Security - Turkey | Statista Market Forecast

Revenue in the Security market is projected to reach US$117.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.18%, resulting in a projected market volume of US$165.6m by 2029.
In the Security market, the number of active households is expected to amount to 10.9m users by 2029.
Household penetration will be 44.5% in 2024 and is expected to hit 54.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$11.25.

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 Turkey has been experiencing significant growth in recent years, driven by various factors such as increasing security concerns, technological advancements, and government initiatives. Customer preferences in the Security market in Turkey have been shifting towards more advanced and integrated security solutions.

Customers are increasingly looking for comprehensive security systems that can address multiple needs, such as video surveillance, access control, and alarm systems. They are also seeking solutions that can be easily integrated with other systems and provide real-time monitoring and remote access capabilities. Additionally, there is a growing demand for cloud-based security solutions, as they offer scalability, flexibility, and cost-effectiveness.

One of the key trends in the Security market in Turkey is the adoption of smart security solutions. With the advancement of Internet of Things (IoT) technology, security systems can now be interconnected and communicate with each other, enabling more efficient and effective monitoring and response. This trend is driven by the increasing need for real-time information and the ability to remotely control and manage security systems.

Smart security solutions also offer advanced analytics capabilities, allowing for better threat detection and prevention. Another trend in the Security market in Turkey is the integration of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML algorithms can analyze large amounts of data and identify patterns and anomalies, enabling more accurate and proactive security measures.

For example, AI-powered video analytics can automatically detect suspicious activities and alert security personnel in real-time. This trend is driven by the need for more intelligent and automated security systems that can handle the growing complexity and volume of security threats. Local special circumstances in Turkey, such as its geopolitical location and security challenges, also contribute to the development of the Security market.

Turkey is located at the crossroads of Europe and Asia, making it a strategic location for trade and transportation. However, this also exposes the country to various security risks, such as terrorism, organized crime, and border conflicts. As a result, there is a strong demand for security solutions that can address these challenges and protect critical infrastructure, public spaces, and private properties.

Underlying macroeconomic factors, such as economic growth, urbanization, and government initiatives, also play a significant role in the development of the Security market in Turkey. The country has been experiencing steady economic growth, which has led to increased investment in infrastructure and construction projects. This has created opportunities for security solution providers to offer their services to both public and private sectors.

Furthermore, the Turkish government has been implementing various initiatives to enhance security and public safety, including the deployment of advanced surveillance systems and the establishment of a centralized security command center. In conclusion, the Security market in Turkey is experiencing growth due to customer preferences for more advanced and integrated security solutions, as well as the adoption of smart and AI-powered technologies. Local special circumstances, such as security challenges and geopolitical location, contribute to the development of the market.

Additionally, underlying macroeconomic factors, such as economic growth and government initiatives, create opportunities for security solution providers in Turkey.

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.