Security - Finland | Statista Market Forecast

Revenue in the Security market is projected to reach US$40.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.17%, resulting in a projected market volume of US$60.4m by 2029.
In the Security market, the number of active households is expected to amount to 743.5k users by 2029.
Household penetration will be 20.7% in 2024 and is expected to hit 25.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$64.15.

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 Finland has been experiencing significant growth in recent years, driven by various factors such as increasing concerns about safety and security, advancements in technology, and government initiatives to improve security infrastructure. Customer preferences in the Security market in Finland are largely influenced by the need for robust and reliable security solutions.

Finnish customers prioritize security systems that offer advanced features such as surveillance cameras, access control systems, and alarm systems. They also value integrated solutions that can be easily managed and monitored remotely. Additionally, there is a growing demand for cloud-based security solutions, as they offer flexibility, scalability, and cost-effectiveness.

Trends in the Security market in Finland reflect global trends, but with some unique characteristics specific to the country. One of the key trends is the adoption of smart security solutions, which leverage technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to enhance security capabilities. These smart security solutions enable real-time monitoring, predictive analytics, and proactive threat detection, thereby improving overall security effectiveness.

Another trend in the Security market in Finland is the increasing focus on cybersecurity. With the rise of digitalization and the growing threat of cybercrime, Finnish organizations are investing in robust cybersecurity solutions to protect their critical data and infrastructure. This includes the implementation of advanced firewalls, encryption technologies, and intrusion detection systems.

Local special circumstances in Finland also contribute to the development of the Security market. Finland has a high level of technological advancement and a strong focus on innovation. This creates opportunities for local security companies to develop cutting-edge solutions and export them to other markets.

Additionally, Finland has a well-established welfare state, which means that the government plays a significant role in ensuring public safety and security. This leads to increased investments in security infrastructure and creates a favorable environment for the growth of the Security market. Underlying macroeconomic factors also play a role in the development of the Security market in Finland.

The country has a stable economy with a high standard of living, which enables individuals and organizations to invest in security solutions. Furthermore, Finland has a strong industrial base, particularly in sectors such as technology, manufacturing, and healthcare, which require advanced security systems to protect their assets and operations. In conclusion, the Security market in Finland is experiencing growth due to increasing concerns about safety and security, advancements in technology, and government initiatives.

Customer preferences are focused on robust and reliable security solutions, with a growing demand for smart security and cybersecurity solutions. Local special circumstances, such as technological advancement and government support, contribute to the development of the market. Underlying macroeconomic factors, including a stable economy and a strong industrial base, also play a role in the growth of the Security market in Finland.

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.