Security - Luxembourg | Statista Market Forecast

Revenue in the Security market is projected to reach US$7.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 20.38%, resulting in a projected market volume of US$18.1m by 2029.
In the Security market, the number of active households is expected to amount to 96.5k users by 2029.
Household penetration will be 40.4% in 2024 and is expected to hit 48.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$79.38.

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 Luxembourg has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions and the local special circumstances that make the country an attractive market for security providers. Customer preferences in the Security market in Luxembourg have been shifting towards more advanced and integrated security solutions.

With the increasing complexity and sophistication of security threats, customers are seeking comprehensive solutions that can address multiple security needs. This includes the demand for integrated systems that combine physical security measures with cybersecurity solutions, as well as the adoption of advanced technologies such as biometrics and artificial intelligence in security systems. Customers are also placing a greater emphasis on data security and privacy, leading to an increased demand for encryption and secure communication solutions.

Trends in the Security market in Luxembourg are driven by global and regional developments in the industry. The increasing frequency and severity of cyberattacks worldwide have raised awareness about the importance of cybersecurity, leading to a growing demand for cybersecurity solutions in Luxembourg. Additionally, the rise of smart cities and the Internet of Things (IoT) has created new opportunities for security providers, as the need for secure and connected systems becomes more pronounced.

This has led to an increased demand for solutions such as video surveillance, access control, and perimeter security. Local special circumstances in Luxembourg contribute to the growth of the Security market. As a global financial center and home to numerous international organizations, Luxembourg faces unique security challenges.

The country's high concentration of financial institutions and data centers makes it a target for cybercriminals, driving the demand for cybersecurity solutions. Moreover, the presence of international organizations and the European institutions in Luxembourg creates a need for advanced security measures to protect sensitive information and ensure the safety of personnel. Underlying macroeconomic factors also play a role in the development of the Security market in Luxembourg.

The country's strong economy and high GDP per capita provide the financial means for businesses and individuals to invest in security solutions. Additionally, Luxembourg's strategic location in the heart of Europe makes it an attractive market for security providers looking to expand their presence in the region. The country's stable political environment and commitment to data protection also contribute to its appeal as a market for security solutions.

In conclusion, the Security market in Luxembourg is experiencing growth due to increasing customer preferences for advanced security solutions, global and regional trends in the industry, local special circumstances, and underlying macroeconomic factors. As the need for security continues to evolve, the market in Luxembourg is expected to further expand, driven by advancements in technology and the ongoing demand for comprehensive security solutions.

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.