As cited by the research report titled ‘Global Security Services Market (2021 Edition) - Analysis By Services Type (Manned Guarding, Alarm Monitoring, Cash Logistics, Others), End User, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global security services market was worth USD 240.18 billion in 2020 and is estimated to generate significant revenues over 2021-2027.
 

Increasing urbanization is a major factor driving global security services market growth. Moreover, rising standards of living are likely to propel the demand for suppliers of security systems like fire safety, alarm monitoring, and building automation systems in the coming years. Thus, increasing relocation of middle-class population to urban areas and rising construction activity mainly in emerging economies is bolstering the industry demand.
 

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Advances in technology in sectors such as computer hardware & software, electronics, and sensors have changed the scenario of security services thereby positively swaying the industry dynamics. In addition, advent of smart devices coupled with increasing internet penetration have pushed consumers to switch to devices like smart alarms, smart locks, and smart sensors, to get real time monitoring updates, thereby augmenting the market remuneration.
 

Security devices can be paired with smartphones to remotely operate them and get notification updates in case of emergency situations. Thus, increasing use of smartphones is further augmenting the industry scope.
 

Moreover, governments are heavily investing in cameras and video surveillance systems in public spaces to avoid security breaches, boosting the product demand.
 

Based on service type, worldwide security services industry is segmented into cash logistics, alarm monitoring, manned guarding, and other security services. Considering the end user ambit, the marketplace is divided into commercial, residential, and government.
 

On the geographical front, China and India markets are likely to expand significantly in the coming decade, while the U.S. and Europe currently hold a major chunk of overall industry.
 

Major players profiled in global security services market are Loomis Armored US, LLC, Siemens AG, Johnson Controls International, Security & Intelligence Services Ltd., Secom Co. Ltd., ADT Security Services, Securitas AB, Brinks Inc., Prosegur Compañía de Seguridad S.A., and G4S Ltd.