Security - Panama | Statista Market Forecast

Revenue in the Security market is projected to reach US$9.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.64%, resulting in a projected market volume of US$22.1m by 2029.
In the Security market, the number of active households is expected to amount to 372.6k users by 2029.
Household penetration will be 28.8% in 2024 and is expected to hit 35.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$30.71.

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 Panama has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions, emerging trends in the market, and local special circumstances. Customer preferences in the Security market in Panama have shifted towards more sophisticated and technologically advanced security solutions.

With rising concerns about crime and security, customers are increasingly looking for comprehensive security systems that offer features such as video surveillance, access control, and alarm systems. They are also seeking integrated solutions that can be remotely monitored and controlled, providing a higher level of convenience and peace of mind. Additionally, there is a growing demand for cybersecurity solutions, as businesses and individuals become more aware of the risks associated with online threats and data breaches.

Trends in the Security market in Panama are aligned with global market trends, but with some local variations. One major trend is the adoption of smart home security systems. As the concept of smart homes gains popularity in Panama, homeowners are increasingly integrating security systems with home automation technologies.

This allows them to control and monitor their security systems remotely using smartphones or other connected devices. Another trend is the integration of artificial intelligence and machine learning technologies in security systems. These technologies enable advanced analytics and predictive capabilities, enhancing the effectiveness of security systems in detecting and preventing threats.

Local special circumstances in Panama contribute to the development of the Security market. The country's geographical location as a major transportation hub and its growing economy make it vulnerable to security risks such as drug trafficking, money laundering, and organized crime. This has led to increased investments in security infrastructure by both the government and private sector.

Additionally, Panama's status as a popular tourist destination has created a demand for security solutions in the hospitality industry, including hotels, resorts, and casinos. The government has also implemented security measures to protect the Panama Canal, a critical transportation route for global trade. Underlying macroeconomic factors support the growth of the Security market in Panama.

The country's stable economic growth and increasing disposable income levels have allowed individuals and businesses to invest in security solutions. Furthermore, the government's focus on improving public safety and security has created opportunities for security companies to provide their services to government agencies and departments. The ongoing urbanization and infrastructure development in Panama also contribute to the demand for security systems in residential and commercial buildings.

In conclusion, the Security market in Panama is developing in response to customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The adoption of sophisticated security systems, the integration of smart home technologies, and the use of artificial intelligence are driving the growth of the market. Additionally, Panama's geographical location, economic growth, and focus on public safety contribute to the demand for security solutions in the country.

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.