Private security is a form of security offered by firms to private and public clients. The security can be both armed and unarmed security based on the request of the customer and may include activities such as body guarding, crowd management, night/day guard duty and more among others. The personnel deployed by the private security firm are usually referred to as security guard or sometime as security officers.
Private security has become very common and is gaining popularity as it provides jobs to a number of less skilled or less educated population. The Vietnam market for private security is primarily driven by rapid urbanization and proliferation of a number of different businesses in the country. Moreover, growing risk of crime and terrorism together with the notion of insufficient security drives the private security market. However, increased cost of manned guarding and rise in affinity for personal CCTV cameras act as the major restraint for the market. On the contrary, improvement in the economic environment, increase in the inbound travel in Vietnam, and rise in concern for personal safety among tourists has also increased the demand for private security.
The Vietnam private security market is segmented based on service type and end-user. Based on the service type the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services. Based on end-user, the market is classified into commercial, institutional, residential, and government.
The key players in the Vietnam private security industry are ISS A/S, Securitas, Vietnam Manpower, PMVSecurity,T-Force Security, Secom, Vietnam Day and Night Security Services Co., Ltd., The Brink’s Co., Global Guardian, and Night & Day Security Services Co. Ltd.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTATION
By Service Type
By End-User
Private security has become very common and is gaining popularity as it provides jobs to a number of less skilled or less educated population. The Vietnam market for private security is primarily driven by rapid urbanization and proliferation of a number of different businesses in the country. Moreover, growing risk of crime and terrorism together with the notion of insufficient security drives the private security market. However, increased cost of manned guarding and rise in affinity for personal CCTV cameras act as the major restraint for the market. On the contrary, improvement in the economic environment, increase in the inbound travel in Vietnam, and rise in concern for personal safety among tourists has also increased the demand for private security.
The Vietnam private security market is segmented based on service type and end-user. Based on the service type the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services. Based on end-user, the market is classified into commercial, institutional, residential, and government.
The key players in the Vietnam private security industry are ISS A/S, Securitas, Vietnam Manpower, PMVSecurity,T-Force Security, Secom, Vietnam Day and Night Security Services Co., Ltd., The Brink’s Co., Global Guardian, and Night & Day Security Services Co. Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2018-2026 identify the prevailing Vietnam private security opportunities.
- Porter’s five forces analysis highlights the potency of buyers and supplier’s tenable stakeholder’s make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the size and segmentation assists in determining the prevailing market opportunities.
- The major countries in each region are mapped according their revenue contribution the industry.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the sports equipment & apparel industry.
KEY MARKET SEGMENTATION
By Service Type
- Event Management Security Service
- Access Points
- Crowd Management
- Others
- Watch Service
- Personal Protection
- Mobile Patrol Security Service
- Pre-Employment Screening
- Other Services
By End-User
- Commercial
- Institutional
- Residential
- Government
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Vietnam Private Security Market, by Service Type
Chapter 5: Vietnam Private Security Market, by End-User
Chapter 6: Competitive Landscape
Chapter 7: Company Profiles
Executive Summary
According to the report titled, 'Vietnam private security Market by Service Type, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,”The Vietnam private security market size was valued at $713.5 million in 2019 and is expected to grow at a CAGR of 7.9% from 2020 to 2027 to reach the market size of $1,294.0 million in 2027. The watch service was the largest segment in 2019 and is expected to grow at a CAGR of 6.9% to reach $545.4 million in 2027.Private security can be defined as an outsourced protection or security service that can be both armed as well as unarmed. The private security service in Vietnam has been growing at a substantial rate and over the years the number of individuals working in this sector has increased tremendously. The private security is also one of the key employment areas for a number of skilled and unskilled population in the country
The private security industry in Vietnam is driven by rapid urbanization, growing risk of crime and terrorism together with the notion insufficient security. However, increased cost of manned guarding and the growing affinity of personal CCTV cameras are the major restraints for the market. On the contrary, improving economic environment, increase in the inbound travel in Vietnam, and rise in concern for personal safety among tourists have also fueled the demand for private security.
The Vietnam private security market is segmented based on service type and end-user. Based on service type, the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening and other services. Based on the end-user, the market is classified into commercial, institutional, residential, and government.
According to the Vietnam private security market analysis by service type, thewatch service segment was the most prominent category in 2019 and is expected to remain dominant during the forecast period. The mobile patrol security servicesegment is expected to grow at a notable CAGR of 9.1% through the forecast period.
According to the Vietnam private security market forecast based on end-user, the commercial segmentwas the highest contributor to the Vietnam private security market in 2019 and is expected to remain dominant through 2020-2027. However, the institutional segment is expected to grow at a higher growth rate through the forecast period.
Key findings of the study
The Vietnam private security market was valued at $713.5million in 2020 and is estimated to reach $1,294.0 million by 2027, growing at a CAGR of 7.9% through the forecast period.
Based on service type, the mobile patrol security service segment would witness the fastest growth, registering a CAGR of 9.1% during the forecast period.
In 2019, based on service type, the watchservice segment held the highest share, accounting for nearly half of the Vietnam market.
In 2019, based on the end-user, the institutional segmentwas the most prominent segment and is expected to grow at a significant CAGR throughout the forecast period.
Commercial segment was the dominant segment in 2019, accounting for a considerable share in the Vietnam private security market
The key players profiled in the report includes ISS A/S, Securitas, Vietnam Manpower, PMVSecurity, T-Force Security, Secom, Vietnam Day and Night Security Services Co., Ltd., The Brink’s Co., Global Guardian, and Night & Day Security Services Co. Ltd.
Companies Mentioned
- ISS A/S
- Securitas
- Vietnam Manpower
- PMVSecurity
- T-Force Security
- Secom
- Vietnam Day and Night Security Services Co. Ltd.
- The Brink’s Co.
- Global Guardian
- Night & Day Security Services Co. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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