Security - Eastern Asia | Statista Market Forecast

Revenue in the Security market is projected to reach US$7.9bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.95%, resulting in a projected market volume of US$13.8bn by 2029.
In the Security market, the number of active households is expected to amount to 378.8m users by 2029.
Household penetration will be 56.0% in 2024 and is expected to hit 65.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$19.38.

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 Eastern Asia has been experiencing significant growth and development in recent years. Customer preferences in the Security market in Eastern Asia have been shifting towards more advanced and sophisticated security solutions.

With the rise of technology and the increasing importance of data security, customers are demanding solutions that can protect their assets and information from cyber threats. This has led to a growing demand for cybersecurity services and solutions, as well as advanced surveillance systems. Trends in the market include the adoption of artificial intelligence (AI) and machine learning (ML) technologies in security systems.

These technologies are being used to enhance the effectiveness and efficiency of security solutions, allowing for real-time threat detection and response. Additionally, there is a growing focus on cloud-based security solutions, as they offer scalability, flexibility, and cost-effectiveness. Local special circumstances in Eastern Asia have also contributed to the development of the Security market.

For example, the region is home to some of the world's largest and most technologically advanced economies, such as Japan, South Korea, and China. These countries have been investing heavily in cybersecurity and surveillance technologies to protect their critical infrastructure and sensitive information. Underlying macroeconomic factors have also played a role in the growth of the Security market in Eastern Asia.

The region has experienced rapid economic growth and urbanization, leading to an increased need for security solutions to protect people, property, and assets. Additionally, the increasing threat of cybercrime and terrorism has further fueled the demand for security services and solutions. In conclusion, the Security market in Eastern Asia is experiencing significant growth and development due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The adoption of advanced technologies, such as AI and ML, and the focus on cloud-based solutions are driving the market forward. As the region continues to develop and face new security challenges, the demand for security services and solutions is expected to further increase.

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.