Security - Caribbean

Caribbean

The Security market in the Caribbean is projected to generate a revenue of US$69.1m in 2024.
This market is expected to grow at an annual rate of 9.59% (CAGR 2024-2028), reaching a market volume of US$99.6m by 2028.
The number of active households in this segment is estimated to reach 1.2m users by 2028.
Household penetration in the Caribbean is forecasted to increase from 4.7% in 2024 to 8.9% by 2028.
The average revenue per installed Smart_Home is expected to be US$112.00.
In comparison to other countries, in the United States generates the highest revenue in the Security market, with US$6,883.0m in 2024.
In the Caribbean market, the demand for advanced security systems has significantly increased due to rising concerns about crime and safety.

Key regions: Asia, Japan, United Kingdom, Norway, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Security segment targets the prevention/detection of burglaries, notifications about hazards such as fire or water leakage, emergency calls and access control. Its development is mainly driven by the replacement of traditional devices with connected ones. Main growth products in this case are smart locks and smart security cameras. Companies from several different industries compete in this market. Next to traditional security companies (e.g. ADT) and tech start-ups (Canary or Alarm.com), media companies and connectivity providers (e.g. AT&T or Comcast) also play an important role due to the high amounts of data that need to be transferred, especially in the video surveillance case. Developments vary strongly with country-specific conditions like burglary rates.

Methodology

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.