Security - Malta | Statista Market Forecast

Revenue in the Security market is projected to reach US$2.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.13%, resulting in a projected market volume of US$5.6m by 2029.
In the Security market, the number of active households is expected to amount to 88.7k users by 2029.
Household penetration will be 32.0% in 2024 and is expected to hit 38.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$31.77.

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 Malta has been witnessing significant growth in recent years, driven by various factors such as increasing security concerns, technological advancements, and government initiatives.

Customer preferences: Customers in Malta are increasingly prioritizing their safety and security, leading to a growing demand for security solutions. This includes both residential and commercial customers, who are investing in advanced security systems to protect their properties and assets. Additionally, there is a rising awareness among customers about the importance of cybersecurity, leading to an increased demand for cybersecurity solutions and services.

Trends in the market: One of the key trends in the security market in Malta is the adoption of advanced technologies. This includes the use of surveillance cameras, access control systems, and alarm systems that are integrated with smart home automation. These technologies provide customers with enhanced security features and the ability to monitor their properties remotely. Furthermore, there is a growing trend of integrating security systems with other smart devices, such as smartphones and voice assistants, to provide a seamless and convenient user experience. Another trend in the market is the increasing focus on cybersecurity. With the rise in cyber threats and data breaches, businesses and individuals in Malta are investing in robust cybersecurity solutions to protect their sensitive information. This includes the use of firewalls, antivirus software, and encryption technologies to safeguard data from unauthorized access.

Local special circumstances: Malta's strategic location in the Mediterranean makes it an attractive destination for businesses and tourists. However, this also poses security challenges, as the country needs to ensure the safety of its residents and visitors. This has led to the implementation of stringent security measures, both at the national level and within various sectors such as transportation, hospitality, and finance. The government has also been proactive in promoting the use of advanced security technologies to enhance the overall security infrastructure of the country.

Underlying macroeconomic factors: The growing security market in Malta can be attributed to the country's strong economic growth and stability. As the economy continues to expand, businesses and individuals have more disposable income to invest in security solutions. Additionally, the government's focus on attracting foreign direct investment has led to the establishment of multinational companies in Malta, which has further increased the demand for security services. In conclusion, the security market in Malta is witnessing significant growth due to increasing security concerns, technological advancements, and government initiatives. Customers in Malta are prioritizing their safety and security, leading to a growing demand for advanced security solutions. The adoption of advanced technologies and the focus on cybersecurity are key trends in the market. Furthermore, Malta's strategic location and strong economic growth contribute to the overall development of the security market in the country.

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.