Security - Colombia | Statista Market Forecast

Revenue in the Security market is projected to reach US$71.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.52%, resulting in a projected market volume of US$117.3m by 2029.
In the Security market, the number of active households is expected to amount to 4.5m users by 2029.
Household penetration will be 28.4% in 2024 and is expected to hit 38.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$19.69.

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)

Colombia, like many other countries, has experienced significant developments in its security market in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the growth and evolution of the industry.

Customer preferences in the security market in Colombia have shifted towards more advanced and integrated solutions. Customers are increasingly seeking comprehensive security systems that combine multiple technologies such as video surveillance, access control, and alarm systems. This trend is driven by the desire for increased efficiency, effectiveness, and convenience in security management.

Additionally, there is a growing demand for cloud-based security solutions, which allow for remote monitoring and management of security systems. Trends in the market reflect the increasing adoption of advanced technologies and the integration of security systems. The use of artificial intelligence and machine learning in video surveillance has become more prevalent, enabling advanced analytics and real-time threat detection.

Biometric authentication systems, such as fingerprint and facial recognition, are also gaining popularity for access control purposes. Furthermore, there is a growing emphasis on cybersecurity, as the interconnectedness of security systems introduces new vulnerabilities and risks. Local special circumstances in Colombia have also influenced the development of the security market.

The country has faced security challenges related to drug trafficking, organized crime, and political instability. These factors have created a need for robust security measures to protect individuals, businesses, and public spaces. The government has implemented various initiatives to improve security, including the deployment of surveillance cameras in high-crime areas and the establishment of specialized security forces.

These efforts have contributed to the growth of the security market and the adoption of advanced security technologies. Underlying macroeconomic factors have played a role in shaping the security market in Colombia. The country has experienced steady economic growth in recent years, which has led to increased investment in infrastructure, commercial properties, and residential developments.

This has created a demand for security solutions to protect these assets. Additionally, the rising middle class in Colombia has led to increased spending power and a greater focus on personal and property security. In conclusion, the security market in Colombia has experienced significant developments driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The shift towards integrated solutions, the adoption of advanced technologies, the need for robust security measures, and the country's economic growth have all contributed to the growth and evolution of the industry. As Colombia continues to address security challenges and invest in its infrastructure, the security market is expected to further expand and innovate.

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.