Security - Hungary | Statista Market Forecast

Revenue in the Security market is projected to reach US$28.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.90%, resulting in a projected market volume of US$50.1m by 2029.
In the Security market, the number of active households is expected to amount to 1.7m users by 2029.
Household penetration will be 29.8% in 2024 and is expected to hit 39.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$19.90.

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 Hungary has been experiencing significant growth in recent years, driven by increasing customer demand for security solutions and services.

Customer preferences: Customers in Hungary are increasingly prioritizing the security of their homes, businesses, and personal belongings. This is due to a rising awareness of the importance of security and a desire to protect against potential threats such as theft, vandalism, and cyber attacks. As a result, there is a growing demand for a wide range of security products and services, including surveillance cameras, alarm systems, access control systems, and cybersecurity solutions.

Trends in the market: One of the key trends in the security market in Hungary is the adoption of advanced technologies. Customers are increasingly looking for innovative security solutions that offer enhanced features and capabilities. For example, there is a growing demand for smart security systems that can be remotely monitored and controlled via smartphones or other mobile devices. Additionally, there is a rising interest in artificial intelligence (AI)-powered security solutions, which can analyze large amounts of data and detect potential threats in real-time. Another trend in the market is the integration of security systems with other smart home or smart building technologies. Customers are seeking seamless integration between security systems and other devices such as lighting, heating, and entertainment systems. This integration allows for more efficient and convenient control of various aspects of a home or building, enhancing overall security and user experience.

Local special circumstances: Hungary has a relatively high crime rate compared to other countries in the European Union. This has contributed to the increased demand for security solutions and services in the country. Customers are willing to invest in security measures to protect their properties and ensure the safety of their families or employees. Furthermore, the government of Hungary has been actively promoting the use of security technologies to improve public safety. This includes initiatives such as the installation of surveillance cameras in public spaces and the implementation of cybersecurity measures to protect critical infrastructure. These government initiatives have further fueled the growth of the security market in Hungary.

Underlying macroeconomic factors: The growth of the security market in Hungary is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, customers have more financial resources to invest in security solutions and services. In addition, Hungary is part of the European Union, which provides a favorable business environment and access to a large market. This has attracted international security companies to enter the Hungarian market, offering a wide range of products and services. The presence of these international players has contributed to the overall development and competitiveness of the security market in Hungary. In conclusion, the security market in Hungary is growing due to increasing customer preferences for security solutions, the adoption of advanced technologies, local special circumstances such as a high crime rate, and underlying macroeconomic factors such as steady economic growth and the presence of international players.

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.