Security - Kyrgyzstan | Statista Market Forecast

Revenue in the Security market is projected to reach US$2.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.79%, resulting in a projected market volume of US$6.1m by 2029.
In the Security market, the number of active households is expected to amount to 676.5k users by 2029.
Household penetration will be 36.9% in 2024 and is expected to hit 44.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.72.

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 Kyrgyzstan has been experiencing significant growth in recent years.

Customer preferences: Customers in Kyrgyzstan are increasingly prioritizing the safety and security of their homes, businesses, and personal belongings. This is driven by a rising awareness of the importance of security measures in preventing crime and protecting assets. As a result, there is a growing demand for security systems and services in the country.

Trends in the market: One of the key trends in the security market in Kyrgyzstan is the adoption of advanced technology. Customers are increasingly looking for sophisticated security solutions that can provide real-time monitoring, remote access, and integration with other smart home or business automation systems. This has led to the introduction of innovative products such as smart surveillance cameras, biometric access control systems, and cloud-based security platforms. Another trend in the market is the shift towards integrated security solutions. Customers are seeking comprehensive security systems that can address multiple threats and vulnerabilities. This includes the integration of various security components such as video surveillance, access control, intrusion detection, and fire alarm systems. Integrated solutions not only provide better protection but also offer cost and operational efficiencies.

Local special circumstances: Kyrgyzstan is a developing country with a growing economy. As the country continues to modernize and attract foreign investments, there is an increased need for security measures to protect businesses and assets. Additionally, the country has a diverse population with different cultural backgrounds, which can create unique security challenges. This requires security providers to understand and cater to the specific needs and preferences of different customer segments.

Underlying macroeconomic factors: The growth of the security market in Kyrgyzstan is influenced by several macroeconomic factors. Firstly, the country's GDP has been steadily increasing, which has resulted in higher disposable incomes and increased spending power among consumers. This enables individuals and businesses to invest in security solutions. Secondly, the government of Kyrgyzstan has been focusing on improving the overall security infrastructure in the country. This includes the implementation of security regulations, the establishment of specialized security agencies, and the promotion of public-private partnerships in the security sector. These initiatives create a favorable environment for the growth of the security market. Lastly, the increasing urbanization and population growth in Kyrgyzstan have contributed to the demand for security solutions. As cities expand and become more densely populated, the need for effective security measures becomes even more critical. This presents opportunities for security providers to offer their products and services to both residential and commercial customers. In conclusion, the Security market in Kyrgyzstan is experiencing growth due to customer preferences for safety and security, the adoption of advanced technology, the shift towards integrated security solutions, local special circumstances, and underlying macroeconomic factors.

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.