Security - Papua New Guinea | Statista Market Forecast

Revenue in the Security market is projected to reach US$1.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.17%, resulting in a projected market volume of US$2.8m by 2029.
In the Security market, the number of active households is expected to amount to 369.9k users by 2029.
Household penetration will be 13.2% in 2024 and is expected to hit 17.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.70.

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 Papua New Guinea has been experiencing significant growth in recent years.

Customer preferences: Customers in Papua New Guinea have shown a strong preference for security products and services that provide comprehensive protection for their homes, businesses, and assets. This includes a wide range of offerings such as surveillance systems, access control systems, alarm systems, and security guards. The increasing crime rates and the need for personal safety have driven the demand for these security solutions.

Trends in the market: One of the key trends in the security market in Papua New Guinea is the adoption of advanced technology. Customers are increasingly looking for state-of-the-art security systems that offer enhanced features such as facial recognition, remote monitoring, and integration with other smart home devices. This trend is driven by the growing awareness of the benefits of technology in improving security levels and the availability of affordable and innovative security solutions in the market. Another trend in the market is the shift towards integrated security solutions. Customers are seeking comprehensive security systems that combine multiple security measures to provide a holistic approach to protection. This includes integrating surveillance cameras with access control systems and alarm systems to create a seamless and interconnected security network. The demand for integrated solutions is driven by the need for a more efficient and effective security infrastructure.

Local special circumstances: Papua New Guinea has unique security challenges due to its geographical location and social dynamics. The country is characterized by diverse landscapes, including remote and isolated areas, which pose challenges for security providers in terms of installation and maintenance of security systems. Additionally, the country has a high crime rate, with issues such as theft, burglary, and vandalism being common. These factors have created a strong demand for security solutions that can address the specific needs and challenges of the local market.

Underlying macroeconomic factors: The growth of the security market in Papua New Guinea is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. As a result, individuals and businesses are more willing to invest in security products and services to protect their assets. Furthermore, the government has recognized the importance of security and has implemented policies and initiatives to improve law enforcement and public safety. This has created a favorable environment for the security market to thrive. In conclusion, the security market in Papua New Guinea is experiencing significant growth due to customer preferences for comprehensive security solutions, the adoption of advanced technology, and the unique security challenges faced by the country. The underlying macroeconomic factors, such as economic growth and government initiatives, further contribute to the development of the market. As the demand for security continues to rise, it is expected that the market will continue to expand and evolve in the coming years.

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.