Driven by the broadening of its remit, private security has posted sustained growth in France in recent years. Manned guarding remains its core activity. This momentum is accompanied by a gradual structuring of the market. It opens up external growth opportunities for leaders of SMEs and mid-sized companies, in France and in neighbouring countries.
A growing market, still largely open
The sector’s revenue reached nearly €12 billion in 2023, up 40% since 2020. A report by the General Inspectorate of Administration and the CGEFI published in March 2026 identifies 16,000 authorised companies, of which around 12,000 are active. For its part, the CNAPS counts 302,575 agents holding a professional card.
Value remains concentrated. Mid-sized companies and large groups generate 60% of revenue with 1% of players, and the top four groups hold more than a quarter of the market. Conversely, 8,000 to 9,500 micro-entrepreneurs operate alongside 3,500 SMEs. The report notes that this structure has changed relatively little since 2017. Between the national leaders and the very small businesses, there is therefore ample room for regional or specialist platforms.
Manned guarding, the core of a widening scope
The Internal Security Code imposes a principle of exclusivity. An authorised company may only provide surveillance, guarding or cash-in-transit services. Multi-service groups therefore carry out this activity through dedicated subsidiaries, which can be acquired or sold independently.
Manned guarding accounts for 89% of the sector’s workforce and 78.6% of its revenue. The 2026 legislation broadens agents’ powers without altering this nature.
The Act of 18 August 2026 authorises visual inspection of vehicles and introduces a three-year trial of body-worn cameras. A decree of 27 July 2026 makes permanent a specialism dedicated to major events. Finally, the Military Programming Act of 16 August 2026 opens the way to drone neutralisation, subject to an implementing decree.
These new missions represent as many growth drivers for companies able to train and qualify their teams.
“Manned guarding remains the core of the business, but its scope is widening. Major events, sensitive sites, counter-drone operations: these new missions require skills that not all companies will be able to develop on their own. Combining then becomes a natural path, in France as in neighbouring countries.”
Eric Laune, Cleaning, Multi-services and Environment sector expert
The levers of value creation
In manned guarding, the gross margin stood at 3.5% in 2023. Every efficiency gain therefore has a direct impact on valuation. The pooling of support functions, made possible by scale, is the first lever.
The combination of manned and electronic security is a second, with the latter segment maintaining more favourable momentum. In May 2026, the Bordeaux-based security systems distributor S2A doubled in size by acquiring a Lyon-based competitor.
Finally, compliance is becoming an asset in its own right. Since 1 October 2026, all companies declare their employees to the CNAPS. They also check the validity of professional cards at least once a month. This traceable data facilitates acquisition due diligence.
The March 2026 report also recommends limiting subcontracting to a single tier for manned guarding. This change would encourage clients to favour integrated providers.
Neighbouring markets to explore
With 7.6 security companies per 100,000 inhabitants, France has the highest density in the European sample studied, ahead of Germany at 6.5 and Belgium at 6.2. The Belgian Act of 2 October 2017 directly engages the liability of the contracting client, a model the mission cites as a benchmark.
In Switzerland, more than 24,000 people worked in private security in 2022. This workforce is comparable to that of the country’s police forces, for around 900 companies. Regulation falls under the cantons, each with its own requirements.
In early October 2026, Onet announced the acquisition of Seris Luxembourg, whose 250 agents are joining its Luxembourg security subsidiary. For an acquirer, each country requires a specific regulatory reading, which determines the success of the integration.
2027 milestones that reinforce external growth strategies
The coming months will bring several structuring milestones. The industry’s three-year pay agreement covered 2024 to 2026, and a new agreement will set the 2027 pay increases. Agents’ new powers, from body-worn cameras to drone neutralisation, will come into force as their decrees are published.
For leaders in manned guarding, these developments open a new development cycle. Security for major events, the protection of sensitive sites and counter-drone operations are all areas of expertise likely to drive new combinations, in France and in neighbouring countries.
In a sector that is becoming more structured, the preparation of a transaction takes place well before negotiations begin. The AURIS Finance teams, in particular our outsourced M&A teams specialising in cross-border corporate finance transactions, are available to support you, with the backing of the ICFN international network.
