Security - Timor-Leste | Statista Market Forecast

Revenue in the Security market is projected to reach US$260.4k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.85%, resulting in a projected market volume of US$543.4k by 2029.
In the Security market, the number of active households is expected to amount to 48.0k users by 2029.
Household penetration will be 13.7% in 2024 and is expected to hit 17.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.26.

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 Timor-Leste has been experiencing significant growth in recent years, driven by increasing concerns over safety and security in the country.

Customer preferences: Customers in Timor-Leste are increasingly prioritizing their personal safety and the security of their properties. This is reflected in the growing demand for security solutions such as alarm systems, surveillance cameras, and security guards. Additionally, there is a rising interest in cybersecurity solutions, as individuals and businesses become more aware of the potential risks and vulnerabilities in the digital realm.

Trends in the market: One of the key trends in the security market in Timor-Leste is the adoption of advanced technology. Customers are increasingly looking for innovative solutions that provide enhanced security features and greater convenience. For example, there is a growing demand for smart home security systems that can be controlled remotely through mobile applications. Similarly, businesses are investing in sophisticated access control systems that utilize biometric authentication. Another trend in the market is the integration of different security systems and services. Customers are seeking comprehensive security solutions that encompass both physical and digital aspects. This has led to the emergence of integrated security platforms that combine elements such as video surveillance, access control, and cybersecurity. By integrating these different systems, customers can achieve a higher level of security and streamline their operations.

Local special circumstances: Timor-Leste is a developing country with a relatively high crime rate, which has contributed to the increased demand for security solutions. The country has experienced political instability and social unrest in the past, leading to concerns about personal safety and property protection. Additionally, the presence of valuable natural resources, such as oil and gas, has attracted foreign investment, further driving the need for robust security measures.

Underlying macroeconomic factors: The growth of the security market in Timor-Leste is also influenced by several macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. As people have more financial resources at their disposal, they are more willing to invest in security solutions to safeguard their assets. Furthermore, the government of Timor-Leste has recognized the importance of security and has implemented policies to promote safety and stability in the country. This includes initiatives to improve law enforcement capabilities and enhance cybersecurity infrastructure. These government efforts have created a favorable environment for the growth of the security market. In conclusion, the security market in Timor-Leste is developing rapidly due to customer preferences for personal safety and property protection. The adoption of advanced technology, integration of different security systems, local special circumstances, and underlying macroeconomic factors all contribute to the growth of the market. As the country continues to develop and the demand for security solutions increases, the market is expected to expand further 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.