Security - Iraq | Statista Market Forecast

Revenue in the Security market is projected to reach US$14.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.41%, resulting in a projected market volume of US$34.5m by 2029.
In the Security market, the number of active households is expected to amount to 4.6m users by 2029.
Household penetration will be 56.1% in 2024 and is expected to hit 64.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.26.

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 Iraq has been experiencing significant growth in recent years. Customer preferences in the Security market in Iraq have been shifting towards advanced security solutions and technologies.

With the increasing threat of terrorism and political instability in the region, there is a growing demand for security systems that can effectively detect and prevent potential threats. Customers are also seeking solutions that are easy to use and integrate with existing infrastructure. Additionally, there is a preference for security systems that offer remote monitoring and control capabilities, allowing users to access and manage their security systems from anywhere at any time.

Trends in the Security market in Iraq indicate a growing adoption of advanced surveillance technologies such as video analytics, facial recognition, and biometric authentication. These technologies provide enhanced security by accurately identifying and tracking potential threats. The market is also witnessing an increased demand for integrated security solutions that combine multiple security systems into a unified platform.

This allows for better coordination and response to security incidents. Furthermore, there is a rising trend of outsourcing security services to specialized security companies, as they offer expertise and resources that may not be available in-house. Local special circumstances in Iraq have contributed to the development of the Security market.

The country has been grappling with political instability and terrorism, which has led to an increased focus on security measures. The government has implemented various initiatives to enhance security across the country, including the deployment of advanced surveillance systems and the establishment of security checkpoints. Additionally, the growing presence of international organizations and businesses in Iraq has created a need for robust security solutions to protect their assets and personnel.

Underlying macroeconomic factors have also played a role in the growth of the Security market in Iraq. The country has experienced an increase in investment in critical infrastructure projects, such as oil and gas facilities, airports, and power plants. These projects require comprehensive security solutions to safeguard the infrastructure and ensure uninterrupted operations.

Furthermore, the rising disposable income and urbanization in Iraq have contributed to the demand for residential and commercial security systems. In conclusion, the Security market in Iraq is witnessing significant growth due to customer preferences for advanced security solutions, the adoption of new technologies, local special circumstances, and underlying macroeconomic factors. The market is expected to continue to expand as the country focuses on enhancing security measures to mitigate the threats posed by terrorism and political instability.

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.