Security - Peru | Statista Market Forecast

Revenue in the Security market is projected to reach US$16.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.64%, resulting in a projected market volume of US$28.6m by 2029.
In the Security market, the number of active households is expected to amount to 4.1m users by 2029.
Household penetration will be 38.9% in 2024 and is expected to hit 50.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.76.

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 Peru has been experiencing significant growth in recent years. Customer preferences have shifted towards more advanced and sophisticated security solutions, leading to an increase in demand for security products and services.

This trend is driven by a combination of factors, including rising crime rates, technological advancements, and increasing awareness of the importance of security. Customer preferences in the Security market in Peru have evolved to prioritize more advanced and sophisticated security solutions. As crime rates continue to rise, individuals and businesses are becoming increasingly concerned about their safety and the security of their assets.

This has led to a growing demand for security products and services that offer enhanced protection and peace of mind. In addition to rising crime rates, technological advancements have also played a key role in shaping customer preferences in the Security market. The development of smart home security systems, surveillance cameras with advanced features such as facial recognition, and remote monitoring capabilities have become increasingly popular among consumers.

These technological advancements not only provide better security but also offer convenience and ease of use. Furthermore, increasing awareness of the importance of security has also contributed to the growth of the Security market in Peru. As individuals and businesses become more informed about the potential risks and vulnerabilities they face, they are more likely to invest in security solutions to protect themselves and their assets.

This awareness has been further heightened by media coverage of high-profile security breaches and incidents. The Security market in Peru is also influenced by local special circumstances. The country's geographic location and political stability have made it an attractive destination for foreign investment.

As a result, there has been a significant increase in the number of multinational corporations and international organizations operating in Peru. These entities often have higher security requirements, leading to an increased demand for sophisticated security solutions. Underlying macroeconomic factors also play a role in the development of the Security market in Peru.

The country's steady economic growth and increasing disposable income levels have contributed to a rise in consumer spending on security products and services. Additionally, government initiatives to improve public safety and security have also fueled the demand for security solutions. In conclusion, the Security market in Peru is experiencing growth due to evolving customer preferences, technological advancements, increasing awareness of security, local special circumstances, and underlying macroeconomic factors.

As individuals and businesses prioritize their safety and the security of their assets, the demand for advanced and sophisticated security solutions is expected to continue to grow.

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.