Security - Bangladesh

Bangladesh

Revenue in the Security market is projected to reach US$106.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.55%, resulting in a projected market volume of US$218.8m by 2029.
In the Security market, the number of active households is expected to amount to 9.9m users by 2029.
Household penetration will be 23.4% in 2024 and is expected to hit 28.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$12.39.

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Analyst Opinion

The Security market in Bangladesh is witnessing significant growth and development due to various factors.

Customer preferences: In recent years, there has been an increasing demand for security products and services in Bangladesh. This can be attributed to the rising concerns over safety and security among individuals and businesses. Customers are looking for reliable and effective security solutions to protect their properties, assets, and loved ones. They are seeking advanced technologies such as surveillance cameras, access control systems, and alarm systems to enhance their security measures. Additionally, there is a growing preference for integrated security solutions that provide comprehensive protection and real-time monitoring.

Trends in the market: One of the key trends in the security market in Bangladesh is the adoption of smart security systems. With the advancement of technology, customers are embracing smart home security solutions that offer remote monitoring and control. These systems allow users to access their security cameras, lock or unlock doors, and receive alerts through their smartphones. This trend is driven by the increasing penetration of smartphones and the convenience it offers to users. Another trend in the market is the integration of artificial intelligence (AI) and machine learning (ML) in security systems. AI-powered video analytics and facial recognition technologies are being used to enhance the accuracy and efficiency of surveillance systems. These technologies can identify suspicious activities, detect unauthorized access, and provide real-time alerts to security personnel. The adoption of AI and ML in security systems is expected to further drive the growth of the market in Bangladesh.

Local special circumstances: Bangladesh is a densely populated country with a high crime rate, making security a top priority for individuals and businesses. The increasing urbanization and economic growth in the country have also contributed to the demand for security solutions. The government has recognized the importance of security and has taken initiatives to improve public safety. This includes the installation of surveillance cameras in public areas and the implementation of strict security measures in critical infrastructures.

Underlying macroeconomic factors: The security market in Bangladesh is influenced by various macroeconomic factors. The country's GDP growth, urbanization rate, and disposable income levels play a significant role in driving the demand for security products and services. As the economy continues to grow, individuals and businesses have more resources to invest in security measures. Additionally, the government's focus on infrastructure development and foreign direct investment has led to an increase in construction projects, creating a demand for security solutions in the real estate sector. In conclusion, the security market in Bangladesh is experiencing growth and development due to increasing customer preferences for reliable and advanced security solutions. The adoption of smart security systems and the integration of AI and ML technologies are key trends in the market. The local special circumstances, such as the high population density and crime rate, contribute to the demand for security solutions. The underlying macroeconomic factors, including GDP growth and urbanization, also play a significant role in driving the market.

Methodology

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.