Security Services Adapting to Uncertainty About Future Impact of Pandemic-Era Social Trends

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May 17, 2022, 16:27 ET

CLEVELAND, May 17, 2022 /PRNewswire/ -- Following the pandemic-driven declines of 2020, the global security services market posted a strong rebound in 2021 and continues to post solid growth in 2022, finds a new Freedonia Group analysis. While the overall effect of the COVID-19 pandemic on the global security services industry was negative, the impact on a segment-by-segment basis was complex and varied:

Spending on security guards was boosted in many countries by the need to enforce public health regulations.
Falling occupancy rates in commercial real estate shrank the market base, but reduced in-person presence at many facilities also created security risks that required solutions.
Concern about property crime – which is an important driver of security spending – broadly increased and was exacerbated by widespread rioting.

Many pandemic-driven restrictions have eased in the first half of 2022, and much of the world is transitioning public health policy to a more sustainable, non-emergency mode. However, some pandemic-era trends – such as the increased presence of security guards at facilities like grocery stores and more people doing remote work – have persisted, and the long-term effects on the security service market are complex. For example, more remote work increases building vacancy and the need for surveillance but could reduce the amount of space to monitor in the long term if companies abandon dedicated physical locations.

Global Security Services Market to Grow 4.4% Annually Through 2026

Global security service revenues are forecast to increase 4.4% per year to $295 billion in 2026, with most growth occurring in the first half of the forecast period due to strengthening economic environments as the impact of the COVID-19 pandemic fades. Though the most significant recovery from the pandemic-driven downturn already occurred in 2021, long-term growth prospects for the industry are quite healthy, as companies work to respond to an evolving social environment and provide increasingly complex technology-aided solutions.

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Global Security Services provides historical data (2011, 2016, and 2021) and forecasts for 2022, 2026 and 2031 for global security services revenues by service and market in US dollars. Total revenues for individual countries are also presented in local currency terms.

Services covered include:

guard and guard patrol services
alarm monitoring services, including personal emergency response services (PERS)
cash-in-transit and related services
security systems integration services
other security services, include consulting, private investigations, and such niche services as pre-employment screening , drug and contraband detection dog services, and private airline security services

Markets covered include:

commercial and industrial
government and institutional
residential

About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

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SOURCE The Freedonia Group