Security - Hong Kong | Statista Market Forecast

Revenue in the Security market is projected to reach US$26.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.86%, resulting in a projected market volume of US$46.3m by 2029.
In the Security market, the number of active households is expected to amount to 1.0m users by 2029.
Household penetration will be 31.0% in 2024 and is expected to hit 36.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$26.94.

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 Hong Kong has been experiencing significant growth in recent years, driven by customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Hong Kong have shifted towards more sophisticated security solutions, as individuals and businesses seek to protect their assets and mitigate risks.

This has led to an increased demand for advanced surveillance systems, access control systems, and alarm systems. Customers are also increasingly looking for integrated security solutions that can be easily managed and monitored remotely. Trends in the market indicate a growing adoption of smart security technologies in Hong Kong.

Smart security solutions, such as facial recognition systems, biometric access control, and video analytics, are gaining popularity due to their ability to enhance security and improve operational efficiency. The integration of artificial intelligence and machine learning in security systems is also a key trend, enabling real-time threat detection and proactive security measures. Local special circumstances in Hong Kong, such as its high population density and the need for public safety, have contributed to the growth of the security market.

The city's crowded urban environment requires robust security measures to ensure the safety of its residents and visitors. Additionally, the ongoing social and political unrest in Hong Kong has further heightened the demand for security solutions, as individuals and businesses seek to protect themselves and their properties. Underlying macroeconomic factors have also played a role in the development of the security market in Hong Kong.

The city's strong economic growth and high per capita income have provided individuals and businesses with the financial means to invest in security solutions. Furthermore, the increasing awareness of cybersecurity threats and the need for data protection have driven the demand for cybersecurity solutions in Hong Kong. In conclusion, the Security market in Hong Kong is experiencing growth due to customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

The adoption of smart security technologies, the need for public safety, and the ongoing social and political unrest in the city have all contributed to the increasing demand for security solutions in Hong Kong.

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.