Security - Saudi Arabia

Saudi Arabia

The Security market in Saudi Arabia is anticipated to witness a substantial growth in revenue, with projections indicating a staggering figure of US$76.2m by the year 2024.
This growth is expected to continue at a steady pace, with an annual growth rate (CAGR 2024-2028) of 10.47%.
As a result, the market volume is projected to reach a significant milestone of US$113.5m by 2028.
In Saudi Arabia, the Security market is also expected to witness a notable increase in the number of active households, which is estimated to reach 1.9m users by 2028.
Furthermore, household penetration in this market is anticipated to rise from 14.6% in 2024 to 30.5% by 2028.
The average revenue per installed Smart_Home currently stands at US$86.32 in Saudi Arabia.
This figure reflects the revenue generated by each Smart_Home installation in the country.
When comparing the global market, it is evident that in the United States leads in revenue generation within the Security market.
In 2024, in the United States is projected to generate a substantial revenue of US$6,883.0m.
These figures highlight the immense potential and growth opportunities within the Security market in Saudi Arabia.
Saudi Arabia is experiencing a growing demand for advanced security technologies to protect its critical infrastructure and combat emerging cyber threats.

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.