Executive Protection Service Market Is Estimated To Witness High Growth Owing To Increasing Threat Perception Among High-Profile Individuals

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The Executive Protection Service Market is estimated to be valued at US$ 15.93 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

The growth of the executive protection service market is driven by the increasing threat perception among high-profile individuals such as celebrities, billionaires, senior executives, and political leaders. With rising political, social, and economic instability worldwide, the risk of threats such as targeted violence, kidnapping and hostage, and cybercrimes is increasing. Therefore, the wealthy and high-status individuals are increasingly hiring executive protection services to ensure safety and security. In addition, the growing awareness about advanced protection measures is also fueling the demand for executive protection services across the world.

Key Market Trends: Usage of advanced technology– There is growing usage of advanced technologies such as infrared cameras, facial recognition systems, high-tech protective gear, encrypted communication devices, GPS tracking devices, and drones for enhanced security by executive protection service providers.

Use of former special forces personnel– Many executive protection companies are increasingly recruiting former special forces personnel such as Marines, SEALs, SAS, GIGN, and GOE who have expertise in safety and high-risk area protection. Their specialized training helps provide clients with discrete, professional protection. More coverage can be found in the sample copy.

Executive Protection Service Market Opportunities:With increasing instances of cybercrimes and growing concerns around data security, the demand for mobile security services is expected to rise significantly over the forecast period. Organizations are focusing more on protecting company devices and sensitive information stored on them. Executive protection service providers are expanding their portfolio to offer end-to-end mobile security services including device and data protection, identity and access management, and threat detection. This presents a major market opportunity for service providers to tap into the growing demand.

Close protection services involve providing armed or unarmed security for high-profile individuals at risk of physical harm such as corporate executives, politicians, celebrities etc. Incidences of violent protests, riots, terror attacks have increased requirements for close protection worldwide. With rising geopolitical tensions, conflicts and security threats, the need for highly trained executive close protection teams is surging across regions. Service providers can capitalize on this opportunity by enhancing their close protection capabilities and international deployment.

Key Market Takeaways: Executive Protection Service Market size in 2024: USD 15.93 Bn; CAGR: 7.9%, Forecast Period: 2024- 2031

The manned guarding segment is expected to hold a dominant position, owing to the ability to provide customized on-site security and monitoring solutions. The corporate client type segment will dominate, due to growing investments of enterprises in risk mitigation and protection of top executives.

By region: North America is dominating, due to high technology adoption and presence of key market players. The region is expected to account for over 35% of market share by 2031.

Recent Developments in Executive Protection Service Market: In June, the Philippines passed new laws recognizing close protection operative as a licensed vocation, complete with mandatory minimum training standards.

Most analysts predict the executive protection industry will maintain solid growth throughout 2024, buoyed by ongoing geopolitical instability and a “new normal” of uncertain threats facing high profile figures globally. Companies are ramping up capabilities to meet demand for specialized close protection officers, technical surveillance countermeasures experts, and integrated technology-enabled solutions. Full coverage of the report available here.