Security - Malaysia | Statista Market Forecast

Revenue in the Security market is projected to reach US$56.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.22%, resulting in a projected market volume of US$105.9m by 2029.
In the Security market, the number of active households is expected to amount to 4.0m users by 2029.
Household penetration will be 40.8% in 2024 and is expected to hit 50.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$16.03.

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 Malaysia 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.

Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the Security market in Malaysia. Customer preferences in Malaysia have been shaped by the increasing awareness of security threats and the need for protection. With the rise of cybercrime and other security concerns, individuals and businesses are seeking comprehensive security solutions to safeguard their assets.

This has led to a growing demand for advanced security systems, including surveillance cameras, access control systems, and alarm systems. Customers are also looking for integrated solutions that offer seamless connectivity and remote monitoring capabilities. Trends in the Security market in Malaysia reflect the global shift towards digitalization and automation.

The adoption of Internet of Things (IoT) technology has enabled the integration of various security devices and systems, allowing for more efficient and effective security management. This trend is expected to continue as businesses and individuals seek to enhance their security measures and mitigate risks. Local special circumstances in Malaysia have also contributed to the development of the Security market.

The country has witnessed a rise in urbanization and economic growth, leading to increased investments in infrastructure and commercial properties. As a result, there is a growing demand for security solutions to protect these assets. Additionally, the government has implemented various initiatives to enhance security measures, including the installation of surveillance cameras in public areas and the implementation of stricter regulations on security standards.

Underlying macroeconomic factors have also played a role in the growth of the Security market in Malaysia. The country's stable economic environment and favorable business climate have attracted foreign investments, leading to increased demand for security solutions. Furthermore, the government's focus on promoting digitalization and smart city initiatives has created opportunities for security providers to offer innovative solutions.

In conclusion, the Security market in Malaysia is developing rapidly due to changing customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced security solutions, driven by the need for protection and the rise of digitalization, is expected to continue to fuel 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.