Security - Northern Europe | Statista Market Forecast

Revenue in the Security market is projected to reach US$583.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.64%, resulting in a projected market volume of US$842.7m by 2029.
In the Security market, the number of active households is expected to amount to 5.9m users by 2029.
Household penetration will be 27.7% in 2024 and is expected to hit 34.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$113.30.

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 Northern Europe is experiencing significant growth and development in recent years.

Customer preferences: Customers in Northern Europe have a strong preference for advanced security solutions that offer high levels of protection and reliability. They are willing to invest in state-of-the-art security systems to safeguard their homes, businesses, and public spaces. The demand for integrated security solutions, such as video surveillance, access control, and alarm systems, is particularly high in this region. Customers also value user-friendly interfaces and remote monitoring capabilities, allowing them to easily manage and monitor their security systems.

Trends in the market: One of the key trends in the Security market in Northern Europe is the increasing adoption of smart security systems. These systems leverage advanced technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to provide enhanced security features. For example, smart video surveillance systems can automatically detect and alert users about suspicious activities, reducing the need for constant monitoring. Similarly, smart access control systems can use biometric authentication methods to ensure only authorized individuals can enter a premises. This trend is driven by the desire for more efficient and effective security solutions. Another trend in the market is the growing emphasis on cybersecurity. As more security systems become connected to the internet, the risk of cyber attacks and data breaches increases. Customers in Northern Europe are increasingly concerned about the security of their security systems and are demanding robust cybersecurity measures. This has led to the development of secure communication protocols, encryption technologies, and regular software updates to protect against potential vulnerabilities.

Local special circumstances: Northern Europe has a highly developed infrastructure and a high standard of living. This provides a conducive environment for the growth of the Security market. The region also has a strong focus on sustainability and energy efficiency, which has led to the adoption of eco-friendly security solutions. For example, solar-powered security cameras and energy-efficient lighting systems are becoming increasingly popular.

Underlying macroeconomic factors: The Security market in Northern Europe is influenced by several macroeconomic factors. The region has a stable economy and a high level of disposable income, allowing customers to invest in premium security solutions. Additionally, the increasing threat of crime and terrorism has heightened the demand for security systems across various sectors, including residential, commercial, and public. The favorable government regulations and initiatives to promote safety and security have also contributed to the growth of the market. In conclusion, the Security market in Northern Europe is experiencing significant growth and development due to customer preferences for advanced security solutions, the adoption of smart technologies, the emphasis on cybersecurity, local special circumstances such as a developed infrastructure and focus on sustainability, and underlying macroeconomic factors including a stable economy and increasing security concerns.

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.