Security - Nepal | Statista Market Forecast

Revenue in the Security market is projected to reach US$9.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.79%, resulting in a projected market volume of US$19.1m by 2029.
In the Security market, the number of active households is expected to amount to 2.5m users by 2029.
Household penetration will be 32.0% in 2024 and is expected to hit 38.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.08.

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 Nepal has been experiencing significant growth in recent years, driven by various factors such as increasing security concerns, technological advancements, and government initiatives. Customer preferences in the Security market in Nepal are shifting towards more advanced and integrated security solutions.

Customers are looking for comprehensive security systems that can protect their homes, businesses, and public spaces from various threats such as theft, vandalism, and terrorism. They are also seeking solutions that can be easily monitored and controlled remotely, providing them with a sense of security and peace of mind. Trends in the market indicate a growing demand for surveillance cameras, access control systems, and alarm systems.

Surveillance cameras are becoming increasingly popular as they provide real-time monitoring and recording of activities, helping to deter criminal activities and identify perpetrators. Access control systems, such as biometric scanners and smart locks, are also in high demand as they enhance security by restricting access to authorized individuals. Alarm systems, including burglar alarms and fire alarms, are essential for early detection and prompt response to emergencies.

Local special circumstances in Nepal, such as the high incidence of crime and the vulnerability to natural disasters, have contributed to the growth of the Security market. The country has witnessed a rise in criminal activities, including theft, burglary, and cybercrime, which has created a greater need for robust security solutions. Additionally, Nepal is prone to natural disasters such as earthquakes and floods, which further emphasize the importance of reliable and resilient security systems.

Underlying macroeconomic factors, such as the increasing disposable income and urbanization in Nepal, have also played a role in the development of the Security market. As the economy grows and people's incomes rise, they are willing to invest in security solutions to protect their assets and ensure the safety of their families. Urbanization has led to the expansion of cities and the establishment of commercial and residential complexes, creating a demand for security systems to safeguard these spaces.

In conclusion, the Security market in Nepal is witnessing significant growth due to increasing security concerns, technological advancements, government initiatives, and customer preferences for advanced and integrated security solutions. The market is characterized by a growing demand for surveillance cameras, access control systems, and alarm systems. Local special circumstances, such as the high incidence of crime and vulnerability to natural disasters, have further fueled the growth of the market.

Underlying macroeconomic factors, including increasing disposable income and urbanization, have also contributed to the development of the Security market in Nepal.

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.