Impact of COVID-19 on the global security services market
For example, the cessation of large public gatherings, such as concerts, conferences and sporting events, decreased the demand for guarding services. The aviation industry and guarding services for airport security were also negatively impacted by COVID-19.
Need for new security solutions and services
Virtual working environments and changing demand for facility usage are creating a need for new security solutions and services. An increase in e-commerce has also fueled the need for tech-enabled security solutions at distribution centers and similar buildings.
Increased demand for IT and cyber security
The shift to e-commerce has spurred the demand for IT and cyber security, which has fundamentally changed the perception of security. COVID-19 resulted in increased demand for security services in key functions, such as essential retail and healthcare during lockdown periods, as well as in guarding and tech-enabled security services including contact tracing and crowd monitoring to support the reopening of societies.
