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New York, December 13, 2021/PRNewswire/-According to Technavio's latest report, the market value of private security services will grow by US$53.58 billion, with a compound annual growth rate of 3.97% from 2020 to 2025.
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During the forecast period, 30% of the market growth will come from Europe. Germany and the United Kingdom are the main markets for private security services in Europe. Market growth in Europe will be faster than that in other regions. Recently, terrorist threats from various terrorist organizations in European countries such as France and the United Kingdom have been on the rise. In the past 20 years, Europe has witnessed the largest right-wing attack. These factors will promote the growth of the European private security services market during the forecast period.
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One of the key factors driving the growth of the private security service market is rapid urbanization. In the past few decades, the movement of people to urban areas has increased. This shift is more prominent in emerging economies, because most people find better employment opportunities in urban areas than in rural areas. The growth of urban population will increase the construction of residential and commercial complexes in urban areas, which will require private security services. Emerging economies such as India, China and Nigeria will make significant contributions to the growth of urban population from 2020 to 2050. The growth of urban population will also require advanced security measures in cities to curb criminal activities. Therefore, rapid urbanization will increase the demand for private security services, which will promote the growth of the global private security services market.
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The shortage of private security personnel will be the main challenge for the private security service market during the forecast period. Due to the rapid growth of the global urban population, the demand for private security services is significantly increasing. However, private security service providers are facing a lack of skilled private security personnel, which affects their financial situation. As the expansion of private security services relies on guards, this is a challenge for market growth. Lack of career paths, disparity in salary, long working hours and other factors have led to a global shortage of private security personnel. The shortage of security personnel is increasing labor costs, thereby increasing the cost of providing private security services to customers. Therefore, the shortage of private security personnel is a challenge for suppliers all over the world.
Private Security Service Market: Segmentation Analysis
The market research report is organized by end users (industry, residential, financial institutions, etc.), services (guarded, electronic security services, and cash services), and geography (North America, Europe, Asia Pacific, South America, and MEA).
During the forecast period, the market share of private security services in the industrial sector will grow significantly. The industrial sector is the largest adopter of security services, such as guarded and electronic security systems. The continuous development of urbanization and the ever-increasing population have created a huge demand for various products, which has led to an increase in the number of global manufacturing activities. The increase in manufacturing output is the result of the expansion of manufacturing plants, which creates a huge demand for private security services.
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Some of the key topics covered in the report include:
Private security service market scope
Accelerate with a compound annual growth rate of 4.71%
North America, Europe, Asia Pacific, South America and MEA
China, the U.S., India, Germany, and the U.K.
Leading company, competitive strategy, scope of consumer participation
ADT Inc., Allied Universal, GardaWorld Security Corp., ISS AS, Loomis AB, Monitronics International Inc., Prosegur Compania de Seguridad SA, SECOM Plc, Securitas AB, and SIS Group
Mother market analysis, market growth incentives and obstacles, fast-growing and slow-growing market segments, COVID-19 impact and future consumer dynamics, market conditions during the forecast period
If our report does not contain the data you are looking for, you can contact our analysts and customize the market segment.
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