Security - Singapore

Singapore

The Security market in Singapore is anticipated to witness a significant growth in revenue, with projections indicating a staggering amount of £25.9m in 2024.
Furthermore, this market is expected to display a promising Compound Annual Growth Rate (CAGR) of 9.08% between 2024 and 2028.
As a result, the projected market volume for Security market in Singapore is estimated to reach an impressive £36.7m by 2028.
In terms of household participation, the number of active households in the Security market is predicted to reach 1,279.0k users by 2028.
This signifies a substantial increase in household penetration, which is projected to rise from 25.8% in 2024 to 78.0% by 2028.
As for the average revenue per installed Smart_Home, the current expectation is set at £66.70 in Singapore.
When comparing the global market, it is noteworthy that in the United States generates the highest revenue in the Security market, with a staggering amount of £5,292.0m projected for 2024.
Despite being a small nation, Singapore has invested heavily in advanced security systems, making it a global leader in the market.

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.