Security - Greece | Statista Market Forecast

Revenue in the Security market is projected to reach US$21.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.19%, resulting in a projected market volume of US$38.5m by 2029.
In the Security market, the number of active households is expected to amount to 1.5m users by 2029.
Household penetration will be 29.5% in 2024 and is expected to hit 37.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$16.56.

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 Greece is experiencing significant growth and development in recent years. Customer preferences in the Security market in Greece are shifting towards more advanced and sophisticated security solutions.

With the increasing threat of cyber attacks and other security breaches, customers are looking for comprehensive security solutions that can protect their assets and data. This includes a combination of physical security measures, such as surveillance cameras and access control systems, as well as digital security solutions, such as firewalls and antivirus software. Customers are also increasingly interested in cloud-based security solutions, as they offer greater flexibility and scalability.

One of the key trends in the Security market in Greece is the adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies enable security systems to analyze vast amounts of data in real-time and identify patterns or anomalies that may indicate a security threat. AI and ML can also automate certain security processes, such as facial recognition or behavior analysis, making security systems more efficient and effective.

This trend is driven by the increasing availability of AI and ML technologies, as well as the growing recognition of their potential in the security industry. Another trend in the Security market in Greece is the integration of security systems with other smart home or building automation technologies. Customers are increasingly interested in having a centralized control system that can manage not only their security systems but also other aspects of their homes or buildings, such as lighting, heating, and entertainment.

This integration allows for greater convenience and efficiency, as well as improved security. For example, a security system can be programmed to automatically turn on lights and lock doors when a security breach is detected. Local special circumstances in Greece also contribute to the development of the Security market.

Greece has a high rate of property crime, including burglaries and thefts, which creates a strong demand for security solutions. Additionally, the country is a popular tourist destination, which means that there is a need for security systems in hotels, resorts, and other tourist facilities. The ongoing refugee crisis in Greece has also led to increased security concerns, particularly in border areas and refugee camps.

Underlying macroeconomic factors, such as economic growth and government regulations, also play a role in the development of the Security market in Greece. As the economy grows, businesses and individuals have more disposable income to invest in security solutions. The Greek government has also implemented regulations and initiatives to improve security, such as the installation of surveillance cameras in public places and the promotion of cybersecurity measures.

These factors create a favorable environment for the growth of the Security market in Greece. Overall, the Security market in Greece is experiencing growth and development driven by customer preferences for advanced security solutions, the adoption of AI and ML technologies, the integration of security systems with other smart technologies, local special circumstances, and underlying macroeconomic factors.

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.