Security - Laos | Statista Market Forecast

Revenue in the Security market is projected to reach US$2.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.30%, resulting in a projected market volume of US$5.8m by 2029.
In the Security market, the number of active households is expected to amount to 601.3k users by 2029.
Household penetration will be 32.6% in 2024 and is expected to hit 41.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.75.

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 Laos has been experiencing significant growth in recent years, driven by increasing customer preferences for advanced security solutions and the emergence of local special circumstances. Customer preferences in the Security market in Laos have been shifting towards more sophisticated and technologically advanced solutions.

As the country continues to develop and modernize, there is a growing need for robust security systems to protect both individuals and businesses. Customers are increasingly seeking comprehensive security solutions that incorporate features such as surveillance cameras, access control systems, and alarm systems. This shift in preferences can be attributed to the rising awareness of the importance of security and the increasing affordability of advanced security technologies.

Trends in the Security market in Laos indicate a growing demand for integrated security solutions. Customers are seeking seamless integration of various security systems, allowing for centralized monitoring and control. This trend is driven by the need for more efficient and effective security management, as well as the desire for convenience and ease of use.

Integrated security solutions provide a comprehensive approach to security, enabling customers to monitor and manage their security systems from a single platform. Local special circumstances in Laos have also contributed to the development of the Security market. The country has experienced rapid urbanization and economic growth, resulting in an increased demand for security solutions.

As more people move to urban areas and businesses expand, the need for security systems to protect people and property becomes paramount. Additionally, the rise of tourism in Laos has created a need for enhanced security measures to ensure the safety of tourists and maintain a positive image of the country. Underlying macroeconomic factors have also played a role in the development of the Security market in Laos.

The country's stable economic growth and increasing disposable income have allowed individuals and businesses to invest in security solutions. Furthermore, government initiatives to improve security infrastructure and regulations have created a favorable environment for the growth of the Security market. Overall, the Security market in Laos is experiencing significant growth due to shifting customer preferences, trends towards integrated security solutions, local special circumstances, and favorable macroeconomic factors.

As the country continues to develop and modernize, the demand for advanced security solutions is expected to further increase.

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.