Security - Sri Lanka | Statista Market Forecast

Revenue in the Security market is projected to reach US$26.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.42%, resulting in a projected market volume of US$56.0m by 2029.
In the Security market, the number of active households is expected to amount to 1.9m users by 2029.
Household penetration will be 23.5% in 2024 and is expected to hit 32.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$17.96.

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 Sri Lanka is experiencing significant growth and development. Customer preferences are shifting towards more advanced security solutions, driven by factors such as increasing crime rates and the need for better protection of property and assets.

In addition, local special circumstances, such as political instability and the threat of terrorism, have also contributed to the growth of the security market in the country. Customer preferences in Sri Lanka are increasingly focused on advanced security solutions that offer better protection and peace of mind. With the rise in crime rates, individuals and businesses are seeking more robust security measures to safeguard their property and assets.

This has led to an increased demand for security systems such as CCTV cameras, access control systems, and alarm systems. Additionally, there is a growing preference for integrated security solutions that provide comprehensive protection and can be easily managed and monitored. Trends in the security market in Sri Lanka also reflect global market trends.

There is a growing adoption of smart security solutions, driven by advancements in technology such as artificial intelligence, machine learning, and the Internet of Things (IoT). These technologies enable the development of innovative security systems that can detect and respond to threats in real-time, enhancing the overall effectiveness of security measures. Local special circumstances in Sri Lanka have also contributed to the growth of the security market.

The country has experienced political instability and the threat of terrorism in the past, which has heightened the need for enhanced security measures. This has led to increased investments in security infrastructure by both the government and private sector. The government has implemented various initiatives to improve security, including the installation of surveillance cameras in public places and the strengthening of security forces.

Underlying macroeconomic factors also play a role in the development of the security market in Sri Lanka. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and a rise in the standard of living. As a result, individuals and businesses are willing to invest in security solutions to protect their assets.

Furthermore, the growth of industries such as tourism and construction has created a demand for security services to ensure the safety of tourists and construction sites. In conclusion, the security market in Sri Lanka is witnessing significant growth and development. Customer preferences are shifting towards advanced security solutions, driven by increasing crime rates and the need for better protection.

Local special circumstances, such as political instability and the threat of terrorism, have also contributed to the growth of the market. Additionally, underlying macroeconomic factors, such as economic growth and the rise of industries, have created a demand for security services.

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.