Security - Guatemala | Statista Market Forecast

Revenue in the Security market is projected to reach US$15.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.07%, resulting in a projected market volume of US$33.4m by 2029.
In the Security market, the number of active households is expected to amount to 800.2k users by 2029.
Household penetration will be 16.4% in 2024 and is expected to hit 21.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$25.41.

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 Guatemala has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates and a growing awareness of the need for personal and property protection. Customer preferences in the market have shifted towards more advanced security systems and services, as individuals and businesses seek to enhance their safety and security measures.

Customer preferences: In Guatemala, customer preferences in the security market have evolved from traditional security measures such as locks and alarms to more sophisticated systems and services. This shift can be attributed to several factors, including rising crime rates and a desire for more comprehensive security solutions. Customers are increasingly opting for advanced security technologies such as surveillance cameras, access control systems, and remote monitoring services. Additionally, there is a growing demand for integrated security solutions that combine multiple features and can be easily managed through mobile applications.

Trends in the market: One of the key trends in the security market in Guatemala is the adoption of smart security systems. Smart security systems offer enhanced convenience and control, allowing users to remotely monitor and manage their security systems through their smartphones or other connected devices. This trend is driven by the increasing availability of affordable smart home security products and the growing popularity of home automation. Another significant trend in the market is the rise of security as a service. Instead of purchasing security systems outright, customers are increasingly opting for subscription-based security services. This trend is driven by the desire for hassle-free security solutions, as well as the flexibility to upgrade or downgrade services as needed. Security as a service providers offer a range of services, including installation, monitoring, and maintenance, which appeal to customers who want a comprehensive security solution without the burden of managing it themselves.

Local special circumstances: Guatemala faces unique security challenges, including high crime rates and a prevalence of organized crime. These circumstances have contributed to the growing demand for security products and services in the country. Additionally, the geographic location of Guatemala, with its borders with Mexico and Belize, makes it vulnerable to transnational criminal activities such as drug trafficking and human smuggling. This further emphasizes the need for robust security measures to protect individuals, businesses, and national security.

Underlying macroeconomic factors: The security market in Guatemala is influenced by several macroeconomic factors. Economic growth and stability play a significant role in driving the demand for security products and services. As the Guatemalan economy continues to grow, individuals and businesses have more disposable income to invest in security measures. Additionally, political stability and government initiatives to combat crime can also impact the security market. A stable political environment and effective law enforcement efforts can instill confidence in the population and encourage investment in security solutions. In conclusion, the security market in Guatemala is experiencing growth due to increasing crime rates, changing customer preferences, and the need for enhanced security measures. The adoption of smart security systems and security as a service are key trends in the market, driven by the desire for convenience and comprehensive security solutions. Local special circumstances, such as high crime rates and transnational criminal activities, further contribute to the demand for security products and services. Economic growth, political stability, and government initiatives also play a significant role in shaping the security market in Guatemala.

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.