Security - Oman | Statista Market Forecast

Revenue in the Security market is projected to reach US$6.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 19.46%, resulting in a projected market volume of US$15.6m by 2029.
In the Security market, the number of active households is expected to amount to 429.9k users by 2029.
Household penetration will be 44.4% in 2024 and is expected to hit 51.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$15.46.

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

This is due to the increasing awareness among customers about the importance of security and the need to protect their assets. Customers are now looking for comprehensive security solutions that can provide them with real-time monitoring, remote access, and advanced analytics capabilities. They are also demanding integrated security systems that can seamlessly connect different security devices and sensors.

Additionally, customers are increasingly opting for cloud-based security solutions, which offer scalability, flexibility, and cost-effectiveness. In terms of trends, the Security market in Oman is witnessing a growing demand for video surveillance systems. This trend can be attributed to the increasing need for monitoring and surveillance in various sectors, such as retail, transportation, and government.

Video surveillance systems provide real-time monitoring, recording, and analysis of video footage, enabling organizations to enhance their security measures and respond quickly to any security threats. Another trend in the market is the adoption of access control systems, which allow organizations to restrict access to their premises and ensure only authorized individuals can enter. This trend is driven by the need for enhanced security and the increasing use of smart cards, biometrics, and mobile access control solutions.

Local special circumstances in Oman also contribute to the development of the Security market. Oman has been investing heavily in infrastructure development, including the construction of airports, seaports, and commercial complexes. These infrastructure projects require robust security systems to ensure the safety of people and assets.

Additionally, Oman is a popular tourist destination, attracting a large number of visitors every year. This has led to an increased focus on security in the hospitality sector, with hotels and resorts investing in advanced security solutions to protect their guests and maintain their reputation. Underlying macroeconomic factors are also playing a role in the growth of the Security market in Oman.

The country has been experiencing steady economic growth, driven by diversification efforts and investments in various sectors. This has led to an increase in disposable income and consumer spending, which in turn has fueled the demand for security solutions. Furthermore, the government of Oman has been implementing initiatives to enhance security and safety in the country, such as the establishment of the Royal Oman Police's Directorate General of Civil Defense and the implementation of the National Cybersecurity Strategy.

These initiatives have created a favorable environment for the growth of the Security market. In conclusion, the Security market in Oman is developing rapidly due to increasing customer preferences for advanced security solutions, the local special circumstances in the country, and the underlying macroeconomic factors. The market is witnessing a shift towards more sophisticated and technologically advanced security systems, with a growing demand for video surveillance and access control systems.

The investments in infrastructure development and the focus on security in the hospitality sector are also driving 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.