Security - Western Asia | Statista Market Forecast

Revenue in the Security market is projected to reach US$288.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.95%, resulting in a projected market volume of US$578.7m by 2029.
In the Security market, the number of active households is expected to amount to 23.7m users by 2029.
Household penetration will be 45.3% in 2024 and is expected to hit 53.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$12.62.

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 Western Asia is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of the Security market in this region.

Customer preferences in Western Asia are driving the demand for security products and services. With increasing concerns about personal safety and property protection, individuals and businesses are seeking advanced security solutions. This includes the installation of surveillance cameras, access control systems, and alarm systems.

Additionally, there is a growing demand for cybersecurity services to protect against the rising threat of cyber attacks. Customers in Western Asia are willing to invest in reliable and efficient security measures to safeguard their assets and ensure peace of mind. The market trends in Western Asia reflect the global shift towards digitalization and automation.

As technology continues to advance, security systems are becoming more sophisticated and integrated. This includes the use of artificial intelligence and machine learning algorithms to enhance threat detection and response capabilities. Furthermore, there is a growing emphasis on cloud-based security solutions, allowing for remote monitoring and management.

These trends are driving the adoption of innovative security technologies in Western Asia, creating opportunities for market growth. Local special circumstances in Western Asia also contribute to the development of the Security market. The region has experienced political instability and conflicts in certain countries, leading to an increased need for security solutions.

This includes the protection of critical infrastructure, such as oil and gas facilities, as well as the implementation of border security measures. Additionally, the high prevalence of cyber threats in the region has resulted in a greater focus on cybersecurity measures. These local circumstances create a favorable environment for the Security market to thrive in Western Asia.

Underlying macroeconomic factors also play a role in the growth of the Security market in Western Asia. Economic development and urbanization in the region have led to an increase in wealth and infrastructure investment. As a result, there is a greater capacity and willingness to invest in security products and services.

Furthermore, government initiatives and regulations aimed at enhancing security and safety standards contribute to market growth. The combination of these macroeconomic factors creates a favorable business environment for the Security market in Western Asia. In conclusion, the Security market in Western Asia is experiencing growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The demand for advanced security solutions, the adoption of innovative technologies, the need for protection in unstable environments, and the economic development of the region all contribute to the expansion of the Security market in Western 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.