Security - Thailand

Thailand

Thailand's Security market is anticipated to witness a significant boost in revenue, reaching €30.9m in 2024.
This projection indicates a promising future for the country's security market.
Moreover, an annual growth rate (CAGR 2024-2028) of 15.09% is expected, resulting in a projected market volume of €54.2m by 2028.
This demonstrates the potential for substantial expansion in the coming years.
Looking specifically at the number of active households in the Security market, it is expected to reach 5.9m users by 2028.
This highlights the growing demand for security services among Thai households.
Additionally, household penetration is projected to increase from 11.9% in 2024 to 24.5% by 2028, indicating a rising adoption rate of security solutions within the country.
In terms of revenue per installed Smart_Home, the current average is expected to be €11.27.
This metric provides insight into the financial aspect of the Security market, emphasizing the potential profitability of the market.
When comparing the Security market globally, it is noteworthy that in the United States generates the highest revenue, amounting to €6,382.0m in 2024.
This serves as a benchmark for the industry and underscores the potential for growth and development in Thailand's security market.
Overall, the future looks promising for Thailand's Security market, with strong revenue projections, increasing household penetration, and the potential for substantial market expansion.
"The demand for advanced security systems in Thailand has surged, driven by the increasing need for protection against cyber threats and physical breaches."

Key regions: Asia, Japan, United Kingdom, Norway, Europe

Mercado

Región

Comparación de regiones

Moneda

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.