Security - Ireland | Statista Market Forecast

Revenue in the Security market is projected to reach US$14.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.50%, resulting in a projected market volume of US$24.6m by 2029.
In the Security market, the number of active households is expected to amount to 762.1k users by 2029.
Household penetration will be 29.4% in 2024 and is expected to hit 37.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$23.52.

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 Ireland has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions and the emergence of new trends in the market. Customer preferences in the Security market in Ireland have shifted towards more sophisticated and integrated security solutions.

With the rise of smart homes and connected devices, customers are seeking comprehensive security systems that can be easily controlled and monitored remotely. This has led to an increased demand for home automation and surveillance systems that offer features such as remote access, video monitoring, and smart locks. Additionally, businesses are also prioritizing the implementation of advanced security measures to protect their assets and data from cyber threats.

As a result, there has been a growing demand for cybersecurity solutions and services in the market. Trends in the Security market in Ireland reflect the global market trends, with a focus on technology-driven solutions. The adoption of artificial intelligence (AI) and machine learning (ML) technologies has been on the rise, as they enable advanced threat detection and prevention capabilities.

AI-powered video analytics, for example, can analyze video footage in real-time to identify suspicious activities and alert security personnel. Furthermore, the integration of cloud computing in security systems has become increasingly popular, as it allows for remote access, data storage, and scalability. Cloud-based security solutions offer flexibility and cost-efficiency, making them attractive options for both residential and commercial customers.

Local special circumstances in Ireland also contribute to the development of the Security market. The country has a strong focus on data protection and privacy regulations, which has led to an increased emphasis on cybersecurity. The General Data Protection Regulation (GDPR) has mandated organizations to implement robust security measures to protect personal data, driving the demand for cybersecurity solutions and services.

Additionally, Ireland's status as a global tech hub has attracted multinational companies, leading to an increased need for advanced security solutions to safeguard their operations and intellectual property. Underlying macroeconomic factors have also played a role in the growth of the Security market in Ireland. The country's strong economic performance and high disposable income levels have allowed customers to invest in security solutions.

Furthermore, the increasing awareness of security threats and the potential consequences of security breaches have prompted individuals and businesses to prioritize security investments. The government's focus on cybersecurity and data protection has also created a supportive environment for the development of the Security market. In conclusion, the Security market in Ireland is witnessing growth due to customer preferences for advanced security solutions, the adoption of technology-driven trends, local special circumstances such as data protection regulations, and favorable macroeconomic factors.

As the market continues to evolve, it is expected that the demand for integrated security solutions, AI-powered technologies, and cloud-based systems will continue to drive its growth.

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.