Security - EAEU

EAEU

Revenue in the Security market is projected to reach US$298.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.18%, resulting in a projected market volume of US$506.6m by 2029.
In the Security market, the number of active households is expected to amount to 21.3m users by 2029.
Household penetration will be 36.5% in 2024 and is expected to hit 46.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$15.42.

Market

Region

Region comparison

Currency

Analyst Opinion

The Security market in EAEU is experiencing significant growth due to several key factors.

Customer preferences: Customers in the EAEU region are increasingly prioritizing the safety and security of their assets, both personal and business-related. This is driven by a variety of factors, including rising crime rates, increasing awareness of security threats, and a growing need for protection against cyber attacks. As a result, there is a strong demand for security products and services in the region.

Trends in the market: One of the key trends in the Security market in EAEU is the adoption of advanced technology solutions. Customers are increasingly looking for innovative security systems that can provide enhanced protection. This includes the use of artificial intelligence and machine learning algorithms to detect and prevent security breaches, as well as the integration of various security systems to create a comprehensive and interconnected network. Another trend in the market is the growing importance of cybersecurity. With the increasing reliance on digital technologies and the rise of cyber threats, businesses and individuals are investing in robust cybersecurity measures. This includes the implementation of firewalls, encryption technologies, and advanced authentication systems to protect sensitive data and prevent unauthorized access.

Local special circumstances: The EAEU region comprises five member states - Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia - each with its own unique security challenges. For example, Russia faces a higher level of cyber threats compared to other countries in the region due to its geopolitical position and its status as a global power. This has led to a greater emphasis on cybersecurity measures in the country. Additionally, the EAEU region has a diverse range of industries, including oil and gas, manufacturing, finance, and transportation. Each industry has its own specific security requirements, which creates opportunities for specialized security providers to cater to these needs.

Underlying macroeconomic factors: The growth of the Security market in EAEU is also influenced by underlying macroeconomic factors. The region has experienced steady economic growth in recent years, which has led to an increase in disposable income and greater spending power. This has enabled individuals and businesses to invest in security products and services. Furthermore, government initiatives aimed at improving security and reducing crime rates have also contributed to the growth of the market. Governments in the EAEU region are implementing various measures, such as increasing the number of surveillance cameras in public spaces and investing in cybersecurity infrastructure, to enhance security and protect their citizens. In conclusion, the Security market in EAEU is experiencing significant growth due to increasing customer preferences for safety and security, the adoption of advanced technology solutions, the growing importance of cybersecurity, local special circumstances, and underlying macroeconomic factors. This presents opportunities for companies operating in the security industry to expand their presence in the region and cater to the evolving needs of customers.

Methodology

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.