Security - Armenia | Statista Market Forecast

Revenue in the Security market is projected to reach US$4.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.17%, resulting in a projected market volume of US$9.4m by 2029.
In the Security market, the number of active households is expected to amount to 285.5k users by 2029.
Household penetration will be 37.0% in 2024 and is expected to hit 46.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$16.06.

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 Armenia has been experiencing significant growth in recent years, driven by increasing customer preferences for advanced security solutions and the growing need for protection against various threats. Customer preferences in the Security market in Armenia have shifted towards more advanced and integrated security solutions.

Customers are increasingly seeking comprehensive security systems that combine video surveillance, access control, and alarm systems, among others. This trend is driven by the need for enhanced security measures in both residential and commercial properties, as well as the desire for more efficient and convenient security solutions. Additionally, customers are placing greater importance on the ability to remotely monitor and control their security systems, leading to a rising demand for smart security solutions.

One of the key trends in the Security market in Armenia is the increasing adoption of video surveillance systems. This trend is driven by the growing awareness of the benefits of video surveillance in deterring crime and enhancing security. Customers are investing in high-quality cameras and video management systems to monitor their properties and ensure the safety of their assets.

The demand for video surveillance systems is also being fueled by the need for evidence in criminal investigations and the growing use of video analytics for business intelligence purposes. Another trend in the Security market in Armenia is the rising demand for cybersecurity solutions. With the increasing reliance on digital technologies and the growing threat of cyber attacks, customers are prioritizing the protection of their data and systems.

This has led to a growing demand for cybersecurity solutions such as firewalls, antivirus software, and intrusion detection systems. The demand for cybersecurity solutions is expected to continue to increase as businesses and individuals become more aware of the risks and consequences of cyber attacks. Local special circumstances in Armenia also contribute to the development of the Security market.

The country has a relatively high crime rate, which has led to an increased demand for security solutions. Additionally, Armenia is located in a geopolitically sensitive region, which further emphasizes the need for robust security measures. The government has also implemented various initiatives to enhance security, such as the installation of surveillance cameras in public spaces and the implementation of cybersecurity regulations.

Underlying macroeconomic factors, such as economic growth and increasing urbanization, also play a role in the development of the Security market in Armenia. As the economy continues to grow, individuals and businesses have more disposable income to invest in security solutions. The increasing urbanization in the country has also led to a higher concentration of valuable assets and a greater need for security.

Overall, the Security market in Armenia is experiencing growth due to customer preferences for advanced security solutions, the increasing adoption of video surveillance and cybersecurity systems, local special circumstances, and underlying macroeconomic factors. The market is expected to continue to expand as the demand for security solutions remains strong.

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.