Security - Brunei Darussalam

Brunei Darussalam

Revenue in the Security market is projected to reach US$827.7k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.34%, resulting in a projected market volume of US$1,921.0k by 2029.
In the Security market, the number of active households is expected to amount to 42.0k users by 2029.
Household penetration will be 42.1% in 2024 and is expected to hit 41.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$19.72.

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Analyst Opinion

The Security market in Brunei Darussalam has been experiencing significant growth in recent years.

Customer preferences: Customers in Brunei Darussalam have shown a strong preference for security solutions that are technologically advanced and offer comprehensive coverage. This includes a demand for high-quality surveillance systems, access control systems, and alarm systems. Customers also prioritize solutions that are user-friendly and easy to maintain.

Trends in the market: One of the key trends in the security market in Brunei Darussalam is the increasing adoption of smart security systems. These systems integrate various security components such as surveillance cameras, motion sensors, and access control systems into a centralized platform, allowing for better monitoring and control. The use of artificial intelligence and machine learning algorithms in these systems is also gaining traction, as they enable advanced analytics and real-time threat detection. Another trend is the growing popularity of cloud-based security solutions, which offer scalability, flexibility, and remote access capabilities.

Local special circumstances: Brunei Darussalam has a relatively low crime rate compared to many other countries in the region. However, the government has been actively promoting the use of security systems to enhance public safety and protect critical infrastructure. This has created a favorable environment for the growth of the security market in the country. Additionally, the increasing number of high-end residential and commercial developments in Brunei Darussalam has also contributed to the demand for advanced security solutions.

Underlying macroeconomic factors: The strong economic growth in Brunei Darussalam has played a significant role in the development of the security market. The country's stable economy and high per capita income have enabled individuals and businesses to invest in security solutions. Furthermore, the government's focus on diversifying the economy and attracting foreign investments has led to increased construction activities and infrastructure development, which in turn has driven the demand for security systems. The government's commitment to maintaining a safe and secure environment has also been a driving force behind the growth of the security market. In conclusion, the security market in Brunei Darussalam is witnessing significant growth due to customer preferences for technologically advanced solutions, the adoption of smart security systems, and the government's efforts to enhance public safety. The country's strong economy and stable business environment have further fueled the demand for security solutions. As the market continues to evolve, it is expected that the adoption of advanced technologies and the integration of security systems will become even more prevalent in Brunei Darussalam.

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.