Saudi Arabia’s Private Security Market Set for Robust Growth Amidst Economic Expansion and Vision 2030 Goals
Saudi Arabia’s private security market was valued at $2.839 billion in 2023 and is projected to reach $5.675 billion by 2032, growing at a compound annual rate of 8.0% from 2024 to 2032, said the Astitute Analitica report.
The sector is experiencing rapid growth in 2023, fuelled by significant economic development and government initiatives. This market, according to the report, currently worth approximately $2.84 billion, reflects a strong national emphasis on security, especially for large-scale projects. Around 300 licensed private security companies operate across the Kingdom, employing over 200,000 personnel. These companies play a crucial role in protecting assets tied to major projects such as NEOM, valued at $500 billion, and the Red Sea Project, covering 28,000 square kilometers. Demand is notably high in urban centers like Riyadh and Jeddah, where over 1,000 commercial establishments depend on private security services.
Key offerings in the private security sector include manned guarding, cash-in-transit, electronic security systems, and cybersecurity services. Manned guarding is the dominant service, with over 150,000 security guards deployed nationwide. The installation of electronic security systems has risen substantially, with around 500,000 CCTV cameras currently in operation. The rise in cyber threats has driven demand for cybersecurity, with over 1,000 firms focused on digital asset protection. Cash handling services have also expanded due to the increasing number of ATMs, now totaling over 18,000 across Saudi Arabia.
The demand for private security services is driven by several factors, including Vision 2030 initiatives, urbanization, and growth in the tourism sector, which aims to attract 100 million visitors annually by 2030. Key clients include commercial entities, financial institutions, oil and gas facilities, government buildings, and residential complexes. Leading companies in the market include international players like Securitas and Allied Universal, along with prominent local firms such as the Saudi Security and Safety Company (SSSC). The private security industry is well-positioned to support the Kingdom’s growth, with projections suggesting an additional 50,000 jobs in the next five years.
