Security - Bulgaria | Statista Market Forecast

Revenue in the Security market is projected to reach US$12.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.34%, resulting in a projected market volume of US$26.6m by 2029.
In the Security market, the number of active households is expected to amount to 935.2k users by 2029.
Household penetration will be 23.6% in 2024 and is expected to hit 32.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$16.82.

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 Bulgaria has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions and the country's unique local special circumstances. Customer preferences in the Security market in Bulgaria have been shifting towards more sophisticated and technologically advanced security systems.

This can be attributed to the rising awareness among customers about the importance of security and the increasing availability of innovative security solutions in the market. Customers are now seeking comprehensive security solutions that integrate various components such as surveillance cameras, access control systems, and alarm systems. They are also looking for solutions that offer remote monitoring and control capabilities, allowing them to manage and monitor their security systems from anywhere at any time.

Trends in the Security market in Bulgaria reflect the global market trends, but with some local nuances. One of the key trends is the increasing adoption of cloud-based security solutions. Cloud-based security systems offer several advantages such as scalability, flexibility, and cost-effectiveness.

They also provide enhanced data security and reliability compared to traditional on-premises solutions. As a result, more and more customers in Bulgaria are opting for cloud-based security solutions to meet their evolving security needs. Another trend in the Security market in Bulgaria is the growing demand for integrated security solutions.

Customers are looking for solutions that can seamlessly integrate with other systems such as building management systems and fire detection systems. Integrated security solutions offer greater efficiency, convenience, and effectiveness in managing security operations. They enable real-time data sharing and analysis, allowing for faster response times and better decision-making.

Local special circumstances in Bulgaria also contribute to the development of the Security market. The country has a high crime rate, particularly in urban areas, which has led to an increased demand for security solutions. Customers are increasingly investing in security measures to protect their homes, businesses, and assets.

Additionally, the growing tourism industry in Bulgaria has created a need for enhanced security measures in hotels, resorts, and tourist attractions. This has further fueled the demand for security solutions in the country. Underlying macroeconomic factors have also played a role in the development of the Security market in Bulgaria.

The country has been experiencing steady economic growth, which has resulted in increased disposable income and higher spending power among consumers. This has allowed customers to allocate a larger portion of their budget towards security solutions. Furthermore, the government has been actively promoting the development of the security industry by implementing favorable policies and regulations.

This has created a conducive business environment for security companies and encouraged investments in the sector. In conclusion, the Security market in Bulgaria is witnessing growth due to customer preferences for advanced security solutions, the adoption of global trends such as cloud-based and integrated security solutions, local special circumstances such as high crime rates and a growing tourism industry, and favorable macroeconomic factors including economic growth and government support.

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.