Security - Bahrain | Statista Market Forecast

Revenue in the Security market is projected to reach US$2.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.94%, resulting in a projected market volume of US$5.4m by 2029.
In the Security market, the number of active households is expected to amount to 115.8k users by 2029.
Household penetration will be 58.3% in 2024 and is expected to hit 66.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$20.41.

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 Bahrain is experiencing significant growth and development, driven by various factors such as increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Bahrain are increasingly demanding advanced security solutions to protect their assets, both in the residential and commercial sectors. This is driven by the growing awareness of the importance of security and the need for robust protection against potential threats. Customers are seeking comprehensive security systems that include features such as surveillance cameras, access control systems, and alarm systems. Additionally, there is a growing preference for integrated security solutions that can be easily monitored and controlled remotely.

Trends in the market: One of the key trends in the security market in Bahrain is the adoption of smart security systems. These systems leverage technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to enhance security measures. Smart security systems offer advanced features such as facial recognition, video analytics, and automated alerts, providing a more efficient and effective security solution. The increasing popularity of smart homes and smart cities is also driving the demand for smart security systems. Another trend in the market is the shift towards cloud-based security solutions. Cloud-based security systems offer several advantages, including scalability, flexibility, and remote access. These solutions allow customers to easily manage and monitor their security systems from anywhere, providing convenience and peace of mind. The adoption of cloud-based security solutions is expected to continue growing as more businesses and individuals recognize the benefits they offer.

Local special circumstances: Bahrain is a country with a high level of security awareness and a strong focus on safety and protection. The government has implemented various initiatives to enhance security measures, including the installation of surveillance cameras in public areas and the implementation of strict regulations for security providers. These special circumstances create a favorable environment for the growth of the security market in Bahrain, as customers prioritize security and are willing to invest in advanced solutions.

Underlying macroeconomic factors: The security market in Bahrain is also influenced by underlying macroeconomic factors. The country's stable economy and favorable business environment attract investments and drive economic growth. This leads to an increase in construction activities, both in the residential and commercial sectors, which in turn drives the demand for security solutions. Additionally, the government's focus on diversifying the economy and developing sectors such as tourism and finance creates new opportunities for security providers. In conclusion, the security market in Bahrain is experiencing significant growth and development, driven by increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The adoption of smart security systems and cloud-based security solutions, along with the country's focus on safety and protection, contribute to the growth of the market. With the stable economy and favorable business environment, the security market in Bahrain is expected to continue to thrive in the coming years.

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.