Manned Security Services Market to Experience USD 53.04 billion Growth as per Technavio's Market Analysis

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Allied Universal, Control Risks Group Holdings Ltd., and ICTS Europe S.A among Key Vendors in the manned security services market

Allied Universal, Control Risks Group Holdings Ltd., ICTS Europe S.A, OCS Group Ltd., Prosegur Compania de Seguridad SA, Securitas AB, Securiguard Services Ltd., SIS Ltd., Stalwart People Services India Ltd., and WWSO Group, among others, are some of the key vendors operating in the manned security services market. The offerings of some of these vendors are mentioned below:

• Allied Universal - The company offers a range of manned security services to help secure premises, people and assets, helping to minimize the security risk through its subsidiary G4S Plc.
• Control Risks Group Holdings Ltd. - The company offers manned guarding security services to build organizations that are secure, compliant, and resilient.
• ICTS Europe S.A - The company offers manned security services through its subsidiary ICTS Hispania.

APAC to be the largest market of the manned security services market

APAC will be the largest market during the forecast period, and it will account for 35% of the market's growth. The key countries in the region are expected to be China and India. Moreover, the market growth rate in APAC will be faster than the growth of the market in other regions.

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Commercial buildings segment will generate highest revenue for the manned security services market

The commercial buildings segment will have significant market share growth during the forecast period. This segment includes office buildings, hospitality sector buildings, healthcare buildings, banks, and retail buildings. There is high interaction among people in these buildings. Hence, they have high security needs.

High level of competition in the manned security services sector to drive manned security services market

The high level of competition in the manned security services sector is one of the key factors driving the growth of the manned security services market. The rise in the need for manned security services has resulted in the proliferation of security service providers operating globally. The development of the overall infrastructure in developing regions such as APAC and South America has resulted in the growth of the global manned security services market. This has led to the rise of several private security services companies globally. Contracts for private security services are usually given to companies that offer the lowest bid to the client. There is a high level of competition in the market. Hence, people tend to adopt services that are cost-effective. The highly competitive nature of this market has enabled vendors to optimize their service contracts to offer better service delivery at a lower cost.

Innovations in electronic security equipment to challenge manned security services market

The innovations in electronic security equipment will be a major challenge for the manned security services market. The security technology for buildings has evolved over time. Different types of electronic equipment that enable surveillance of every part of a building are deployed. Innovations in technology have made these devices affordable for end-users. Moreover, when end-users decide to adopt electronic security measures inside the building, it involves making a one-time investment to ensure the security of the building. This has become a major challenge for manned security services as a few security guards are needed to safeguard the building.

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