Security - Canada | Statista Market Forecast

Revenue in the Security market is projected to reach US$447.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.94%, resulting in a projected market volume of US$655.7m by 2029.
In the Security market, the number of active households is expected to amount to 4.3m users by 2029.
Household penetration will be 34.0% in 2024 and is expected to hit 40.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$113.10.

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 Canada has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, technological advancements, and the growing awareness of the importance of security measures. Customer preferences in the Security market in Canada have been shifting towards more advanced and integrated security solutions.

Customers are looking for comprehensive security systems that can protect their homes, businesses, and assets from various threats such as burglary, fire, and unauthorized access. There is also a growing demand for smart security systems that can be controlled remotely through mobile devices. Additionally, customers are increasingly interested in video surveillance systems that provide high-quality images and advanced analytics capabilities.

One of the key trends in the Security market in Canada is the adoption of cloud-based security solutions. Cloud-based security systems offer several advantages such as scalability, flexibility, and cost-effectiveness. These solutions allow customers to access their security systems from anywhere and at any time, making them particularly attractive for businesses with multiple locations.

The integration of cloud-based security solutions with other technologies such as artificial intelligence and the Internet of Things is also driving market growth. Another trend in the Security market in Canada is the increasing use of biometric security systems. Biometric security systems use unique physical or behavioral characteristics such as fingerprints, iris patterns, or voice recognition to authenticate individuals.

These systems provide a higher level of security compared to traditional methods such as passwords or access cards, as they are more difficult to forge or duplicate. Biometric security systems are being widely adopted in various sectors such as banking, healthcare, and government. Local special circumstances in Canada, such as the legalization of cannabis and the increasing number of cyber threats, are also influencing the Security market.

The legalization of cannabis has led to the establishment of numerous cannabis dispensaries and production facilities, which require robust security measures to prevent theft and ensure compliance with regulations. The increasing number of cyber threats has also created a greater need for cybersecurity solutions to protect sensitive data and prevent unauthorized access. Underlying macroeconomic factors such as population growth, urbanization, and government initiatives are driving the growth of the Security market in Canada.

The increasing population and urbanization are leading to higher crime rates, which in turn are increasing the demand for security solutions. The Canadian government is also taking steps to enhance security measures, particularly in critical infrastructure sectors such as transportation and energy. These initiatives are creating opportunities for security solution providers to offer their products and services.

In conclusion, the Security market in Canada is experiencing significant growth due to increasing customer preferences for advanced and integrated security solutions, the adoption of cloud-based and biometric security systems, local special circumstances such as the legalization of cannabis and the increasing number of cyber threats, and underlying macroeconomic factors such as population growth and government initiatives. The market is expected to continue growing in the coming years as the importance of security measures continues to be recognized.

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.