Security - Europe | Statista Market Forecast

Revenue in the Security market is projected to reach US$4.7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.67%, resulting in a projected market volume of US$7.5bn by 2029.
In the Security market, the number of active households is expected to amount to 123.0m users by 2029.
Household penetration will be 31.6% in 2024 and is expected to hit 39.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$42.77.

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 Europe is experiencing significant growth and development, driven by various factors such as increasing concerns about safety and security, advancements in technology, and the need for robust security solutions.

Customer preferences: Customers in Europe are increasingly prioritizing the safety and security of their homes, businesses, and public spaces. With the rise in criminal activities and the growing threat of terrorism, individuals and organizations are seeking advanced security solutions to protect their assets and ensure the well-being of their employees and customers. There is a growing demand for integrated security systems that combine surveillance, access control, and alarm systems, as well as solutions that incorporate artificial intelligence and machine learning for more efficient threat detection and prevention.

Trends in the market: One of the key trends in the European security market is the adoption of smart security solutions. Smart security systems, which can be controlled remotely through mobile devices, are gaining popularity due to their convenience and effectiveness. These systems allow users to monitor their properties in real-time, receive alerts in case of any security breaches, and even remotely control access to their premises. The integration of smart security systems with other smart home devices and technologies is also becoming more common, providing users with a seamless and interconnected security experience. Another trend in the European security market is the increasing focus on cybersecurity. With the growing reliance on digital systems and the internet of things (IoT), the risk of cyber threats has become a major concern. As a result, there is a growing demand for cybersecurity solutions that can protect sensitive data, prevent unauthorized access, and detect and respond to cyber attacks. Companies are investing in advanced security measures such as encryption, firewalls, and intrusion detection systems to safeguard their digital assets and maintain the trust of their customers.

Local special circumstances: Each country in Europe has its own unique set of circumstances that influence the security market. For example, countries with high crime rates may have a greater demand for security solutions such as video surveillance and alarm systems. On the other hand, countries with a high concentration of high-value assets, such as financial institutions or museums, may require more advanced security measures such as access control systems and biometric authentication.

Underlying macroeconomic factors: The overall economic stability and growth in Europe play a significant role in the development of the security market. As the economy improves, individuals and organizations are more willing to invest in security solutions. Additionally, government initiatives and regulations related to security and safety also influence the market. For example, the implementation of stricter regulations regarding data protection and privacy has led to an increased demand for cybersecurity solutions. In conclusion, the Security market in Europe is witnessing significant growth and development due to increasing concerns about safety and security, advancements in technology, and the need for robust security solutions. Customer preferences are shifting towards integrated and smart security systems, while the focus on cybersecurity is also increasing. Local circumstances and underlying macroeconomic factors further shape the market dynamics in each country.

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.