Security - Puerto Rico | Statista Market Forecast

Revenue in the Security market is projected to reach US$48.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.77%, resulting in a projected market volume of US$67.3m by 2029.
In the Security market, the number of active households is expected to amount to 357.4k users by 2029.
Household penetration will be 31.8% in 2024 and is expected to hit 43.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$164.60.

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 Puerto Rico is experiencing significant growth and development in recent years.

Customer preferences: Customers in Puerto Rico are increasingly prioritizing their personal safety and the security of their homes and businesses. With rising crime rates and a growing awareness of potential threats, there is a greater demand for security solutions and services. Customers are seeking advanced security systems that can provide round-the-clock monitoring, video surveillance, access control, and alarm systems. They are also looking for reliable and responsive security companies that can provide quick response times and excellent customer service.

Trends in the market: One of the key trends in the security market in Puerto Rico is the adoption of smart home security systems. These systems allow customers to remotely monitor and control their security devices through their smartphones or other connected devices. The integration of artificial intelligence and machine learning technologies in security systems is another emerging trend. These advancements enable the systems to learn and adapt to the customers' behavior, providing a more personalized and efficient security experience. Another trend in the market is the increasing popularity of security services for businesses. As businesses strive to protect their assets, employees, and customers, they are investing in comprehensive security solutions. This includes not only physical security measures such as surveillance cameras and access control systems but also cybersecurity solutions to safeguard their digital assets.

Local special circumstances: The unique geographical location of Puerto Rico, as an island in the Caribbean, presents specific security challenges. The region is prone to natural disasters such as hurricanes, which can cause significant damage and disrupt security systems. As a result, there is a need for robust and resilient security solutions that can withstand adverse weather conditions and continue to function effectively during and after a disaster. Furthermore, Puerto Rico has a high population density, especially in urban areas. This concentration of people increases the demand for security systems and services to ensure the safety of individuals and properties. Additionally, the tourism industry in Puerto Rico is a significant driver of the security market, as hotels, resorts, and other tourist attractions require comprehensive security measures to protect their guests and assets.

Underlying macroeconomic factors: The economic stability and growth of Puerto Rico play a crucial role in the development of the security market. As the economy improves, individuals and businesses have more disposable income to invest in security solutions. Moreover, the government's efforts to attract foreign investment and promote business development contribute to the overall growth of the market. In conclusion, the security market in Puerto Rico is experiencing growth and development due to increasing customer preferences for personal safety and security. The adoption of smart home security systems, the focus on security services for businesses, and the unique local circumstances of Puerto Rico are driving the market trends. Additionally, the economic stability and government initiatives to promote investment are underlying macroeconomic factors that support the growth of the security 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.