Private military security companies are private business entities that provide military and/or security services. The services and expertise offered by these companies are similar to those of governmental security, military, or police forces, most often on a smaller scale. Their service includes often provide services to train or supplement official armed forces in service of governments, they can also be employed by private companies to provide bodyguards for key staff in hostile territories, protection of objects, such as convoys, buildings & other places, maintenance & operation of weapons systems, prisoner detention, and give advice to local forces & security personnel. Moreover, many of these companies hires retired military personnel for the work since, they are already trained and experienced. For instance, in developing countries that have natural resources such as privately owned oil refineries in Iraq, they hire private military security to guard the premises. Private military security is also hired by companies that contract services and reconstruction efforts such as General Electric.
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Major Market Players:
Securitas AB, Allied Universal, Prosegur Compañía de Seguridad S.A, The Brink’s Company, GardaWorld, G4S, Constellis, Aegis Defence Services, Northbridge Services Group, and DynCorp
Due COVID-19 pandemic government across all the major nations have announced lockdown leading to business shutdown. Since, due to lockdown all the activities where the private military services were required have been halted thus, affecting the market. Moreover, since all the people were stuck inside house the need of bodyguards was also less. Furthermore, due to travel restriction the need for convoy guarding also lessened. In addition, all the functions and programs of mass crowds were cancelled which also affected the demand for private military services. Due to social distancing norms the number of personnel at place for guarding also had be reduced. COVID-19 had a negative impact on the growth of private military security services market which is expected to recover soon after the pandemic.
Since, all the countries have started developing the level of threats for individual people and companies are also increasing. Thus, for protection, people are hiring private military security services. Moreover, this sector is recently gaining a lot of attention and many investors are investing in these companies. For instance, private military companies have seen quite a boom in African countries such as Libya, Central African Republic, and others as these countries are oil rich and needs security. Furthermore, in 2019 private security company Frontier Service Group has moved to Myanmar to provide security services for Chinese and other foreign investors. Thus, the rise in demand for safety & security can act as an opportunity for growth of private military security services market.
Key Benefits of the Report:
- This study presents the analytical depiction of the private military security services market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the private military security services market.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the private military security services market growth scenario.
- The report provides detailed private military security services market analysis based on competitive intensity and how the competition will take shape in coming years.
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