Security - Sweden | Statista Market Forecast

Revenue in the Security market is projected to reach US$207.5m 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$299.9m by 2029.
In the Security market, the number of active households is expected to amount to 2.3m users by 2029.
Household penetration will be 34.2% in 2024 and is expected to hit 42.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$100.80.

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 Sweden has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions and the rising need for protection against various threats. Customer preferences in the Security market in Sweden have been shifting towards more sophisticated and technologically advanced solutions.

This is driven by the growing awareness of the need for robust security measures to protect against cyber threats, physical intrusions, and other security risks. Customers are increasingly seeking integrated security systems that combine multiple layers of protection, such as access control, surveillance, and alarm systems. Additionally, there is a rising demand for cloud-based security solutions, as they offer scalability, flexibility, and remote access capabilities.

In terms of trends in the market, the Security market in Sweden is witnessing an increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies enable security systems to analyze vast amounts of data in real-time, identify patterns, and detect anomalies or potential threats. AI and ML also enhance the accuracy and efficiency of video surveillance systems by automating the monitoring process and reducing false alarms.

Furthermore, the integration of AI and ML with other security technologies, such as facial recognition and biometrics, is gaining traction in Sweden. Another trend in the Security market in Sweden is the growing emphasis on cybersecurity. With the rise of digitalization and the increasing connectivity of devices, the need for robust cybersecurity measures has become paramount.

Companies and organizations are investing in advanced cybersecurity solutions to protect their networks, data, and critical infrastructure from cyber threats, such as hacking, data breaches, and ransomware attacks. This trend is expected to continue as the reliance on digital technologies and the internet of things (IoT) grows. Local special circumstances in Sweden also contribute to the development of the Security market.

Sweden has a high level of technological advancement and innovation, which creates a conducive environment for the growth of the security industry. The country is home to several leading security technology companies that develop cutting-edge solutions and export them worldwide. Additionally, the Swedish government has implemented stringent regulations and standards for security systems, which further drives the demand for advanced security solutions.

Underlying macroeconomic factors, such as the overall economic stability and the increasing importance of security in various sectors, also play a role in the development of the Security market in Sweden. The country's strong economy and high standard of living enable individuals and organizations to invest in security measures. Moreover, the security industry is driven by the need for protection in sectors such as banking, healthcare, transportation, and government, which are vital for the functioning of the Swedish society.

In conclusion, the Security market in Sweden is experiencing growth due to customer preferences for advanced security solutions, the adoption of AI and ML technologies, the emphasis on cybersecurity, local special circumstances, and underlying macroeconomic factors. The market is expected to continue expanding as the demand for comprehensive security measures and protection against various threats increases.

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.