Security - Americas | Statista Market Forecast

Revenue in the Security market is projected to reach US$8.3bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.34%, resulting in a projected market volume of US$12.9bn by 2029.
In the Security market, the number of active households is expected to amount to 136.1m users by 2029.
Household penetration will be 36.5% in 2024 and is expected to hit 45.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$68.86.

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)

The Security market in Americas is witnessing significant growth due to increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Security market in Americas are shifting towards advanced security solutions that offer comprehensive protection.

With the rise in cyber threats and physical security concerns, customers are increasingly demanding integrated security systems that combine both digital and physical security measures. This includes the adoption of technologies such as video surveillance, access control systems, and intrusion detection systems. Additionally, customers are also looking for scalable and customizable security solutions that can be tailored to their specific needs and requirements.

Trends in the Security market in Americas are being driven by advancements in technology and the increasing adoption of cloud-based solutions. The integration of artificial intelligence (AI) and machine learning (ML) technologies in security systems is enabling more accurate threat detection and faster response times. Furthermore, the shift towards cloud-based solutions allows for easier access to security data and remote monitoring capabilities, making it more convenient for customers to manage their security systems.

Another emerging trend is the convergence of physical and digital security, where organizations are integrating their IT and security departments to create a more holistic approach to security. Local special circumstances in the Security market in Americas also contribute to its development. For instance, the high crime rates in certain countries in the region have led to a greater demand for security solutions.

Governments and businesses are investing in advanced security systems to protect their assets and ensure the safety of their citizens and employees. Additionally, the increasing number of smart cities initiatives in the region is driving the adoption of smart security solutions that leverage IoT technologies to enhance public safety and improve overall security infrastructure. Underlying macroeconomic factors such as economic growth and urbanization are also fueling the growth of the Security market in Americas.

As economies in the region continue to grow, businesses and individuals have more disposable income to invest in security solutions. Moreover, rapid urbanization is leading to increased security concerns, especially in densely populated areas. This creates a greater demand for security systems to protect both public and private spaces.

In conclusion, the Security market in Americas is experiencing significant growth due to evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced security solutions, the integration of technology, and the need for comprehensive security measures are driving the market forward. As the region continues to develop economically and urbanize, the demand for security systems is expected to further increase.

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.