Security - Jamaica | Statista Market Forecast

Revenue in the Security market is projected to reach US$3.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.34%, resulting in a projected market volume of US$6.3m by 2029.
In the Security market, the number of active households is expected to amount to 360.7k users by 2029.
Household penetration will be 31.8% in 2024 and is expected to hit 40.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$9.31.

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 Jamaica has been experiencing significant growth in recent years, driven by a number of factors. Customer preferences in the Security market in Jamaica have shifted towards more advanced and sophisticated security solutions.

This is due to increasing awareness of the importance of security in both residential and commercial settings. Customers are now seeking out products and services that offer enhanced protection and peace of mind. Additionally, there is a growing demand for integrated security systems that can be easily managed and monitored remotely.

Trends in the market indicate that there is a strong focus on technological advancements in the Security sector in Jamaica. This includes the adoption of smart home security systems, which allow homeowners to control and monitor their security systems through their smartphones or other connected devices. There is also a growing interest in video surveillance systems, as well as access control solutions that utilize biometric technology.

These trends reflect a desire for more efficient and effective security measures that can provide real-time information and quick response times. Local special circumstances in Jamaica have also contributed to the development of the Security market. The country has experienced high levels of crime in recent years, particularly in urban areas.

This has created a heightened sense of insecurity among the population, leading to an increased demand for security products and services. Additionally, the tourism industry, which is a major contributor to the Jamaican economy, relies heavily on the safety and security of visitors. This has further fueled the demand for security solutions in the country.

Underlying macroeconomic factors have played a role in the growth of the Security market in Jamaica. The country has seen steady economic growth in recent years, which has resulted in an increase in disposable income among the population. This has allowed individuals and businesses to invest in security systems and services.

Furthermore, the government has also recognized the importance of security and has implemented measures to improve public safety. This has created a favorable environment for the Security market to thrive. In conclusion, the Security market in Jamaica is experiencing significant growth due to shifting customer preferences, technological advancements, local special circumstances, and underlying macroeconomic factors.

The demand for more advanced and integrated security solutions, driven by a heightened sense of insecurity and the need for improved public safety, has created opportunities for the industry to expand. As the country continues to develop and the importance of security remains a priority, the Security market in Jamaica is expected to continue to grow in the coming years.

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.