Security - Benelux | Statista Market Forecast

Revenue in the Security market is projected to reach US$361.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.59%, resulting in a projected market volume of US$546.4m by 2029.
In the Security market, the number of active households is expected to amount to 5.6m users by 2029.
Household penetration will be 33.6% in 2024 and is expected to hit 40.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$70.31.

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 Benelux is experiencing significant growth due to increasing customer preferences for advanced security solutions. This trend is driven by the rising need for protection against cyber threats and the increasing adoption of smart technologies in various industries.

Customer preferences: In the Benelux region, customers are increasingly prioritizing the implementation of advanced security solutions to safeguard their sensitive data and protect against cyber attacks. With the growing number of high-profile data breaches and cyber threats, organizations are becoming more proactive in their approach to security. They are seeking comprehensive security solutions that can detect and respond to threats in real-time, as well as provide robust encryption and authentication measures.

Trends in the market: One of the key trends in the security market in Benelux is the increasing adoption of cloud-based security solutions. Cloud-based security offers several advantages, including scalability, flexibility, and cost-effectiveness. Organizations in Benelux are leveraging cloud-based security solutions to protect their networks, data, and applications from cyber threats. This trend is driven by the need for centralized security management, as well as the desire to reduce the complexity and cost of maintaining on-premises security infrastructure. Another trend in the market is the growing demand for integrated security solutions. Organizations in Benelux are looking for security solutions that can seamlessly integrate with their existing IT infrastructure and provide a holistic view of their security posture. Integrated security solutions enable organizations to streamline their security operations, improve threat detection and response capabilities, and enhance overall security effectiveness.

Local special circumstances: The Benelux region is home to a large number of multinational companies and organizations operating in various industries, including finance, healthcare, manufacturing, and government. These organizations face unique security challenges due to the nature of their operations and the sensitivity of the data they handle. As a result, there is a strong demand for specialized security solutions tailored to the specific needs of these industries. In addition, the Benelux region is known for its strong focus on privacy and data protection. The implementation of the General Data Protection Regulation (GDPR) has further emphasized the importance of data security and privacy in the region. Organizations in Benelux are investing in security solutions that comply with GDPR requirements and ensure the protection of personal data.

Underlying macroeconomic factors: The growth of the security market in Benelux is supported by several macroeconomic factors. The region has a strong economy and a highly developed IT infrastructure, which provides a solid foundation for the adoption of advanced security solutions. Additionally, the increasing digitization of businesses and the proliferation of connected devices are driving the demand for security solutions that can protect against emerging threats. Furthermore, the Benelux region has a strong culture of innovation and collaboration, which fosters the development of cutting-edge security technologies. The presence of leading technology companies and research institutions in the region contributes to the growth and advancement of the security market. In conclusion, the security market in Benelux is experiencing significant growth due to increasing customer preferences for advanced security solutions. The adoption of cloud-based security solutions and integrated security solutions are key trends in the market. Special circumstances in the region, such as the presence of multinational companies and the focus on privacy and data protection, further drive the demand for specialized security solutions. The strong economy, developed IT infrastructure, and culture of innovation in the Benelux region provide a favorable environment for the growth of the security market.

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.