Security - Croatia | Statista Market Forecast

Revenue in the Security market is projected to reach US$10.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.79%, resulting in a projected market volume of US$19.9m by 2029.
In the Security market, the number of active households is expected to amount to 565.9k users by 2029.
Household penetration will be 30.4% 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$20.26.

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 Croatia has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions.

Customer preferences: Customers in Croatia are increasingly seeking out security solutions that offer advanced features and capabilities. They are looking for systems that can provide not only basic security measures such as video surveillance and access control, but also more advanced features like facial recognition, motion detection, and remote monitoring. This is driven by a growing awareness of the importance of security in both residential and commercial settings, as well as the desire for greater convenience and peace of mind.

Trends in the market: One of the key trends in the security market in Croatia is the adoption of smart home security systems. These systems integrate various security devices and enable homeowners to control and monitor their security systems remotely through their smartphones or other connected devices. This trend is driven by the increasing popularity of smart home technology and the desire for seamless integration of security systems with other smart devices in the home. Another trend in the market is the shift towards cloud-based security solutions. These solutions offer several advantages over traditional on-premises systems, including scalability, flexibility, and cost-effectiveness. Cloud-based security systems also allow for remote monitoring and management, making them particularly appealing to businesses with multiple locations or remote operations.

Local special circumstances: Croatia's geographical location and its status as a popular tourist destination present unique security challenges. The country's long coastline and numerous islands make it vulnerable to maritime security threats, such as illegal immigration, smuggling, and piracy. Additionally, the influx of tourists during the peak travel season creates a need for enhanced security measures to ensure the safety of both visitors and locals.

Underlying macroeconomic factors: The growth of the security market in Croatia can be attributed to several underlying macroeconomic factors. The country's stable economic growth and rising disposable incomes have increased the affordability of security systems for both residential and commercial customers. Additionally, the government's focus on improving security infrastructure and reducing crime rates has created a favorable environment for the security market to thrive. In conclusion, the security market in Croatia is developing in response to increasing customer preferences for advanced security solutions. The adoption of smart home security systems and cloud-based security solutions are key trends in the market. The country's unique geographical location and status as a tourist destination also contribute to the demand for enhanced security measures. Overall, the growth of the security market in Croatia can be attributed to the country's stable economic growth, rising disposable incomes, and government initiatives to improve security infrastructure.

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.