Security - Southern Asia | Statista Market Forecast

Revenue in the Security market is projected to reach US$1.2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.21%, resulting in a projected market volume of US$1.8bn by 2029.
In the Security market, the number of active households is expected to amount to 226.2m users by 2029.
Household penetration will be 49.3% in 2024 and is expected to hit 57.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.14.

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 Southern Asia is experiencing significant growth and development, driven by various factors such as increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Security market in Southern Asia are shifting towards more advanced security solutions due to the rising concerns over security threats and the need for better protection.

Customers are increasingly demanding technologies such as video surveillance systems, access control systems, and alarm systems to safeguard their properties and assets. This preference for advanced security solutions is fueled by the increasing awareness of the benefits they offer in terms of deterrence, detection, and response to security incidents. Trends in the market indicate a growing adoption of smart security solutions in Southern Asia.

These solutions leverage technologies such as artificial intelligence, machine learning, and the Internet of Things to enhance security capabilities. For example, smart video surveillance systems can analyze video footage in real-time to detect suspicious activities and send alerts to security personnel. Similarly, access control systems can use biometric authentication to ensure only authorized individuals can enter restricted areas.

These trends reflect the increasing integration of technology and security in Southern Asia, as businesses and individuals seek more efficient and effective ways to protect themselves and their assets. Local special circumstances also play a role in the development of the Security market in Southern Asia. The region is characterized by a diverse range of countries with varying levels of security threats and infrastructural challenges.

For example, countries with high crime rates may have a higher demand for security solutions, while countries with inadequate infrastructure may require innovative solutions that can overcome these limitations. Additionally, cultural factors and government regulations can influence the preferences and requirements of customers in different countries, further shaping the market dynamics. Underlying macroeconomic factors also contribute to the growth of the Security market in Southern Asia.

Economic growth and increasing urbanization in the region have led to a rise in the number of commercial establishments, residential complexes, and public infrastructure projects. These developments create a greater need for security solutions to protect these assets and ensure the safety of people. Furthermore, the increasing disposable income and changing lifestyles of individuals in Southern Asia have also contributed to the demand for security systems in residential properties.

In conclusion, the Security market in Southern Asia is witnessing significant growth and development due to customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing adoption of smart security solutions, driven by advancements in technology, reflects the region's desire for more efficient and effective security measures. As the region continues to grow economically and undergo urbanization, the demand for security systems is expected to further increase, creating opportunities for companies operating in the Security market in Southern Asia.

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.