Security - Uruguay

Uruguay

Revenue in the Security market is projected to reach €9.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.99%, resulting in a projected market volume of €21.7m by 2029.
In the Security market, the number of active households is expected to amount to 391.0k users by 2029.
Household penetration will be 33.9% in 2024 and is expected to hit 44.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €29.61.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Security market in Uruguay has experienced significant growth in recent years, driven by increasing concerns over personal safety and the need for advanced security solutions.

Customer preferences: Uruguayans have shown a strong preference for security systems that offer comprehensive protection for their homes and businesses. This includes a combination of physical security measures such as alarms, surveillance cameras, and access control systems, as well as digital security solutions like cybersecurity software. Customers are also increasingly interested in smart home security systems that can be controlled remotely through mobile devices.

Trends in the market: One of the key trends in the security market in Uruguay is the adoption of advanced technology solutions. The use of artificial intelligence (AI) and machine learning algorithms has enabled security systems to become more intelligent and proactive in detecting and preventing threats. For example, AI-powered video analytics can identify suspicious behavior or unauthorized access in real-time, allowing for immediate response. Another trend in the market is the integration of security systems with other smart home devices. This allows for seamless control and monitoring of security systems through a single platform, enhancing convenience and ease of use for customers. For instance, customers can now receive notifications on their smartphones when a security alarm is triggered or view live camera footage from anywhere in the world.

Local special circumstances: Uruguay has a relatively low crime rate compared to its neighboring countries in South America. However, there is still a strong demand for security solutions due to the increasing awareness of the importance of personal safety. The country's growing middle class and rising disposable incomes have also contributed to the increased spending on security systems.

Underlying macroeconomic factors: The growth of the security market in Uruguay is closely tied to the overall economic development of the country. As the economy continues to grow, more individuals and businesses are able to afford security systems. Additionally, the government's efforts to improve public safety and reduce crime rates have also created a favorable environment for the security market to thrive. In conclusion, the security market in Uruguay is experiencing significant growth due to increasing concerns over personal safety and the adoption of advanced technology solutions. Customer preferences include comprehensive security systems and smart home integration. The country's relatively low crime rate and economic development are driving factors behind the market's growth.

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.