Security - Cyprus | Statista Market Forecast

Revenue in the Security market is projected to reach US$3.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.99%, resulting in a projected market volume of US$8.1m by 2029.
In the Security market, the number of active households is expected to amount to 201.4k users by 2029.
Household penetration will be 33.5% in 2024 and is expected to hit 40.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$20.39.

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 Cyprus is experiencing significant growth and development, driven by several key factors. Customer preferences for advanced security solutions, the increasing need for protection against cyber threats, and the rising importance of data security are all contributing to the expansion of the market.

Additionally, local special circumstances, such as the country's geographic location and its role as an international business hub, are further fueling the growth of the Security market in Cyprus. Customer preferences in Cyprus are shifting towards more advanced security solutions. As technology continues to evolve, customers are becoming increasingly aware of the threats posed by cyber attacks and are seeking comprehensive security measures to protect their assets.

This includes investing in robust firewalls, intrusion detection systems, and encryption technologies. Furthermore, with the rise of remote working and the increasing reliance on digital platforms, there is a growing demand for secure communication and collaboration tools. Trends in the market indicate a strong focus on cybersecurity.

As cyber threats become more sophisticated and prevalent, businesses and individuals are prioritizing the protection of their sensitive information. This has led to an increased demand for cybersecurity services, including vulnerability assessments, penetration testing, and incident response. Additionally, there is a growing trend towards adopting cloud-based security solutions, as they offer scalability, flexibility, and cost-effectiveness.

Local special circumstances in Cyprus are also contributing to the development of the Security market. The country's strategic geographic location makes it a gateway between Europe, the Middle East, and Africa, attracting businesses from various industries. As a result, there is a need for robust security measures to protect these organizations from potential threats.

Furthermore, Cyprus has established itself as an international business hub, with a thriving financial services sector. This has led to an increased focus on data security and compliance with international regulations, such as the General Data Protection Regulation (GDPR). Underlying macroeconomic factors are also driving the growth of the Security market in Cyprus.

The country's strong economic performance and stable political environment create a favorable business climate, attracting both local and foreign investments. As businesses continue to expand and innovate, the need for advanced security solutions becomes paramount. Additionally, the government's initiatives to promote cybersecurity and data protection further support the growth of the market.

In conclusion, the Security market in Cyprus is experiencing significant growth and development, driven by customer preferences for advanced security solutions, the increasing need for protection against cyber threats, and the rising importance of data security. Local special circumstances, such as the country's geographic location and its role as an international business hub, are further fueling the growth of the market. Underlying macroeconomic factors, including the country's strong economic performance and stable political environment, are also contributing to the expansion of the Security market in Cyprus.

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.