New Delhi, In 2022, the global private security market was valued at USD 224.49 billion. It is anticipated to reach USD 338.23 billion by 2030. During the entire progressive chain and forecast period, it is likely to record a CAGR of 5.3%.
Due to the increasing demand for private security personnel in the corporate sector, real estate complexes, as well as residential households, the private security industry is emerging as one of the most popular and leading industries in India and across the globe. The contribution of this industry to the economy, the employment space, and the fiscal health can’t be ignored.
Private security services encompass preventive as well as protective measures for individuals, firms, and other significant entities. These services generally include physical security and support, surveillance, monitoring, personal protection, event security, physical security, cyber security, and several other services. The rise of the private security market is an outcome of the alarming crime rate on a global scale.
During the COVID-19 and post-pandemic, the demand for security guards and the worth of private security agencies have witnessed tremendous growth like never before. Several business ventures hired security personnel to manage and conduct screening processes with the help of thermal cameras utilized in healthcare applications. To make sure that one and all comply with standard safety measures, businesses, healthcare centres, and service providers started hiring security personnel. The entire scenario contributed immensely to the better prospects of the private security market all over the world.
Companies Dominating the Private Security Market Globally
Popular companies dominating the private security market all over the world are Securitas AB (Sweden), GardaWorld (Canada), SIS Group Enterprise (India), AMZ Sicherheitsdienste GmbH (Germany), Corps Security (India), ICTS International (The Netherlands), Secom Co., Ltd. (Japan), Inter-Con Security Systems (United States), Kingdom Protection Services Pvt Ltd. (India) etc.
In the private security market, Asia Pacific retains a dominant spot and may strengthen its position further due to a wide range of factors such as mass-scale industrialization, persistent urbanisation, and flourishing investments in infrastructure. In 2022, Europe accounted for the second-largest market share in the private security market as there is a never-ending demand for anti-theft retail solutions.
What’s in Store for the Private Security Industry in India?
The Indian private security industry is leading the game on a global scale as it’s known for its extensive workforce, which puts efforts into providing protection to our communities. Besides this, in order to match pace with international standards, the private security industry should boom by making sure that its personnel are trained well and equipped with the necessary resources to overcome the challenges.
The demand for security services will witness a substantial increase in India due to prevailing factors such as the high risk of terrorism, criminal activities, urbanisation, the recognized scarcity of public safety actions, and the inclination of the middle class towards asset protection. The favourable business environment in India and the upliftment of infrastructure widens the scope of the private security market. The security services market in India is projected to prosper by 8.27% and is likely to emerge as a market volume of US$ 1.91 billion in 2028.
Expert Opinion on the Future of Private Security Agencies
Narendra Kumar, Co-founder of Corpbiz, shares his thoughts on the bright future of private security agencies and the road ahead for them. “The private sector market is anticipated to register a healthy CAGR of 7.1% between 2024 and 2030. The demand for security services in India is witnessing an upward trend. The major factors pushing the trend are persistent risk of fraudulent activities and terrorism, inefficient public safety measures, risk and threat associated with residential as well as commercial places and various other factors. Nowadays, the evolving middle class is concerned about asset protection. Thus, there are various aspects that demand private security agencies to operate and ensure that your business is functioning in a safe and secure environment,” Narendra Kumar said.
Narendra Kumar further shed light on the importance of obtaining a PSARA License to manage and run a private security agency business. “Acquiring a PSARA License ensures that a security agency is adhering to the regulatory standards and functions legally. The Private Security Agencies (Regulation) Act of 2005 mandates PSARA licenses for all the concerned entities offering security services. Clients mostly opt for a licensed agency. Therefore, security agency business enthusiasts must acquire the license for a smooth and successful run of their business. Also, it’s a great way to safeguard your business venture from legal repercussions, penalties, and fines. We are helping security agency passionpreneurs get the PSARA license with the help of our brand Corpbiz and stay compliant.” Narendra Kumar signed off after the statement.
The charm of the private security industry is here to stay, and it has immense potential to create enough job opportunities in the coming years.
