Security - Myanmar

Myanmar

Revenue in the Security market is projected to reach US$27.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 18.52%, resulting in a projected market volume of US$53.3m by 2028.
In the Security market, the number of active households is expected to amount to 622.3k users by 2028.
Household penetration will be 2.6% in 2024 and is expected to hit 4.5% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$78.68.

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Analyst Opinion

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

Customer preferences: Customers in Myanmar have shown a growing demand for security products and services. This can be attributed to several factors. Firstly, the increasing crime rate in the country has made individuals and businesses more concerned about their safety and the security of their assets. Secondly, the rising disposable incomes of the population have allowed more people to afford security solutions. Finally, the growing awareness of the importance of security has also contributed to the increased demand for security products and services.

Trends in the market: One of the key trends in the security market in Myanmar is the adoption of advanced technology. Customers are increasingly looking for smart security solutions that offer enhanced features and capabilities. This includes the use of surveillance cameras with facial recognition technology, access control systems with biometric authentication, and remote monitoring capabilities. The integration of these technologies allows for more efficient and effective security measures, providing customers with peace of mind. Another trend in the market is the growing popularity of integrated security systems. Customers are seeking comprehensive solutions that cover multiple aspects of security, such as video surveillance, access control, and alarm systems. Integrated systems offer the advantage of centralized management and control, making it easier for customers to monitor and respond to security threats. This trend is driven by the need for a holistic approach to security, as customers recognize the importance of a well-rounded security system.

Local special circumstances: Myanmar has undergone significant political and economic reforms in recent years, which have opened up new opportunities for businesses. This has led to increased foreign investment and the establishment of multinational companies in the country. As a result, there is a growing need for security solutions to protect these businesses and their assets. Additionally, the tourism industry in Myanmar has been booming, attracting a large number of visitors. This has created a demand for security services to ensure the safety of tourists and their belongings.

Underlying macroeconomic factors: The economic growth of Myanmar has had a positive impact on the security market. The country has experienced strong GDP growth, which has resulted in increased incomes and a growing middle class. This has led to higher spending power and an increased willingness to invest in security products and services. Additionally, the government has been actively promoting foreign investment and infrastructure development, which has created a favorable business environment. This has attracted international companies to set up operations in Myanmar, further driving the demand for security solutions. In conclusion, the security market in Myanmar is experiencing significant growth due to increasing customer preferences for security products and services. The adoption of advanced technology and integrated security systems are key trends in the market. Local special circumstances, such as political and economic reforms and the growth of the tourism industry, have also contributed to the development of the market. The underlying macroeconomic factors, including strong GDP growth and government support for foreign investment, have further fueled the growth of the security market in Myanmar.

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.