Security - Bhutan | Statista Market Forecast

Revenue in the Security market is projected to reach US$266.5k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.89%, resulting in a projected market volume of US$581.5k by 2029.
In the Security market, the number of active households is expected to amount to 94.2k users by 2029.
Household penetration will be 41.1% in 2024 and is expected to hit 52.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.21.

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 Bhutan has been experiencing significant growth in recent years, driven by increasing customer preferences for advanced security solutions and the country's unique local special circumstances. Customer preferences in the Security market in Bhutan have been shifting towards more sophisticated and technologically advanced solutions.

With the rising awareness of the importance of security, customers are seeking comprehensive security systems that can protect their homes, businesses, and public spaces. This includes a demand for advanced surveillance cameras, access control systems, and alarm systems that can be remotely monitored and controlled. Additionally, customers are increasingly looking for integrated security solutions that can provide a seamless experience across different devices and platforms.

Trends in the Security market in Bhutan indicate a growing emphasis on cybersecurity. As the country becomes more digitally connected, the risk of cyber threats and attacks increases. This has led to a surge in demand for cybersecurity solutions, including firewalls, antivirus software, and intrusion detection systems.

Furthermore, there is a growing need for cybersecurity services and expertise to help organizations protect their sensitive data and networks. This trend is expected to continue as Bhutan's economy becomes more reliant on digital technologies. One of the unique local special circumstances in Bhutan is the emphasis on preserving cultural heritage and maintaining traditional values.

This has influenced the Security market in the country, as customers prefer security solutions that are aesthetically pleasing and blend seamlessly with the architectural and cultural aspects of their surroundings. As a result, security companies are developing innovative solutions that combine advanced technology with traditional designs, such as surveillance cameras disguised as traditional artifacts or access control systems integrated into traditional doorways. Another local special circumstance that has contributed to the development of the Security market in Bhutan is the country's strategic location in the Himalayas.

Bhutan shares borders with two major regional powers, India and China, which makes it a potential target for geopolitical tensions and security threats. This has led to increased investments in security infrastructure, including border surveillance systems and military-grade security solutions. The government of Bhutan has also implemented policies and regulations to enhance national security, creating opportunities for security companies to provide their expertise and solutions.

Underlying macroeconomic factors, such as the country's economic growth and increasing disposable income, have also contributed to the development of the Security market in Bhutan. As the economy expands, individuals and businesses have more resources to invest in security solutions. Additionally, the government's focus on infrastructure development and urbanization has created a demand for security systems in new residential and commercial projects.

In conclusion, the Security market in Bhutan is experiencing growth due to shifting customer preferences for advanced security solutions, the emphasis on cybersecurity, unique local special circumstances, and underlying macroeconomic factors. As the country continues to develop, the demand for security systems and services is expected to increase, presenting opportunities for both domestic and international security companies.

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.