Security - Cambodia

Cambodia

Revenue in the Security market is projected to reach US$8.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 17.08%, resulting in a projected market volume of US$15.0m by 2028.
In the Security market, the number of active households is expected to amount to 199.6k users by 2028.
Household penetration will be 2.9% in 2024 and is expected to hit 4.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$72.77.

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Analyst Opinion

The Security market in Cambodia has witnessed significant growth in recent years, driven by various factors such as increasing urbanization, rising crime rates, and a growing awareness of the need for security measures. Customer preferences in the Security market in Cambodia are shifting towards more advanced and integrated security solutions.

Customers are increasingly looking for comprehensive security systems that combine surveillance cameras, access control systems, and alarm systems. This trend is driven by the desire for enhanced security and the convenience of managing different security components through a single platform. Additionally, there is a growing demand for mobile monitoring and remote access to security systems, allowing customers to monitor their properties from anywhere at any time.

Trends in the market indicate a growing adoption of smart security solutions in Cambodia. With advancements in technology, smart security systems that utilize artificial intelligence and machine learning algorithms are becoming more prevalent. These systems can analyze data from various sources, such as surveillance cameras and sensors, to detect and respond to potential security threats in real-time.

The integration of smart security solutions with other smart home devices, such as smart locks and video doorbells, is also gaining popularity among customers. Local special circumstances in Cambodia contribute to the development of the Security market. The country has experienced rapid urbanization, with a significant increase in the number of residential and commercial buildings.

This has led to a greater demand for security systems to protect these properties. Additionally, the rising crime rates in certain areas have created a sense of urgency among individuals and businesses to invest in security measures. Underlying macroeconomic factors, such as economic growth and increasing disposable income, also play a role in the development of the Security market in Cambodia.

As the economy continues to expand, individuals and businesses have more financial resources to allocate towards security solutions. Moreover, the government's focus on infrastructure development and urban planning creates opportunities for security companies to provide their services in new construction projects. In conclusion, the Security market in Cambodia is experiencing growth due to customer preferences for advanced and integrated security solutions, the adoption of smart security systems, local special circumstances such as urbanization and rising crime rates, and underlying macroeconomic factors such as economic growth and increasing disposable income.

As the market continues to evolve, security companies will need to stay abreast of these trends and adapt their offerings to meet the changing needs of customers.

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.