Security - Argentina | Statista Market Forecast

Revenue in the Security market is projected to reach US$28.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -6.14%, resulting in a projected market volume of US$21.0m by 2029.
In the Security market, the number of active households is expected to amount to 5.6m users by 2029.
Household penetration will be 40.6% in 2024 and is expected to hit 51.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.68.

Definition:

The Security market includes the sale of devices for networked access control and management for buildings and premises. This includes surveillance products (e.g., security cameras, motion sensors, programmable and remote control door locks) as well as equipment for risk monitoring (connected smoke detectors and humidity sensors).
Remote surveillance and emergency services from specialized security firms that are not related to smart home are not included.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include TP-LINK, Ring, Google, LG, Xiaomi, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for burglar prevention and other security issues
Motion sensors, door locks, security cameras (with or without face recognition)
Surveillance gadgets with connection to a broader smart home (e.g., eufyCam S330, Bosch Smart Home - Starter Set Alarm (Gen. 2))
Hazard prevention devices like water, smoke or gas sensors (e.g., TESLA Smart Intelligent Gas Sensor)

Classical security devices without smart home connection
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Security market in Argentina has been experiencing significant growth in recent years. This can be attributed to several factors, including increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences in Argentina have shifted towards more advanced and comprehensive security solutions. This is driven by a growing awareness of the importance of security and a desire for greater protection against various threats. Customers are increasingly looking for integrated security systems that combine surveillance cameras, access control systems, and alarm systems.

They also prefer solutions that can be remotely monitored and controlled, providing them with peace of mind and convenience. Trends in the market also contribute to the development of the Security market in Argentina. One of the key trends is the adoption of smart security solutions.

These solutions leverage technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to enhance security capabilities. For example, smart surveillance systems can analyze video footage in real-time to detect suspicious activities or identify individuals. This trend is driven by the increasing availability and affordability of these technologies, as well as the desire for more efficient and effective security solutions.

Another trend in the market is the integration of security systems with other building management systems. This allows for centralized control and monitoring of various systems, such as lighting, HVAC, and access control. This integration not only improves security but also enhances overall operational efficiency and cost-effectiveness.

Local special circumstances also play a role in the development of the Security market in Argentina. The country has faced various security challenges, including high crime rates and political instability. This has created a strong demand for security solutions, both in the residential and commercial sectors.

Additionally, the government has implemented initiatives to improve public safety, which has further fueled the demand for security systems. Underlying macroeconomic factors also contribute to the growth of the Security market in Argentina. The country has experienced economic growth in recent years, which has led to an increase in disposable income and consumer spending.

This has allowed individuals and businesses to invest in security solutions to protect their assets and ensure the safety of their premises. In conclusion, the Security market in Argentina is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced and comprehensive security solutions, the adoption of smart security technologies, the integration of security systems with other building management systems, the need for improved public safety, and the country's economic growth all contribute to the growth of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.