Security - Qatar

Qatar

The Security market in Qatar is expected to witness significant growth in the coming years.
According to projections, the revenue in this segment is estimated to reach US$29.0m QAR by 2024.
This demonstrates the increasing demand for security services and solutions in the country.
Furthermore, the market is anticipated to experience a robust compound annual growth rate (CAGR) of 17.00% from 2024 to 2028.
This growth trajectory is expected to drive the market volume to reach US$54.4m QAR by 2028.
These numbers indicate a promising outlook for the Security market in Qatar.
In line with the expanding market, the number of active households in the Security market is predicted to rise to 135.9k users by 2028.
This signifies a growing adoption of security systems and services among households in Qatar.
Moreover, household penetration, which currently stands at 10.8% in 2024, is projected to increase to 17.5% by 2028.
This indicates that a larger proportion of households in Qatar will be equipped with security solutions to ensure their safety and protection.
In terms of revenue per installed Smart_Home, the average is expected to be US$0.38k QAR.
This figure represents the revenue generated per Smart_Home installation in the country.
When comparing Qatar's Security market revenue to other countries globally, it is noteworthy that in the United States leads the pack.
In 2024, in the United States is projected to generate a significant revenue of US$6,883.0m QAR in the Security market.
This highlights the dominance of the United States in the global security market.
Overall, the Security market in Qatar is set to experience substantial growth, driven by increasing demand, rising household adoption, and technological advancements.
These trends indicate a promising future for the security industry in Qatar.
Qatar's security market is thriving, with increasing demand for advanced surveillance systems and cybersecurity solutions.

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

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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.