Canada Security Services Market Valuation to Surpass USD 9,357.2 Million By 2032 | Physical Security Contribute More than 52.2% Revenue Says Astute Analytica

Rising security demands across sectors fuel Canada's booming market. This expansion is driven by evolving security concerns and the need for adaptable solutions to protect businesses, individuals, and critical infrastructure. Providers who prioritize integrated physical and digital security measures, alongside technological innovation like AI and advanced surveillance, will find success.

New Delhi, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The Canadian security services market shows consistent growth, projected to reach US$ 9,357.2 million by 2032 with a CAGR of 3.84%, starting from US$ 6,666.0 million in 2023.

There's a great demand for security services in Canada. It’s only growing too. Canada is relatively safe, but there are still many factors that make it necessary to implement enhanced security measures. They've got a recurring issue with property crime and theft under $5000 remains the most common offense. On a more serious note, cybercrime is becoming an even bigger threat. The Canadian Centre for Cyber Security says 23% of Canadian businesses were impacted by ransomware in 2022 and cost them billions annually. Canada's economic strength, leadership in technological innovation, and highly skilled workforce are all perfect conditions for the security services industry to grow rapidly and consistently. In fact, this sector employed over 150,000 individuals in 2023 alone. The country needs multifaceted security to protect their critical infrastructure, secure their extensive borders, and ensure the safety of large-scale public events.

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GardaWorld is one of the biggest companies in the Canada security services market leading that charge for comprehensive physical and digital security solutions so they can meet these demands. As per Astute Analytica, every industry in Canada requires stricter regulations as they adapt to the increasing complexity of threats around them. This means businesses will have to continue upgrading their securities practices which drives even more specialized service needs like cybersecurity, risk & threat assessments, investigations, close protection. With this evolving environment hanging over them Canada’s never going to be short on reasons to hire some extra hands when it comes to protecting individuals or national interests.

*Key Findings in Canada Security Services Market *

Market Forecast (2032) US$9,357.2 million
CAGR 3.84%
Largest Region - Provinces (2023) Alberta (28.2%)
By Type Physical Security (52.2%)
By End Users Commercial Sector (35.4%)
Top Trends · Integrated security solutions (physical + digital)
· Adoption of AI and advanced technologies
· Emphasis on specialized security services

Top Drivers · Rising crime rates (property and cyber)
· Increased concern for critical infrastructure
· Need for event and public safety

Top Challenges · Skilled personnel shortage
· Evolving regulatory landscape
· Competitive pressures within the industry

*Physical Security is Dominating Canada Security Services Market *

The industry’s revenue is mostly made up from physical security services in Canada, accounting for over 52%. It shows that traditional methods of addressing security concerns are still in high demand. An example of this would be the psychological impact visible security has. Seeing it could deter an opportunistic crime – which was supported by Statistics Canada data. On top of that property theft is a huge cost for businesses and many have taken physical action to protect it. Urgent incident response needs, crowd control and access management are all situations where human intervention is a must.

Key sectors driving this demand in Canada security services market include:

· Commercial: Retailers, facing billions in annual losses from theft, rely heavily on physical security along with workplace safety and intellectual property protection.
· Government: Physical security is a cornerstone for protecting government buildings, personnel, and critical infrastructure like energy grids, where security breaches can have far-reaching consequences.
· Industrial: Sites like manufacturing plants and construction zones require specialized physical security measures to prevent costly incidents involving theft, unauthorized access, and safety hazards.

Industry leaders like GardaWorld, Paladin Security, and G4S employ thousands of security professionals across Canada. These firms offer diverse services, including:

· Static Guarding: On-site personnel for access control and deterrence.
· Mobile Patrols: Regular patrols to cover wider areas and provide rapid response
· Alarm Monitoring and Response: 24/7 monitoring combined with physical intervention capabilities.
· Specialized Security: Services like close protection or secure transportation for high-value assets or individuals.

While the Canadian security sector constantly evolves with technology integration, physical security retains its vital role. This underscores its adaptability and continued relevance in a world of dynamic threats.

*Canada's Security Market Heats Up: Tech, Integration, and Rising Demand Drive Growth*

The Canadian private security services market is poised for robust growth, driven by increasing demand for safety and security across various sectors.  This demand is fueled by factors like rising crime rates for instance property crime rose by 7.3%, with 8,083 incidents reported, up from 7,533 in the same period in 2022, the growing threat of cyberattacks (Energy and utilities firms rose to the top of the victim list in Canada, constituting 60% of all attacks responded to by IBM X-Force in 2022 (up from 21% last year). This was followed by finance and insurance at 20%, while retail and government cases accounted for 10% each.), and heightened security concerns for critical infrastructure.

Key opportunities in the Canada security services market lie in integrated security solutions combining manned guarding with electronic systems, reflecting a trend towards comprehensive, multi-layered security approaches.   For example, commercial properties are increasingly using access control systems, CCTV monitoring, and on-site guards in tandem. Providers in the market can also explore advancements in AI and technology, such as drone surveillance and face recognition software, to enhance service offerings. AI-powered video analytics for threat detection, and drones for remote site monitoring will likely gain traction in the coming years.

However, challenges like personnel shortages necessitate innovative recruitment and retention strategies. The security industry faces competition for talent. Security firms will need to emphasize competitive wages, benefits, and career development to attract and retain skilled personnel.

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*Alberta's Security Sector Booms Amidst Economic Surge and Infrastructure Investments*

In 2023, Alberta’s security services market grew tremendously. The province succeeded in achieving a staggering 3.5% GDP growth rate and became a powerhouse for Canada’s security. A colossal $10 billion was invested into Alberta’s energy sector which led to an unmatchable demand for security services to protect critical infrastructure and combat the growing risk of cyberattacks. As expected, Alberta's security providers stepped up when called upon, with over 60% integrating cutting-edge technologies like AI and drones into their operations – while the national average for this was only 45%. This gave the province a clear advantage in meeting the evolving landscape of safety. Over 20 major projects were also started that year, each requiring all-encompassing security solutions.

With every new project came new risks that demanded updated procedures in the security services market; these ranged from construction site protection to long-term operational security.

Alberta's dynamic demographics might’ve been what propelled the industry the most though as it had an amazing population growth rate of over 2%, surpassing national numbers. This increase created a need for both residential and commercial security services across all fields of business. Which is where we noticed the rise in reported cybersecurity incidents among businesses by almost 25%, showing alarming increases in hacking attempts or data breaches.

Alberta’s vibrant culture didn’t just attract tourists but also required vast amounts of attention on their safety measures, beginning at retail industries that saw a decrease in theft by almost 15%. For good reason too; events like Calgary Stampede attracted more than 1.2 million visitors last year! With more attention on safety than ever before being directed in the security services market: healthcare facilities increased their budgets with an extra $50 million and educational institutions went up by as much as 20%.

*Canada Security Services Market Key Players*

· 3D Security Services Group
· AlarmForce Industries Inc.
· Allied Universal Security Services (trading name of Universal Protection Service of Canada Corporation)
· Alpha Security Services
· APS Security Services
· Blackbird Security
· BPS Protective Services
· Brink’s Inc.
· Canadian Security Services
· Canadian Security Professionals
· Condor Security Inc.
· Contemporary Services Corporation (CSC)
· G4S Secure Solutions (now Allied Universal)
· Gardaworld
· Interforce International Inc.
· Logixx Security Inc.
· Neptune Security Services
· Paladin Security
· Paragon Security
· Russell Security Services Inc. (Securiguard)
· Securitas AB
· Security Guard Group Limited
· Ultimate Security Service
· World Guardian Inc.
· Other Prominent Players

*Key Segmentation:*

*By Service Type*

· *Physical Security*

· Manned Guarding
· Personal / Private Security
· Escorts
· Mobile Patrol
· Event Security
· Crowd Management
· K9 Security
· Police Support Service
· Airport Security
· Traffic Control Services
· Others

· *Security Consulting & Planning*

· Loss Prevention
· Investigation Consulting
· Security Risk Management
· Roadside Assistance
· Security Equipment & Technology
· Access Control

· KeyFobs/ Card Access
· Biometric/ Keypad Access
· Facial Recognition
· Visitor Management

· Surveillance Systems

· Video Surveillance
· Alarm Systems

· Asset Tracking
· Smart Parking

*By End User*

· Individuals (Private / Personal)
· Residential

· Individual Homes
· Colonies & Societies

· Commercial

· Educational Institutions
· Hospitals & Clinics
· Corporate Offices
· Retail
· Banks & Financial Institutions
· Others

· Public Transport
· Industrial Facilities
· Others

*By Region (Provinces)*

· Alberta
· British Columbia
· Ontario
· Quebec
· Manitoba
· Rest of Canada

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*About Astute Analytica*

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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CONTACT: Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website:  https://www.astuteanalytica.com/