Security - Kuwait

Kuwait

Revenue in the Security market is projected to reach US$7.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 20.03%, resulting in a projected market volume of US$16.2m by 2028.
In the Security market, the number of active households is expected to amount to 59.4k users by 2028.
Household penetration will be 5.0% in 2024 and is expected to hit 8.4% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$221.90.

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Analyst Opinion

The Security market in Kuwait has been experiencing significant growth in recent years.

Customer preferences: In Kuwait, there is a strong demand for security solutions due to the increasing concerns over safety and security. Customers are looking for comprehensive security systems that can protect their homes, businesses, and public spaces. This includes surveillance cameras, access control systems, and alarm systems. Additionally, there is a growing interest in smart security solutions that can be controlled remotely through mobile devices.

Trends in the market: One of the key trends in the security market in Kuwait is the adoption of advanced technologies. This includes the use of artificial intelligence (AI) and machine learning algorithms to enhance the effectiveness of security systems. AI-powered video analytics, for example, can automatically detect and alert security personnel to potential threats or suspicious activities. This trend is driven by the need for more efficient and proactive security solutions. Another trend in the market is the integration of security systems with other smart home technologies. Customers are increasingly looking for solutions that can be easily integrated with their existing smart home devices, such as smart locks, lighting systems, and thermostats. This integration allows for a more seamless and convenient user experience.

Local special circumstances: Kuwait is a country with a high level of wealth and a strong focus on security. There is a large expatriate population in Kuwait, which has contributed to the demand for security solutions. Expatriates often have valuable assets and are concerned about the safety of their homes and businesses. Additionally, Kuwait is located in a region that has experienced political instability and security threats, further driving the demand for security solutions.

Underlying macroeconomic factors: The growth of the security market in Kuwait is also influenced by macroeconomic factors. The country has a stable economy and a high per capita income, which allows for increased spending on security solutions. Additionally, the government has been investing in infrastructure development, including the construction of new residential and commercial buildings. This has created opportunities for security companies to provide their services to these new developments. In conclusion, the security market in Kuwait is experiencing significant growth due to customer preferences for comprehensive security solutions, the adoption of advanced technologies, and the integration with other smart home devices. The local special circumstances, such as the high level of wealth and the political instability in the region, further contribute to the demand for security solutions. The underlying macroeconomic factors, including the stable economy and infrastructure development, also play a role in the growth of the market.

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 category. 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 innovative products 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 once a year, in case market dynamics change we do more frequent updates.