Security - United Arab Emirates

United Arab Emirates

Revenue in the Security market is projected to reach €9.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.55%, resulting in a projected market volume of €14.9m by 2029.
In the Security market, the number of active households is expected to amount to 1.2m users by 2029.
Household penetration will be 56.4% in 2024 and is expected to hit 65.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €7.11.

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Analyst Opinion

The Security market in United Arab Emirates has been experiencing significant growth in recent years.

Customer preferences: Customers in the United Arab Emirates have shown a strong preference for advanced security solutions that offer both physical and digital protection. With the increasing reliance on technology and the growing threat of cyber-attacks, there is a growing demand for comprehensive security systems that can protect both individuals and businesses. In addition, customers are also seeking solutions that are easy to use and integrate seamlessly with their existing infrastructure.

Trends in the market: One of the key trends in the Security market in United Arab Emirates is the adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies are being used to develop advanced security systems that can detect and respond to threats in real-time. AI and ML algorithms can analyze large amounts of data and identify patterns that may indicate a security breach. This allows security systems to proactively detect and prevent potential threats, improving overall security levels. Another trend in the market is the increasing use of cloud-based security solutions. Cloud-based security systems offer several advantages, including scalability, flexibility, and cost-effectiveness. These solutions allow businesses to easily expand their security infrastructure as their needs change, without the need for significant upfront investments in hardware and software. Cloud-based security systems also provide remote monitoring capabilities, enabling businesses to monitor their security systems from anywhere, at any time.

Local special circumstances: The United Arab Emirates has a highly developed infrastructure and is home to several major industries, including finance, oil and gas, and tourism. These industries require robust security measures to protect their assets, data, and customers. As a result, there is a high demand for security solutions in the country. Additionally, the United Arab Emirates has a large expatriate population, which further drives the demand for security services.

Underlying macroeconomic factors: The United Arab Emirates has a strong economy, driven by its oil exports and diversification efforts. The government has made significant investments in infrastructure development, including the construction of smart cities and the implementation of smart technologies. These initiatives have created opportunities for security companies to provide their services and solutions. Furthermore, the government has implemented strict regulations and standards for security, which has further boosted the demand for security systems and services.

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.