Security - Guyana

Guyana

Revenue in the Security market is projected to reach US$0.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 15.11%, resulting in a projected market volume of US$1.6m by 2028.
In the Security market, the number of active households is expected to amount to 14.9k users by 2028.
Household penetration will be 3.3% in 2024 and is expected to hit 5.7% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$111.60.

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Analyst Opinion

The Security market in Guyana is experiencing significant growth due to several key factors.

Customer preferences: Customers in Guyana are increasingly prioritizing the safety and security of their homes and businesses. This is driven by a variety of factors, including rising crime rates and a growing awareness of the importance of security measures. As a result, there is a strong demand for security systems and services, including CCTV cameras, alarm systems, access control systems, and security guards.

Trends in the market: One of the key trends in the security market in Guyana is the increasing adoption of technology-based security solutions. This includes the use of CCTV cameras with advanced features such as facial recognition and video analytics, as well as remote monitoring and control systems. These technologies not only enhance the effectiveness of security systems but also provide customers with greater convenience and peace of mind. Another trend in the market is the growing popularity of integrated security solutions. Customers are increasingly looking for comprehensive security systems that combine multiple components, such as surveillance cameras, access control systems, and alarm systems, into a single, cohesive solution. This allows for better coordination and communication between different security measures, resulting in a more effective overall security strategy.

Local special circumstances: Guyana has experienced an increase in criminal activities in recent years, including theft, burglary, and violent crimes. This has created a sense of insecurity among the population and has led to a greater demand for security products and services. Additionally, the country's geographical location and natural resources make it vulnerable to external threats, such as illegal fishing and drug trafficking, further driving the need for robust security measures.

Underlying macroeconomic factors: The growing security market in Guyana is also influenced by several macroeconomic factors. The country's economy has been experiencing steady 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 properties. Furthermore, the government of Guyana has recognized the importance of security and has implemented various initiatives to improve law enforcement and enhance public safety. This includes the establishment of specialized security units, the implementation of stricter regulations, and the allocation of resources to combat crime. These measures have created a favorable environment for the security market to thrive. In conclusion, the security market in Guyana is witnessing significant growth due to increasing customer preferences for safety and security, the adoption of technology-based solutions, and the growing demand for integrated security systems. The country's high crime rates, vulnerability to external threats, and favorable macroeconomic conditions have further contributed to the development of the market.

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.