Portland, OR, June 04, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the was pegged at $713.5 million in 2019, and is projected to reach $1.29 billion by 2027, growing at a CAGR of 7.9% from 2020 to 2027.
Rapid urbanization, growth in risk of crime and terrorism, and notion of insufficient security drive the growth of the Vietnam private security market. However, high attrition rate and growing cost of manned guarding hamper the market growth. On the contrary, rise in the travel & tourism industry and surge in concerns abound security among travelers are expected to create new opportunities for the market growth.
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Covid-19 scenario: The widespread of Covid-19 has adversely affected the Vietnam private security industry.
- Due to lockdown in one country after another, private security sectors are calling for their sector to be recognized as essential services.
- During the pandemic, privet security is in high demand for the protection of business and citizens.
The Vietnam private security market is segmented on the basis of service type, end user, and geography. Based on service type, the market is divided into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services. The watch service segment held the largest share in 2019, accounting for more than two-fifthsof the market. However, the mobile patrol security service segment is projected to register the highest CAGR of 9.1% during the forecast period.
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On the basis of end user, the market is categorized into commercial, institutional, residential, and government. The commercial segment held the largest share in 2019, accounting for around two-fifths of the market. However, the institutional segment is projected to register the highest CAGR of 8.6% during the forecast period.
The Vietnam private security market report includes an in-depth analysis of market players such as Vietnam Manpower, Securitas, T-Force Security, PMV Security, Vietnam Day and Night Security Services Co., Ltd., Secom, Global Guardian, The Brink’s Co., and Night & Day Security Services Co. Ltd.
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