Security - Jordan | Statista Market Forecast

Revenue in the Security market is projected to reach US$5.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.23%, resulting in a projected market volume of US$12.8m by 2029.
In the Security market, the number of active households is expected to amount to 1.2m users by 2029.
Household penetration will be 40.8% in 2024 and is expected to hit 54.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.77.

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 Jordan has been experiencing significant growth in recent years. Customer preferences have shifted towards more advanced and sophisticated security solutions, driving the demand for innovative products and services. This trend is being fueled by several factors, including the increasing threat of terrorism and the need for enhanced security measures in both public and private sectors.

Customer preferences: Customers in Jordan are increasingly seeking security solutions that are not only effective but also technologically advanced. They are looking for products and services that can provide comprehensive protection against various threats, including cyberattacks, terrorism, and physical breaches. As a result, there is a growing demand for advanced surveillance systems, access control systems, and cybersecurity solutions.

Trends in the market: One of the key trends in the security market in Jordan is the adoption of integrated security systems. Customers are looking for solutions that can provide seamless integration between different security components, such as video surveillance, access control, and alarm systems. This allows for more efficient monitoring and response, as well as better coordination between different security teams. Another trend in the market is the increasing use of cloud-based security solutions. Cloud-based systems offer several advantages, including scalability, flexibility, and remote access. They also provide better data storage and analysis capabilities, allowing for more effective threat detection and prevention.

Local special circumstances: Jordan is located in a volatile region, surrounded by countries with ongoing conflicts and security challenges. This has led to an increased focus on security in both the public and private sectors. The government has implemented stringent security measures to protect critical infrastructure and ensure the safety of its citizens. This has created a favorable environment for the growth of the security market in the country.

Underlying macroeconomic factors: The security market in Jordan is also influenced by several macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to increased investment in infrastructure and commercial projects. This has created opportunities for security companies to provide their services in sectors such as construction, hospitality, and retail. Furthermore, the government has been actively promoting foreign investment and entrepreneurship, which has attracted international companies to establish their presence in the country. These companies often require advanced security solutions to protect their assets and ensure the safety of their employees. In conclusion, the security market in Jordan is witnessing significant growth due to changing customer preferences, increasing security threats, and favorable local circumstances. The adoption of advanced and integrated security systems, as well as the use of cloud-based solutions, are key trends in the market. The country's stable economic growth and government initiatives to attract foreign investment also contribute to the development of the security market.

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.