Security - Central America | Statista Market Forecast

Revenue in the Security market is projected to reach US$53.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.67%, resulting in a projected market volume of US$115.0m by 2029.
In the Security market, the number of active households is expected to amount to 3.3m users by 2029.
Household penetration will be 23.2% in 2024 and is expected to hit 29.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$20.15.

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 Central America is witnessing significant growth and development in recent years. Customer preferences in the Security market in Central America are shifting towards more advanced and technologically advanced security solutions.

With increasing concerns about crime rates and the need for better protection, customers are looking for solutions that can provide them with enhanced security and peace of mind. This has led to a growing demand for smart security systems, such as surveillance cameras, access control systems, and alarm systems. Customers are also increasingly interested in integrated security solutions that can provide them with a comprehensive approach to security.

Trends in the Security market in Central America are driven by several factors. One of the key trends is the increasing adoption of cloud-based security solutions. Cloud-based security systems offer several advantages, including remote access, scalability, and cost-effectiveness.

This trend is particularly relevant in Central America, where businesses and homeowners are looking for flexible and affordable security solutions. Another trend in the Security market in Central America is the growing importance of cybersecurity. With the increasing reliance on digital technologies and the rise of cyber threats, there is a growing need for robust cybersecurity measures.

This trend is driving the demand for cybersecurity solutions, such as firewalls, intrusion detection systems, and antivirus software. Local special circumstances in Central America also impact the Security market. The region is known for its high crime rates and security challenges.

This has created a strong demand for security solutions that can effectively address these challenges. Additionally, the region is characterized by a large informal economy, which presents unique security risks. This has led to the development of specialized security solutions tailored to the needs of the informal sector.

Underlying macroeconomic factors also play a role in the development of the Security market in Central America. Economic growth and increasing disposable incomes have contributed to the growing demand for security solutions. Additionally, government initiatives to improve security and reduce crime rates have created a favorable environment for the growth of the Security market.

In conclusion, the Security market in Central America is experiencing significant growth and development. Customer preferences are shifting towards more advanced and technologically advanced security solutions, such as smart security systems and integrated security solutions. Trends in the market include the increasing adoption of cloud-based security solutions and the growing importance of cybersecurity.

Local special circumstances, such as high crime rates and the presence of an informal economy, also impact the market. Underlying macroeconomic factors, such as economic growth and government initiatives, contribute to the growth of the Security market in Central America.

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.