Security - Bolivia | Statista Market Forecast

Revenue in the Security market is projected to reach US$9.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.95%, resulting in a projected market volume of US$19.5m by 2029.
In the Security market, the number of active households is expected to amount to 1.1m users by 2029.
Household penetration will be 31.0% in 2024 and is expected to hit 38.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$10.11.

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 Bolivia has been experiencing steady growth in recent years, driven by increasing customer preferences for enhanced security measures and the emergence of new trends in the market. Customer preferences in the Security market in Bolivia have shifted towards more advanced security solutions, such as surveillance systems, access control systems, and alarm systems.

This can be attributed to rising concerns about crime rates and the need for improved safety and protection. Customers are increasingly seeking comprehensive security solutions that can provide real-time monitoring and quick response capabilities. Additionally, there is a growing demand for integrated security systems that can be easily managed and controlled remotely.

Trends in the Security market in Bolivia reflect global market trends, with a focus on technological advancements and innovation. One of the key trends is the adoption of smart security systems, which utilize artificial intelligence and Internet of Things (IoT) technologies to enhance security measures. These systems can analyze data in real-time, identify potential threats, and automatically trigger appropriate responses.

Another emerging trend is the use of biometric security systems, such as fingerprint and facial recognition, for access control and identity verification. These systems offer higher levels of security and convenience compared to traditional methods. Local special circumstances in Bolivia also contribute to the development of the Security market.

The country has experienced a rise in criminal activities, particularly in urban areas, which has led to an increased demand for security solutions. Additionally, the government has implemented various initiatives to promote public safety and security, including the installation of surveillance cameras in public spaces and the strengthening of law enforcement agencies. These efforts have created a favorable environment for the growth of the Security market in Bolivia.

Underlying macroeconomic factors, such as economic growth and urbanization, play a significant role in the development of the Security market in Bolivia. As the economy expands and more people move to urban areas, the demand for security solutions increases. The growth of industries such as banking, retail, and hospitality also contributes to the market growth, as these sectors require robust security systems to protect their assets and ensure the safety of their customers.

Additionally, the increasing disposable income of the population allows for greater investment in security measures. In conclusion, the Security market in Bolivia is experiencing growth due to customer preferences for advanced security solutions, the adoption of new trends in the market, local special circumstances, and underlying macroeconomic factors. As the demand for security continues to rise, the market is expected to further expand 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.