Security - Albania | Statista Market Forecast

Revenue in the Security market is projected to reach US$5.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.52%, resulting in a projected market volume of US$11.1m by 2029.
In the Security market, the number of active households is expected to amount to 411.6k users by 2029.
Household penetration will be 40.5% in 2024 and is expected to hit 54.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$14.45.

Definition:

The Security market includes the sale of devices for networked access control and management for buildings and premises. This includes surveillance products (e.g., security cameras, motion sensors, programmable and remote control door locks) as well as equipment for risk monitoring (connected smoke detectors and humidity sensors).
Remote surveillance and emergency services from specialized security firms that are not related to smart home are not included.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include TP-LINK, Ring, Google, LG, Xiaomi, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for burglar prevention and other security issues
Motion sensors, door locks, security cameras (with or without face recognition)
Surveillance gadgets with connection to a broader smart home (e.g., eufyCam S330, Bosch Smart Home - Starter Set Alarm (Gen. 2))
Hazard prevention devices like water, smoke or gas sensors (e.g., TESLA Smart Intelligent Gas Sensor)

Classical security devices without smart home connection
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

Albania, a small country in the Balkans, has seen significant developments in its security market in recent years. Customer preferences have shifted towards more advanced and sophisticated security solutions, driving the demand for innovative products and services. This trend is in line with the global market, where advancements in technology and increasing security concerns have propelled the growth of the security industry.

Customer preferences: In Albania, customers are increasingly looking for comprehensive security solutions that can address multiple security needs. This includes not only physical security measures such as surveillance cameras and access control systems but also digital security solutions to protect against cyber threats. Customers are also seeking integration and automation of their security systems, allowing for centralized monitoring and control.

Trends in the market: One of the key trends in the security market in Albania is the adoption of smart security systems. These systems utilize advanced technologies such as artificial intelligence and machine learning to enhance security measures. For example, smart surveillance cameras can analyze video footage in real-time and alert security personnel of any suspicious activities. Similarly, smart access control systems can use biometric authentication to ensure only authorized individuals have access to certain areas. Another trend in the market is the increasing demand for cloud-based security solutions. Cloud technology allows for remote monitoring and management of security systems, providing flexibility and scalability. This is particularly beneficial for businesses with multiple locations or for individuals who want to monitor their properties from anywhere.

Local special circumstances: Albania has experienced a significant increase in tourism in recent years, which has led to a growing need for security solutions in the hospitality sector. Hotels, resorts, and other tourist facilities are investing in advanced security systems to ensure the safety and well-being of their guests. This includes not only physical security measures but also digital security solutions to protect against cyber threats.

Underlying macroeconomic factors: The development of the security market in Albania is also influenced by the country's economic growth and increasing disposable income. As the economy continues to improve, businesses and individuals have more resources to invest in security solutions. Additionally, the government's efforts to modernize and improve infrastructure have created opportunities for security providers to offer their services. In conclusion, the security market in Albania is witnessing significant developments driven by customer preferences for advanced and comprehensive security solutions. The adoption of smart security systems and cloud-based solutions is on the rise, reflecting global trends in the industry. The growth of the tourism sector and the country's economic development are also contributing factors. As the market continues to evolve, security providers in Albania have the opportunity to capitalize on these trends and offer innovative solutions to meet the changing needs of customers.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.