Security - Suriname | Statista Market Forecast

Revenue in the Security market is projected to reach US$184.5k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.09%, resulting in a projected market volume of US$406.1k by 2029.
In the Security market, the number of active households is expected to amount to 61.8k users by 2029.
Household penetration will be 32.3% in 2024 and is expected to hit 41.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.54.

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 Suriname has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Suriname have shifted towards a greater emphasis on personal safety and security.

This is due to increasing awareness of crime rates and the need for individuals and businesses to protect themselves and their assets. As a result, there has been a growing demand for security systems and services, including surveillance cameras, alarm systems, and security personnel. Trends in the market have also contributed to the development of the Security market in Suriname.

One of the key trends is the adoption of advanced technology in security systems. This includes the use of artificial intelligence, facial recognition, and biometric authentication, which enhance the effectiveness and efficiency of security measures. Additionally, there is a growing trend towards integrated security solutions, where multiple security systems are interconnected to provide a comprehensive approach to security.

Local special circumstances in Suriname have further fueled the growth of the Security market. The country has faced challenges related to crime and security, including high rates of theft, robbery, and drug trafficking. These factors have created a sense of urgency among individuals and businesses to invest in security measures to protect themselves and their assets.

Additionally, Suriname is located in a region that is prone to natural disasters, such as hurricanes and flooding, which has also increased the demand for security systems that can withstand these events. Underlying macroeconomic factors have played a significant role in the development of the Security market in Suriname. The country has experienced economic growth in recent years, which has led to an increase in disposable income and a higher standard of living.

This has allowed individuals and businesses to allocate more resources towards security measures. Furthermore, Suriname has seen an influx of foreign investment, particularly in sectors such as mining and oil, which has created a need for enhanced security measures to protect these valuable assets. In conclusion, the Security market in Suriname has experienced growth due to customer preferences for personal safety and security, trends in the market towards advanced technology and integrated solutions, local special circumstances related to crime and natural disasters, and underlying macroeconomic factors such as economic growth and foreign investment.

These factors have created a favorable environment for the development of the Security market in Suriname, with continued growth expected in the coming years.

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.