Security - Costa Rica | Statista Market Forecast

Revenue in the Security market is projected to reach US$15.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.32%, resulting in a projected market volume of US$33.5m by 2029.
In the Security market, the number of active households is expected to amount to 458.3k users by 2029.
Household penetration will be 31.1% in 2024 and is expected to hit 38.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$38.93.

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 Costa Rica is experiencing significant growth and development in recent years. Customer preferences in the Security market in Costa Rica are shifting towards more advanced and sophisticated security solutions.

Customers are increasingly looking for comprehensive security systems that offer a wide range of features and capabilities, such as surveillance cameras, access control systems, and alarm systems. This is driven by the growing awareness of the importance of security in both residential and commercial settings. Additionally, there is a rising demand for security solutions that can be remotely monitored and controlled through mobile devices, providing customers with greater convenience and peace of mind.

Trends in the market indicate a strong focus on technology and innovation. Security companies in Costa Rica are investing in research and development to create cutting-edge security products and solutions. This includes the use of advanced analytics and artificial intelligence to enhance the effectiveness of security systems.

For example, video surveillance systems can now analyze video footage in real-time to detect suspicious activities or identify individuals. This trend is driven by the need to stay ahead of increasingly sophisticated security threats. Local special circumstances in Costa Rica also contribute to the development of the Security market.

The country has experienced a significant increase in crime rates in recent years, particularly in urban areas. This has led to a growing demand for security solutions to protect homes, businesses, and public spaces. Additionally, the tourism industry is a major driver of the economy in Costa Rica, and the safety and security of tourists are a top priority.

This has created a demand for security services in hotels, resorts, and tourist attractions. Underlying macroeconomic factors also play a role in the development of the Security market in Costa Rica. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending.

This has allowed individuals and businesses to invest in security solutions to protect their assets and ensure the safety of their employees and customers. Additionally, the government of Costa Rica has implemented policies to attract foreign investment and promote economic development. This has created opportunities for international security companies to enter the market and contribute to its growth.

In conclusion, the Security market in Costa Rica is experiencing growth and development due to shifting customer preferences, a focus on technology and innovation, local special circumstances, and underlying macroeconomic factors. The demand for advanced security solutions is driven by the growing awareness of the importance of security and the need for comprehensive and convenient security systems. The market is expected to continue to expand as the country's economy grows and the need for security solutions increases.

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.