding the expansion of market growth. APAC manned guarding services market is anticipated to exhibit rapid growth over the forecast period. The region is investing heavily on manned guarding services, which is augmenting the market growth.
Competitive Landscape:
Andrews International Inc., U.S. Security Associates Inc., Tops Security Limited, Securitas AB, Axis Group Integrated Services Ltd., SIS International S.R.L, G4S plc, ICTS Europe S.A., Transguard Group, Allied Universal, China Security & Protection Group Co. Ltd., and OCS Group Ltd. are the key players in the manned guarding services market.
Industry Updates:
July 2019 – French international bank BNP Paribas in London awarded a three-plus-two-year contract to Corps Security, a leading supplier of specialist security services to provide security services which include manned guarding services as well. The security partnership also includes event guarding services, close protection services, and systems monitoring from Corps’ monitoring center in Glasgow.
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