by Corinne Gangloff
May 17, 2022
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:
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 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.
Want to Learn More?
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:
Markets covered include:
Provide the following details to subscribe.