Security - Slovakia

Slovakia

Revenue in the Security market is projected to reach US$15.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.79%, resulting in a projected market volume of US$30.3m by 2029.
In the Security market, the number of active households is expected to amount to 705.4k users by 2029.
Household penetration will be 29.3% in 2024 and is expected to hit 36.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$24.80.

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Analyst Opinion

The Security market in Slovakia has been experiencing significant growth in recent years, driven by a number of factors.

Customer preferences: Customers in Slovakia are increasingly prioritizing their personal and property security, leading to a growing demand for security products and services. This can be attributed to a number of factors, including rising crime rates and a general increase in awareness about the importance of security. Additionally, the growing middle class in Slovakia has more disposable income to spend on security products and services, further driving the market.

Trends in the market: One major trend in the security market in Slovakia is the adoption of advanced technology. Customers are increasingly looking for innovative security solutions that offer higher levels of protection and convenience. This includes the use of smart home security systems, biometric access control systems, and video surveillance with advanced analytics capabilities. These technologies provide customers with greater control over their security and enable them to monitor their properties remotely. Another trend in the market is the integration of security systems. Customers are seeking integrated solutions that combine multiple security functions, such as access control, video surveillance, and alarm systems. This allows for a more comprehensive and efficient security system, as all components can be managed and monitored from a single platform. Integrated systems also offer cost savings and simplify maintenance and troubleshooting.

Local special circumstances: Slovakia has a relatively high crime rate compared to other European countries, which has contributed to the increased demand for security products and services. Customers are seeking solutions that can help protect their homes, businesses, and vehicles from theft and vandalism. This has created a favorable market environment for security companies operating in Slovakia.

Underlying macroeconomic factors: The growing economy in Slovakia has had a positive impact on the security market. As the country's GDP continues to rise, individuals and businesses have more disposable income to invest in security measures. Additionally, the construction industry is booming in Slovakia, leading to increased demand for security systems in new residential and commercial buildings. In conclusion, the Security market in Slovakia is experiencing significant growth due to increasing customer preferences for personal and property security. The adoption of advanced technology and the integration of security systems are major trends in the market. The relatively high crime rate in Slovakia and the country's growing economy are also contributing factors.

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.