Security - Iceland | Statista Market Forecast

Revenue in the Security market is projected to reach US$5.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.41%, resulting in a projected market volume of US$11.1m by 2029.
In the Security market, the number of active households is expected to amount to 66.2k users by 2029.
Household penetration will be 33.1% in 2024 and is expected to hit 39.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$90.15.

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 Iceland has been experiencing significant growth in recent years, driven by increasing customer preferences for advanced security solutions and the local special circumstances in the country. Customer preferences in Iceland have shifted towards more advanced security solutions, such as smart home security systems and surveillance cameras.

This can be attributed to the rising awareness of the importance of security among individuals and businesses. With the increasing availability of affordable and user-friendly security technologies, customers are more inclined to invest in these solutions to protect their properties and assets. Additionally, the growing popularity of e-commerce and online banking has also contributed to the demand for enhanced cybersecurity measures, further driving the growth of the security market in Iceland.

In line with global trends, there are several key factors driving the growth of the security market in Iceland. One such trend is the increasing adoption of Internet of Things (IoT) devices, which has created new opportunities for security solutions providers. IoT devices, such as smart locks and video doorbells, allow users to remotely monitor and control their security systems, providing convenience and peace of mind.

Another trend is the integration of artificial intelligence (AI) and machine learning technologies into security systems, enabling more accurate threat detection and proactive response capabilities. In addition to customer preferences, there are also local special circumstances in Iceland that have contributed to the growth of the security market. Iceland is known for its high standard of living and relatively low crime rates.

However, the country's geographical location and natural resources make it an attractive target for cyber attacks and other security threats. As a result, there is a growing need for robust security solutions to protect critical infrastructure, such as power plants and data centers, as well as individual homes and businesses. This has created a favorable market environment for security solution providers in Iceland.

Underlying macroeconomic factors, such as the steady economic growth and increasing investment in infrastructure projects, have also played a role in the development of the security market in Iceland. As the country continues to attract foreign investment and tourism, there is a greater emphasis on ensuring the safety and security of both residents and visitors. This has led to increased spending on security solutions, creating opportunities for companies operating in the security market.

Overall, the security market in Iceland is experiencing growth due to changing customer preferences, global trends in security technology, local special circumstances, and underlying macroeconomic factors. As the demand for advanced security solutions continues to rise, companies in the security market are well-positioned to capitalize on these opportunities and drive further growth in the industry.

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.