Security - Pakistan

Pakistan

The Security market in Pakistan is expected to witness a significant increase in revenue, reaching an estimated value of US$12.6m by 2024.
This projection indicates a positive growth trend for the market.
Looking ahead, the market is expected to experience a Compound Annual Growth Rate (CAGR) of 1.62% between 2024 and 2028.
As a result, the market volume is projected to reach US$13.5m by 2028.
In terms of the number of active households in the Security market, it is anticipated that there will be approximately 3.4m users households by 2028.
This signifies a growing interest and adoption of security solutions among Pakistani households.
The household penetration rate, which refers to the percentage of households utilizing security systems, is expected to increase from 2.3% in 2024 to 8.0% by 2028.
This indicates a rising demand for security solutions and a greater recognition of the importance of safeguarding homes in Pakistan.
Currently, the average revenue per installed Smart_Home in the country is projected to be US$14.62.
This metric highlights the average amount of revenue generated per Smart_Home installation.
In a global context, it is worth noting that in the United States generates the highest revenue in the Security market.
In 2024, in the United States is projected to generate approximately US$6,883.0m in revenue.
This signifies the dominant position of the United States market in terms of revenue generation.
The security market in Pakistan is experiencing an increased demand for cybersecurity solutions due to the rising threat of cyber attacks.

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.