Security - Lebanon | Statista Market Forecast

Revenue in the Security market is projected to reach US$6.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.57%, 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 410.3k users by 2029.
Household penetration will be 37.1% in 2024 and is expected to hit 49.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$15.81.

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 Lebanon has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions and the need for enhanced protection in the face of evolving security threats. Customer preferences in the Security market in Lebanon have been shifting towards more sophisticated and technologically advanced security systems.

This is driven by the rising awareness among customers about the importance of security and the need to protect their assets. Customers are increasingly seeking solutions that offer comprehensive security coverage, including surveillance cameras, access control systems, and alarm systems. Additionally, there is a growing demand for integrated security solutions that can be remotely monitored and controlled through mobile applications.

One of the key trends in the Security market in Lebanon is the adoption of cloud-based security solutions. Cloud-based security systems offer several advantages, including scalability, flexibility, and cost-effectiveness. These solutions allow customers to remotely monitor and manage their security systems, providing real-time access to video footage and alerts.

The increasing availability of high-speed internet connectivity in Lebanon has further facilitated the adoption of cloud-based security solutions. Another trend in the Security market in Lebanon is the growing importance of cybersecurity. With the increasing reliance on digital technologies and the rise in cyber threats, there is a growing need for robust cybersecurity solutions.

Customers are increasingly looking for security systems that can protect their networks, data, and devices from cyber attacks. This has led to the emergence of specialized cybersecurity companies in Lebanon, offering a range of solutions such as network security, endpoint protection, and threat intelligence. Local special circumstances in Lebanon have also contributed to the development of the Security market.

The country has faced security challenges in recent years, including political instability and the threat of terrorism. These factors have heightened the demand for security solutions, as individuals and businesses seek to protect themselves and their assets. Additionally, Lebanon has a strong presence of international organizations and embassies, which require advanced security systems to ensure the safety of their personnel and facilities.

Underlying macroeconomic factors have also played a role in the growth of the Security market in Lebanon. The country has a relatively high GDP per capita compared to other countries in the region, which has increased the purchasing power of individuals and businesses. This has allowed for greater investment in security solutions.

Furthermore, the government has recognized the importance of security and has implemented policies to support the development of the sector. This includes providing incentives for businesses to invest in security technologies and promoting collaboration between the public and private sectors. In conclusion, the Security market in Lebanon is experiencing growth due to increasing customer preferences for advanced security solutions, the adoption of cloud-based security systems, the growing importance of cybersecurity, local special circumstances, and underlying macroeconomic factors.

As the security landscape continues to evolve, the market is expected to witness further advancements and innovations 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.