Security - EU-27

EU-27

Revenue in the Security market is projected to reach US$2.7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 9.54%, resulting in a projected market volume of US$3.9bn by 2028.
In the Security market, the number of active households is expected to amount to 76.6m users by 2028.
Household penetration will be 13.1% in 2024 and is expected to hit 37.6% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$104.10.

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Analyst Opinion

The Security market in EU-27 is experiencing steady growth due to increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in the EU-27 are increasingly prioritizing the safety and security of their homes, businesses, and public spaces. They are seeking advanced security solutions that offer comprehensive protection against various threats, such as burglary, vandalism, and terrorism. Customers are also looking for integrated security systems that can be easily managed and monitored remotely. Additionally, there is a growing demand for smart security solutions that can be seamlessly integrated with other smart home or building automation systems.

Trends in the market: One of the key trends in the Security market in the EU-27 is the adoption of advanced technologies such as artificial intelligence (AI), machine learning, and Internet of Things (IoT). These technologies are being incorporated into security systems to enhance their capabilities, improve threat detection and response, and enable predictive analysis. Another trend is the increasing popularity of cloud-based security solutions, which offer scalability, flexibility, and remote access to security systems.

Local special circumstances: The Security market in the EU-27 is influenced by various local special circumstances. For example, the increasing number of terrorist attacks in several European countries has led to a heightened focus on security measures. Governments and businesses are investing in advanced security technologies to prevent and respond to such threats. Additionally, the high rate of urbanization in the region has resulted in a greater need for security solutions to protect densely populated areas and critical infrastructure.

Underlying macroeconomic factors: The growth of the Security market in the EU-27 is also driven by underlying macroeconomic factors. The region's stable economic conditions and steady GDP growth have increased disposable incomes and consumer spending power. This has enabled individuals and businesses to invest in security solutions to protect their assets and ensure the safety of their premises. Furthermore, the stringent regulations and standards pertaining to security and safety in the EU-27 have created a favorable environment for the growth of the security market. In conclusion, the Security market in the EU-27 is witnessing growth due to increasing customer preferences for advanced security solutions, emerging trends such as the adoption of advanced technologies and cloud-based solutions, local special circumstances such as the need for counter-terrorism measures and urban security, and underlying macroeconomic factors such as stable economic conditions and regulatory requirements.

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.