Security - Latvia

Latvia

Revenue in the Security market is projected to reach US$5.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.21%, resulting in a projected market volume of US$8.1m by 2029.
In the Security market, the number of active households is expected to amount to 307.9k users by 2029.
Household penetration will be 30.2% in 2024 and is expected to hit 40.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$18.46.

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Analyst Opinion

The Security market in Latvia is experiencing steady growth due to increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Latvia are increasingly prioritizing the safety and security of their homes, businesses, and public spaces. They are seeking advanced security solutions that offer real-time monitoring, remote access, and integration with smart home systems. This shift in customer preferences is driving the demand for innovative security products and services in the market.

Trends in the market: One of the key trends in the security market in Latvia is the adoption of smart security systems. These systems utilize advanced technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to provide enhanced security features. Customers are attracted to these systems as they offer increased convenience, efficiency, and effectiveness in monitoring and protecting their properties. Another trend is the integration of security systems with other smart home devices. Customers are looking for seamless integration between their security systems, home automation systems, and other smart devices such as door locks, cameras, and sensors. This integration allows for centralized control and monitoring, making it easier for customers to manage their security systems.

Local special circumstances: Latvia has a high crime rate compared to other European countries. This has created a strong demand for security solutions among residential and commercial customers. The need for effective security measures to protect against burglaries, vandalism, and other criminal activities has contributed to the growth of the security market in the country.

Underlying macroeconomic factors: Latvia has experienced steady economic growth in recent years, which has had a positive impact on the security market. As the economy grows, individuals and businesses have more disposable income to invest in security systems. Moreover, the construction industry is booming, leading to increased demand for security solutions in new residential and commercial projects. In conclusion, the security market in Latvia is developing due to customer preferences for advanced security solutions, emerging trends in the market such as smart security systems and integration with other smart home devices, local special circumstances including a high crime rate, and underlying macroeconomic factors such as steady economic growth. As the market continues to evolve, it is expected that the demand for innovative security products and services will continue to increase.

Methodology

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.