Security - Georgia | Statista Market Forecast

Revenue in the Security market is projected to reach US$3.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.45%, resulting in a projected market volume of US$6.3m by 2029.
In the Security market, the number of active households is expected to amount to 2.2m users by 2029.
Household penetration will be 71.7% in 2024 and is expected to hit 82.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.41.

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 Georgia has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, technological advancements, and rising awareness about the importance of security. Customer preferences in the Security market in Georgia have been shifting towards more advanced and integrated security solutions.

Customers are increasingly looking for comprehensive security systems that combine surveillance cameras, access control systems, and alarm systems. This trend is driven by the need for enhanced security measures to protect homes, businesses, and public spaces. Additionally, there is a growing demand for remote monitoring and control capabilities, allowing customers to access and manage their security systems from anywhere at any time.

One of the key trends in the Security market in Georgia is the adoption of smart home security systems. These systems utilize advanced technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to provide a high level of security and convenience. Smart home security systems offer features like facial recognition, voice control, and automated alerts, making them more user-friendly and effective in preventing security breaches.

This trend is driven by the increasing number of smart homes in Georgia and the growing awareness of the benefits of smart security systems. Another trend in the Security market in Georgia is the growing popularity of cloud-based security solutions. Cloud-based security systems offer several advantages over traditional on-premises solutions, including remote access, scalability, and cost-effectiveness.

These solutions allow customers to store and access their security data and footage securely in the cloud, eliminating the need for expensive hardware and maintenance. The adoption of cloud-based security solutions is driven by the increasing availability of high-speed internet connections and the growing preference for flexible and scalable security solutions. Local special circumstances in Georgia, such as the geopolitical situation and the high crime rates in some regions, contribute to the growth of the Security market.

The country's proximity to conflict zones and its history of political instability have created a need for robust security measures to protect individuals, businesses, and public infrastructure. Additionally, the high crime rates in certain areas have led to increased demand for security solutions, as people seek to protect their properties and ensure their personal safety. Underlying macroeconomic factors, such as the growing economy and increasing disposable income, also play a role in the development of the Security market in Georgia.

As the economy continues to grow, more individuals and businesses are able to invest in security solutions. The rising disposable income allows customers to afford more advanced and integrated security systems, driving the demand for such products and services. In conclusion, the Security market in Georgia is experiencing growth due to customer preferences for advanced and integrated security solutions, the adoption of smart home security systems, the popularity of cloud-based security solutions, local special circumstances such as geopolitical situation and high crime rates, and underlying macroeconomic factors such as the growing economy and increasing disposable income.

The market is expected to continue to expand as technology advances and security remains a top priority for individuals and businesses in Georgia.

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.