Security - Pakistan

Pakistan

Revenue in the Security market is projected to reach US$12.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.83%, resulting in a projected market volume of US$13.2m by 2029.
In the Security market, the number of active households is expected to amount to 8.6m users by 2029.
Household penetration will be 15.2% in 2024 and is expected to hit 19.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.95.

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Analyst Opinion

The Security market in Pakistan is experiencing significant growth and development in recent years.

Customer preferences: Customers in Pakistan have shown a strong preference for security solutions that are reliable, affordable, and easy to use. They value products and services that provide effective protection against various threats, such as theft, vandalism, and unauthorized access. Additionally, customers are increasingly seeking integrated security solutions that combine multiple functionalities, such as video surveillance, access control, and alarm systems. This allows for a more comprehensive approach to security management and enhances overall efficiency.

Trends in the market: One of the key trends in the security market in Pakistan is the increasing adoption of advanced technologies. This includes the use of artificial intelligence (AI), machine learning, and data analytics to enhance the effectiveness and efficiency of security systems. These technologies enable real-time monitoring, predictive analysis, and proactive threat detection, empowering security personnel to respond quickly and effectively to potential risks. Furthermore, there is a growing focus on the integration of security systems with other smart technologies, such as Internet of Things (IoT) devices, to create a more interconnected and intelligent security ecosystem. Another trend in the market is the shift towards cloud-based security solutions. Cloud-based systems offer numerous advantages, including scalability, flexibility, and remote access. This allows businesses and individuals to easily expand their security capabilities as needed and access their security systems from anywhere at any time. Additionally, cloud-based solutions often come with lower upfront costs and reduced maintenance requirements, making them more affordable for a wider range of customers.

Local special circumstances: Pakistan faces unique security challenges, including political instability, terrorism, and high crime rates in certain areas. These circumstances have created a strong demand for security solutions that can effectively address these specific challenges. As a result, there is a growing market for robust security systems that can withstand harsh environments, provide reliable performance, and offer advanced features for threat detection and prevention.

Underlying macroeconomic factors: The security market in Pakistan is influenced by several macroeconomic factors. Economic growth and stability play a significant role in driving the demand for security solutions, as businesses and individuals are more willing to invest in security when they have the financial means to do so. Additionally, government initiatives and regulations aimed at improving security standards and reducing crime rates can also stimulate market growth. Finally, advancements in technology and the availability of innovative security solutions from both local and international vendors contribute to the development of the security market in Pakistan.

Methodology

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.