Security - Costa Rica | Statista Market Forecast

The projected revenue for the Security market in Costa Rica is expected to reach US$15.7m by 2024.
This indicates a promising growth potential for the market.
Furthermore, a compound annual growth rate (CAGR) of 17.22% is anticipated between 2024 and 2028, resulting in a projected market volume of US$29.7m by 2028.
This signifies a significant expansion in the Security market in Costa Rica.
By 2028, the number of active households in the Security market is expected to reach 192.1k users.
This indicates a growing demand for security systems and services among households in Costa RiAdditionally, household penetration is projected to increase from 6.6% in 2024 to 10.7% by 2028, highlighting a rising adoption rate of security solutions among households.
The average revenue per installed Smart_Home in Costa Rica is currently projected to be US$141.40.
This indicates the potential for generating substantial revenue from each Smart_Home installation.
In a global comparison, it is worth noting that United States leads in terms of revenue generation in the Security market.
In 2024, United States is projected to generate US$6.9bn in revenue, highlighting its dominant position in the market.
Overall, the Security market in Costa Rica is expected to experience significant growth in the coming years, with increasing revenue, active households, household penetration, and average revenue per installed Smart_Home.
Costa Rica's security market is thriving, with a growing demand for advanced surveillance systems and cybersecurity solutions.

The Smart Home market Security includes the sale of devices and services for networked access control and management for buildings and premises. This includes surveillance products (e.g. security cameras and related data storage and transmission services, 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 which are not related to smart home are not included.

Digitally connected and controlled devices for burglar prevention and other security issues
Motion sensors, door locks, security cameras (with or without face recognition)
Surveillance services with connection to a broader smart home
Hazard prevention devices like water, smoke or gas sensors

Classical security devices without smart home connection
B2B/C2C sales of any kind (e.g. to hotels or office buildings)

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.

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.

This report presents a comprehensive analysis and additional information on the Digital 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.