Global Manned Guarding Services Market to Reach $220 Billion by 2024

Manned guarding involves hiring of security personnel or guards who are specifically trained for protecting people, assets and property by deterring crime, illegal entry and assault. Growth in the global market is set to be spurred by rise in industrial, commercial and residential infrastructure, and increased number of burglaries and crime events. Demand for manned guarding services grew noticeably across various industrial sites such as power & energy facilities and networks, construction sites, mining locations, transportation hubs, telecommunications infrastructure units, chemical plants, and pharmaceutical firms; commercial buildings such as banks, corporate office buildings, shopping centers, hospitals, educational institutions, airports, and public infrastructure; and residential buildings including apartments, gated communities, and individual houses. Amid the COVID-19 crisis, the global market for Manned Guarding Services is projected to reach US$220 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.0% over the analysis period. United States represents the largest regional market for Manned Guarding Services, accounting for an estimated 26.4% share of the global total. The market is projected to reach US$59.1 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.3% over the analysis period.

Market prospects for manned guarding services remain progressive, amid uptrend in corporate enterprise activity, relatively stable industrial production and logistics scenario, rising investments on hospitality, leisure, and recreation facilities, and higher emphasis on securing public and private sectors institutions including academia and research entities. The ongoing urbanization drive and consequent asset creation is another major factor poised to steer overall market revenues. Furthermore, increased emphasis among modern urban dwellers on living in secure apartments and gated neighborhoods, in lieu of rising crime rates also positively impacts the market. Developed regions including the US, Canada, Japan and Europe constitute the major revenue contributors to the manned guarding services market. Sustained enterprise focus on safeguarding human life, physical assets, and infrastructure, constitutes the key growth driver for such widespread adoption. Continuous increase in the number of manufacturing firms, corporate enterprises and IT companies as well as commercial establishments has a strong bearing on market expansion. Led by burgeoning economies, increase in foreign investments, rise in business formation activities, and increase in crime rates, the developing regions are witnessing increased adoption of security systems and services including manned guarding services.

The commercial sector is forecast to is forecast to grow the fastest over the analysis period. In the commercial sector, manned guarding services not only provide security but also enable businesses to realize considerable cost savings through outsourcing of security guard services to third parties and by avoiding costs incurred on in-house teams. As risks evolve, increasingly restrictive legislations and economic pressures pose challenges to modern corporate firms, for which security is becoming a growing concern. Against this backdrop, corporate security solutions in the form of manned guarding services, are highly desired in high-profile, high-risk corporate environments, and their role remains also remains significant in low- to medium-risk locations.