Security - Bosnia and Herzegovina

Revenue in the Security market is projected to reach US$3.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.36%, resulting in a projected market volume of US$7.3m by 2029.
In the Security market, the number of active households is expected to amount to 347.8k users by 2029.
Household penetration will be 27.8% in 2024 and is expected to hit 35.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$10.71.

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 Bosnia and Herzegovina is experiencing steady growth, driven by 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 Bosnia and Herzegovina are shifting towards more advanced security solutions.

With the rise of technology and digitalization, customers are increasingly seeking integrated security systems that provide comprehensive protection for their homes, businesses, and public spaces. This includes a demand for video surveillance systems, access control solutions, and alarm systems that can be remotely monitored and controlled. Additionally, customers are placing a greater emphasis on cybersecurity, as the threat of cyber attacks continues to grow.

As a result, there is a growing demand for security solutions that can protect against digital threats and ensure the safety of sensitive data. Trends in the market are also contributing to the development of the Security market in Bosnia and Herzegovina. One major trend is the adoption of smart home security systems.

These systems offer a range of features, such as remote monitoring and control, integration with other smart devices, and real-time alerts. As the concept of smart homes gains popularity, the demand for smart security solutions is expected to increase. Another trend is the integration of artificial intelligence (AI) and machine learning (ML) technologies in security systems.

These technologies enable advanced analytics, predictive capabilities, and automated responses, enhancing the effectiveness and efficiency of security solutions. Local special circumstances in Bosnia and Herzegovina also play a role in the development of the Security market. The country has a complex political and social landscape, with a history of conflict and ethnic tensions.

This has led to a heightened need for security measures to ensure the safety and stability of individuals, communities, and institutions. Additionally, Bosnia and Herzegovina is geographically located in a region that has experienced security challenges, such as organized crime and terrorism. This further drives the demand for advanced security solutions to mitigate these risks.

Underlying macroeconomic factors contribute to the growth of the Security market in Bosnia and Herzegovina. The country has been experiencing economic growth in recent years, leading to an increase in disposable income and consumer spending. This allows individuals and businesses to invest in security solutions to protect their assets and ensure their safety.

Furthermore, the government has recognized the importance of security and has implemented policies and regulations to promote the development of the sector. This includes initiatives to improve cybersecurity, enhance public safety, and support the growth of local security companies. In conclusion, the Security market in Bosnia and Herzegovina is developing due to customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

As technology continues to advance and security threats evolve, the demand for comprehensive and innovative security solutions is expected to further drive the growth of the 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.