Security - Haiti | Statista Market Forecast

Revenue in the Security market is projected to reach US$3.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.73%, resulting in a projected market volume of US$7.0m by 2029.
In the Security market, the number of active households is expected to amount to 359.5k users by 2029.
Household penetration will be 11.4% in 2024 and is expected to hit 14.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$13.13.

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 Haiti has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, political instability, and a growing awareness of the importance of security among individuals and businesses. Customer preferences in the Security market in Haiti are largely driven by the need for personal safety and protection.

With rising crime rates and instances of violence, individuals are increasingly seeking security solutions to safeguard their homes, families, and assets. This has led to a growing demand for residential security systems, including burglar alarms, surveillance cameras, and access control systems. Additionally, businesses in Haiti are also prioritizing security measures to protect their premises, employees, and valuable assets.

This has created a demand for commercial security solutions such as video surveillance, alarm systems, and security guards. Trends in the Security market in Haiti indicate a shift towards more advanced and integrated security solutions. As technology continues to evolve, customers are increasingly looking for smart security systems that offer remote monitoring and control capabilities.

This includes features such as mobile app access, real-time notifications, and the ability to integrate with other smart home or business automation systems. Furthermore, there is a growing demand for cloud-based security solutions, which provide flexibility, scalability, and remote access to security data. Local special circumstances in Haiti, such as political instability and high crime rates, have contributed to the growth of the Security market.

The country has faced numerous political and social challenges in recent years, leading to an increase in criminal activities. This has created a sense of insecurity among the population, driving the demand for security solutions. Additionally, the lack of effective law enforcement and public safety measures has further emphasized the need for private security services and systems.

Underlying macroeconomic factors also play a role in the development of the Security market in Haiti. The country has a relatively low GDP per capita, which limits the purchasing power of the population. However, the increasing crime rates and security concerns have made security a priority for individuals and businesses, leading to a willingness to invest in security solutions.

Additionally, the government has recognized the importance of security and has implemented initiatives to improve public safety, which indirectly supports the growth of the Security market. In conclusion, the Security market in Haiti is experiencing growth due to increasing crime rates, political instability, and a growing awareness of the importance of security. Customer preferences are driven by the need for personal safety and protection, leading to a demand for residential and commercial security solutions.

The market is witnessing a trend towards more advanced and integrated security systems, with a focus on smart and cloud-based solutions. Local special circumstances, such as political instability and high crime rates, contribute to the growth of the market. Underlying macroeconomic factors, including low GDP per capita and government initiatives, also play a role in the development of the Security market in Haiti.

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.