Given the global security trends, private security companies are experiencing significant growth. To identify the world's four largest private armies, 24/7 Wall St. examined the Contract Security Industry White Paper by Robert H. Perry & Associates is a manned guarding company broker. The ranking was determined using the most recent year's global revenue. (You can also check out the largest armies in history.)
An increasing number of large and small companies are now outsourcing their security needs to private firms.A growing number of large and small businesses are turning to private security firms to meet their security needs. These private security companies offer a range of services, including alarm systems and response units, licensed security guards, surveillance, airport and border patrol, security crisis management, oversight for special events security, and consulting and investigation services.
Also Read:Scientific Illuminations not meant to be in present
Private security companies have a global presence, employing thousands of people and catering to the security needs of hospitals, financial institutions, chemical and petroleum manufacturers, commercial real estate firms, and various levels of government.
According to a 2020 report from Freedonia Global Security Services, the global demand for security services is projected to grow by 3.6% annually, reaching $263 billion by 2024. This growth will be driven by increased in-house security outsourcing and the expansion of electronic security offerings.
Let's take a closer look at the world's four largest private armies:
Also read:Rahane's Resurgence Raises Questions about Pujara's Future
1. GardaWorld
Founded in 1995 by Canadian entrepreneur Stéphan Crétier, GardaWorld is led by Crétier himself as the president and CEO of the company. With over 4,000 clients, GardaWorld serves companies in industries such as natural resources, property management, healthcare, governments, retail, special events, and transportation. The company provides airport pre-board security screening at 27 airports across Canada.
GardaWorld's US division includes a mobile security unit made up of former combat veterans from the military's special operations units who provide security for diplomatic and military personnel. In the Middle East and Africa, the company provides mobile security assets to the Department of State. GardaWorld also provides former US military medical personnel to assist the US in its diplomatic, defence, and development efforts in conflict and post-conflict zones.
Also Read:India Concludes Special Olympics 2023 with 202 Medals
2. Prosegur
Prosegur, a Spanish security firm founded by Herberto Gut in 1976, operates in 26 countries, including its recent entry into the U.S. market in early 2019. The company's largest area of operations is in Latin America.
Prosegur specializes in five areas: alarms; security services including surveillance and technology; cybersecurity; logistic, cash, and management solutions; and business process outsourcing for financial institutions. Security and cash and management solutions account for over 90% of Prosegur's business.
Also Read:ICC to Announce Schedule for ICC ODI World Cup 2023 in Mumbai Event
3. Securitas
Founded in Sweden in 1934, Securitas shifted its focus in 2020 to prioritize its technologically advanced offerings over its traditional manned guarding services. Operating in 47 countries, the company serves approximately 153,000 clients.
Securitas' operations in the United States are divided into four divisions: guarding, electronic security, Pinkerton corporate risk management, and critical infrastructure services. The security unit provides on-site, mobile, and remote services.
Also Read:Sunil Gavaskar Hails Kapil Dev as the Original 'Captain Cool
Like its competitors G4
S and Allied Universal, Securitas has made substantial investments in training and technology in recent years, as more companies opt to outsource their security needs.
4. Allied Universal Security Services
Based in Conshohocken, Pennsylvania, Allied Universal Security Services was established in 2016 through the merger of security companies Allied Security and Universal Protection. It currently operates in 85 countries.
Allied Universal is primarily focused on providing security and facility services to sectors such as education, healthcare, retail, commercial real estate, government, and corporate campuses. Security services are provided at chemical and petrochemical plants throughout North America, as well as hospitals, nursing homes, commercial real estate, defence and aerospace, aviation, ports, financial institutions, and government agencies.
Also Read:Race Against Injury: KL Rahul and Shreyas Iyer's Asia Cup Hopes Dwindle
In April 2021, Allied Universal acquired G4S, formerly ranked as the third-largest global security firm, for $5.3 billion. This acquisition established Allied Universal as the world's largest security company, generating $18 billion in revenue.
These four private security companies have emerged as leaders in the industry, providing comprehensive security solutions and addressing the increasing demand for professional security services worldwide.
