Security - Singapore

Singapore

Revenue in the Security market is projected to reach US$33.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.04%, resulting in a projected market volume of US$56.9m by 2029.
In the Security market, the number of active households is expected to amount to 855.1k users by 2029.
Household penetration will be 36.3% in 2024 and is expected to hit 43.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$42.75.

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Analyst Opinion

The Security market in Singapore has been experiencing steady growth in recent years, driven by various factors such as increasing security concerns, technological advancements, and government initiatives.

Customer preferences: In Singapore, customers have a strong preference for advanced security solutions that provide comprehensive protection for their homes, businesses, and public spaces. This includes a range of products and services such as surveillance cameras, access control systems, alarm systems, and security personnel. Customers also value solutions that are user-friendly, scalable, and customizable to their specific needs. Additionally, there is a growing demand for smart security solutions that can be integrated with other smart home or building automation systems.

Trends in the market: One of the key trends in the security market in Singapore is the adoption of advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT). AI-powered video analytics, for example, enable real-time monitoring and analysis of video footage, allowing for faster and more accurate threat detection. IoT-enabled devices, on the other hand, enable seamless connectivity and data exchange between different security systems, enhancing overall effectiveness and efficiency. Another trend is the increasing focus on cybersecurity. With the growing reliance on digital systems and the rise in cyber threats, there is a greater need for robust cybersecurity measures to protect sensitive data and prevent unauthorized access. This has led to the emergence of specialized cybersecurity firms offering services such as vulnerability assessments, penetration testing, and incident response.

Local special circumstances: Singapore's unique geographical location and status as a major financial hub make it a prime target for various security threats, including terrorism, cyber attacks, and financial fraud. As a result, the government has implemented strict security regulations and initiatives to ensure the safety and security of the country. This includes the deployment of surveillance cameras in public areas, the establishment of a dedicated cybersecurity agency, and the implementation of stringent data protection laws.

Underlying macroeconomic factors: Singapore's strong economy and high standard of living contribute to the demand for security solutions. The country's thriving business sector, which includes multinational corporations and financial institutions, requires robust security measures to protect valuable assets and ensure business continuity. Additionally, the government's commitment to maintaining a safe and secure environment attracts foreign investments and businesses, further driving the demand for security products and services. In conclusion, the Security market in Singapore is experiencing steady growth due to increasing security concerns, technological advancements, and government initiatives. Customers in Singapore have a preference for advanced security solutions that provide comprehensive protection, and there is a growing demand for AI-powered and IoT-enabled security systems. The focus on cybersecurity is also increasing, driven by the need to protect sensitive data and prevent cyber threats. Singapore's unique geographical location and status as a major financial hub contribute to the demand for security solutions, and the government's strict security regulations and initiatives further drive the market.

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.