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 segment in the Vietnam private security market was the largest segment in 2019 and is expected to grow at a CAGR of 6.9% to reach $545.4 million in 2027
The growth of the Vietnam private security market can be attributed to rapid urbanization, growing risk of crime and terrorism together with the notion of insufficient security. Vietnam has undergone rapid urbanization through the years, owing to tremendous economic growth witnessed by the region over the past few years. This has positively impacted the business environment in the country. According to a report published by “Vietnam Chamber of Commerce and Industry”, the business environment in Vietnam is expected to remain extremely favorable, making way for new businesses as well as inviting new business from foreign regions. This surge in the business activity is expected to increase the demand for private security in the region. The demand for night and day watch guards is expected to increase due to rise in number of institutional, private, and government offices in the Vietnam. However, high attrition rate and growing cost of manned guarding act as the major restraint for the Vietnam private security market. On the contrary, rise in the travel and tourism industry and increase in concerns about security among travelers is expected to provide opportunities for the Vietnam private security market growth.
The Vietnam Private Security market is segmented on the basis of service type and end-user. Based on service type, the market is categorized into vent management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services, which includes safety services, risk management and tailored security services. Based on end user the Vietnam private security market is classified into commercial, institutional, residential and government.
Based on 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 watch service segment is driven by rapid urbanization in Vietnam leading to rise in the number of commercial buildings and private & public institutions, thus, creating a need for more manned and un-manned watch services. The mobile patrol security service segment in the Vietnam private security market is expected to grow at a notable CAGR of 9.1% through the forecast period. The growth in this segment can be attributed to higher effectiveness of this service over the static CCTV camera.
By Service Type
The mobile patrol security service segment was the fastest growing segment with CAGR of 9.1%
Based on the Vietnam private security market forecast by end user, the commercial segment was the highest contributor to the Vietnam private security market in 2018 and is expected to remain dominant through 2020-2027. The growth can be attributed to growing preference for manned guarding to overcome threats and activities such as thefts and unauthorized break-ins. However, the institutional segment is expected to grow at a higher growth rate through the forecast period. The growth can be attributed to growing criminal activities in Vietnam and rise in number of private and public institutions in Vietnam due to surge in the economic growth.
By End-user
The institututional segment was the fastest growing segment with CAGR of 8.6%
The players in the Vietnam private security industry have adopted product launch, and acquisitions as their key development strategy to increase profitability, and to improve stance in the Vietnam private security market share. The key players profiled in the report includes A/S, Securitas, Vietnam Manpower, PMV Security, 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 Vietnam private security market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and the market size and segmentation assists in determining the prevailing Vietnam private security market opportunities.
The major countries in each region are mapped according to their revenue contribution to the market.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Vietnam Private Security Market Report Highlights
| Aspects | Details |
 By Service |
|
 By END-USER |
|
 Key Market Players | BRINK'S INCORPORATED (THE BRINK’S COMPANY), NIGHT & DAY SECURITY SERVICES CO. LTD, ISS A/S, SECURITAS AB, GLOBAL GUARDIAN, PMV SECURITY, VIETNAM MANPOWER, THANG LOI SECURITY CORPORATION, T-FORCE SECURITY COMPANY VIETNAM, SECOM CO.,LTD. |
Analyst Review
The Vietnam private security market is expected towitness steady growth even under several unrests such asuncertainty, terrorist attacks, and others. According to the insights of thekey opinion leaders of the industry, the Vietnam private security market holds highpotential in the private security industry. The recent surge in the economic growth in the country has made wayfor emergence of a number of businesses in the region as a result the demand for private security has increased.Moreover, Vietnam has also become a tourist attraction, which has increased the inbound travel in the country and thus, fueled the demand for extra security in the country. Vietnam is also an emerging nation and is subject to rise in economic growth in the future, which is further expected to attract a lot of business in the coming years. Thus, rise in number of entrants in different businesses boosts the demand as well as provides numerous opportunities for growth for the private security industry in Vietnam.
Vietnam private security market size was valued at $713.5 million in 2019.
The Vietnam private security market is expected to reach the market size of $1,294.0 million in 2027.
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The surge in the business activity is expected to increase the demand for private security in Vietnam. The demand for night and day watch guards is expected to increase due to rise in number of institutional, private, and government offices in the Vietnam.
The forecast period for the Vietnam private security market report is 2020 to 2027
The Vietnam Private Security market is segmented on the basis of service type and end-user.
The key players profiled in the report includes 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.
The Vietnam private security market is expected to grow at a CAGR of 7.9% from 2020 to 2027
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