Security - BRICS | Statista Market Forecast

Revenue in the Security market is projected to reach US$6.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.93%, resulting in a projected market volume of US$11.1bn by 2029.
In the Security market, the number of active households is expected to amount to 587.1m users by 2029.
Household penetration will be 56.3% in 2024 and is expected to hit 65.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$10.53.

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 BRICS is witnessing significant growth and development due to various factors.

Customer preferences: Customers in the BRICS countries are increasingly prioritizing the safety and security of their assets, both personal and commercial. With rising crime rates and growing awareness about the importance of security, there is a growing demand for security solutions and services. Customers are looking for advanced technology solutions such as surveillance systems, access control systems, and alarm systems to protect their homes, offices, and other properties. Additionally, there is a rising demand for cybersecurity solutions as businesses and individuals are becoming more vulnerable to cyber threats.

Trends in the market: In Brazil, the security market is experiencing strong growth due to high crime rates and the need for enhanced security measures. The government's efforts to improve public safety, particularly in preparation for major events such as the FIFA World Cup and the Olympics, have also contributed to the growth of the security market in the country. In Russia, the security market is driven by the need to protect businesses and individuals from various threats, including terrorism and cyber attacks. The government's focus on national security and the implementation of stringent security measures have created a favorable environment for the growth of the security market. In India, the security market is witnessing significant growth due to the increasing awareness about security among individuals and businesses. The government's initiatives to improve public safety and the growing adoption of smart city projects have also contributed to the growth of the security market in the country. In China, the security market is driven by the need to protect businesses, public spaces, and individuals from various threats such as theft, vandalism, and terrorism. The government's focus on public safety and the implementation of advanced security systems have created a favorable environment for the growth of the security market. In South Africa, the security market is experiencing growth due to high crime rates and the need for enhanced security measures. The government's efforts to improve public safety and the implementation of security measures in major cities have also contributed to the growth of the security market in the country.

Local special circumstances: Each BRICS country has its own unique set of circumstances that contribute to the growth of the security market. In Brazil, high crime rates and the need for enhanced security measures drive the market. In Russia, the focus on national security and the implementation of stringent security measures create a favorable environment for the market. In India, the increasing awareness about security and the government's initiatives to improve public safety contribute to market growth. In China, the need to protect businesses, public spaces, and individuals from various threats drives the market. In South Africa, high crime rates and the government's efforts to improve public safety contribute to market growth.

Underlying macroeconomic factors: The growth of the security market in BRICS is also influenced by underlying macroeconomic factors. Economic growth, urbanization, and increasing disposable incomes in these countries have led to a rise in the demand for security solutions and services. Additionally, the increasing adoption of technology and the digitization of various industries have created new opportunities for the security market. The growing importance of cybersecurity, driven by the increasing reliance on digital technologies, has also contributed to the growth of the security market in BRICS. Overall, the security market in BRICS is expected to continue growing as customers prioritize safety and security in an increasingly uncertain world.

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.