Security - Moldova | Statista Market Forecast

Revenue in the Security market is projected to reach US$4.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.20%, resulting in a projected market volume of US$10.8m by 2029.
In the Security market, the number of active households is expected to amount to 258.5k users by 2029.
Household penetration will be 25.3% in 2024 and is expected to hit 32.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$21.31.

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 Moldova has been experiencing steady growth in recent years, driven by increasing customer preferences for enhanced security measures and the adoption of advanced technologies in the sector. Customer preferences in the Security market in Moldova have been shifting towards more comprehensive and integrated security solutions.

Customers are increasingly looking for solutions that not only provide physical security but also address cybersecurity concerns. This has led to a growing demand for advanced security systems that combine video surveillance, access control, and intrusion detection with cybersecurity measures such as network monitoring and threat intelligence. Additionally, customers are also seeking solutions that can be easily integrated with other smart home or building automation systems, allowing for seamless control and monitoring of security measures.

One of the key trends in the Security market in Moldova is the adoption of cloud-based security solutions. Cloud-based security systems offer several advantages over traditional on-premises solutions, including scalability, flexibility, and cost-effectiveness. With the increasing availability of high-speed internet connectivity and the growing acceptance of cloud-based technologies, more customers in Moldova are opting for cloud-based security solutions.

These solutions allow for remote monitoring and management of security systems, enabling businesses and homeowners to have greater control and visibility over their security measures. Another trend in the market is the integration of artificial intelligence (AI) and machine learning (ML) technologies in security systems. AI and ML algorithms can analyze large amounts of data from various sources, such as video surveillance cameras and access control systems, to detect anomalies and potential threats in real-time.

This enables security personnel to respond quickly to incidents and enhances the overall effectiveness of security measures. The adoption of AI and ML in security systems is expected to continue to grow in Moldova as the technology becomes more advanced and affordable. Local special circumstances in Moldova also contribute to the development of the Security market.

The country has a relatively high crime rate, especially in urban areas, which drives the demand for security solutions. Additionally, Moldova is a transit country for illicit activities, such as human trafficking and smuggling, which further increases the need for robust security measures. The government has recognized the importance of addressing these security challenges and has implemented various initiatives to improve public safety and security, including the modernization of law enforcement agencies and the implementation of smart city projects.

Underlying macroeconomic factors, such as economic growth and increasing disposable incomes, also play a role in the development of the Security market in Moldova. As the economy grows and incomes rise, individuals and businesses are willing to invest more in security measures to protect their assets and ensure the safety of their employees and families. Additionally, the government's focus on attracting foreign investment and promoting tourism also contributes to the demand for security solutions, as investors and tourists seek a safe and secure environment.

Overall, the Security market in Moldova is developing in response to customer preferences for comprehensive security solutions, the adoption of advanced technologies, local security challenges, and underlying macroeconomic factors. The market is expected to continue to grow as customers increasingly prioritize security and the adoption of innovative security technologies becomes more widespread.

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.