Security - Kuwait | Statista Market Forecast

Revenue in the Security market is projected to reach US$7.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.96%, resulting in a projected market volume of US$18.6m by 2029.
In the Security market, the number of active households is expected to amount to 383.3k users by 2029.
Household penetration will be 44.1% in 2024 and is expected to hit 51.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$20.36.

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 Kuwait has been experiencing significant growth in recent years.

Customer preferences: In Kuwait, there is a strong demand for security solutions due to the increasing concerns over safety and security. Customers are looking for comprehensive security systems that can protect their homes, businesses, and public spaces. This includes surveillance cameras, access control systems, and alarm systems. Additionally, there is a growing interest in smart security solutions that can be controlled remotely through mobile devices.

Trends in the market: One of the key trends in the security market in Kuwait is the adoption of advanced technologies. This includes the use of artificial intelligence (AI) and machine learning algorithms to enhance the effectiveness of security systems. AI-powered video analytics, for example, can automatically detect and alert security personnel to potential threats or suspicious activities. This trend is driven by the need for more efficient and proactive security solutions. Another trend in the market is the integration of security systems with other smart home technologies. Customers are increasingly looking for solutions that can be easily integrated with their existing smart home devices, such as smart locks, lighting systems, and thermostats. This integration allows for a more seamless and convenient user experience.

Local special circumstances: Kuwait is a country with a high level of wealth and a strong focus on security. There is a large expatriate population in Kuwait, which has contributed to the demand for security solutions. Expatriates often have valuable assets and are concerned about the safety of their homes and businesses. Additionally, Kuwait is located in a region that has experienced political instability and security threats, further driving the demand for security solutions.

Underlying macroeconomic factors: The growth of the security market in Kuwait is also influenced by macroeconomic factors. The country has a stable economy and a high per capita income, which allows for increased spending on security solutions. Additionally, the government has been investing in infrastructure development, including the construction of new residential and commercial buildings. This has created opportunities for security companies to provide their services to these new developments. In conclusion, the security market in Kuwait is experiencing significant growth due to customer preferences for comprehensive security solutions, the adoption of advanced technologies, and the integration with other smart home devices. The local special circumstances, such as the high level of wealth and the political instability in the region, further contribute to the demand for security solutions. The underlying macroeconomic factors, including the stable economy and infrastructure development, also play a role in the growth of the 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.