Security - Peru

Peru

Revenue in the Security market is projected to reach €15.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.87%, resulting in a projected market volume of €26.8m by 2029.
In the Security market, the number of active households is expected to amount to 4.2m users by 2029.
Household penetration will be 41.1% in 2024 and is expected to hit 43.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €4.12.

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Security market in Peru has been experiencing significant growth in recent years. Customer preferences have shifted towards more advanced and sophisticated security solutions, leading to an increase in demand for security products and services.

This trend is driven by a combination of factors, including rising crime rates, technological advancements, and increasing awareness of the importance of security. Customer preferences in the Security market in Peru have evolved to prioritize more advanced and sophisticated security solutions. As crime rates continue to rise, individuals and businesses are becoming increasingly concerned about their safety and the security of their assets.

This has led to a growing demand for security products and services that offer enhanced protection and peace of mind. In addition to rising crime rates, technological advancements have also played a key role in shaping customer preferences in the Security market. The development of smart home security systems, surveillance cameras with advanced features such as facial recognition, and remote monitoring capabilities have become increasingly popular among consumers.

These technological advancements not only provide better security but also offer convenience and ease of use. Furthermore, increasing awareness of the importance of security has also contributed to the growth of the Security market in Peru. As individuals and businesses become more informed about the potential risks and vulnerabilities they face, they are more likely to invest in security solutions to protect themselves and their assets.

This awareness has been further heightened by media coverage of high-profile security breaches and incidents. The Security market in Peru is also influenced by local special circumstances. The country's geographic location and political stability have made it an attractive destination for foreign investment.

As a result, there has been a significant increase in the number of multinational corporations and international organizations operating in Peru. These entities often have higher security requirements, leading to an increased demand for sophisticated security solutions. Underlying macroeconomic factors also play a role in the development of the Security market in Peru.

The country's steady economic growth and increasing disposable income levels have contributed to a rise in consumer spending on security products and services. Additionally, government initiatives to improve public safety and security have also fueled the demand for security solutions. In conclusion, the Security market in Peru is experiencing growth due to evolving customer preferences, technological advancements, increasing awareness of security, local special circumstances, and underlying macroeconomic factors.

As individuals and businesses prioritize their safety and the security of their assets, the demand for advanced and sophisticated security solutions is expected to continue to grow.

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.