Security - United Kingdom

United Kingdom

Revenue in the Security market is projected to reach US$1.2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.01%, resulting in a projected market volume of US$2.0bn by 2029.
In the Security market, the number of active households is expected to amount to 11.6m users by 2029.
Household penetration will be 33.2% in 2024 and is expected to hit 39.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$113.50.

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Analyst Opinion

The Security market in United Kingdom has been experiencing significant growth in recent years.

Customer preferences: Customers in the United Kingdom have shown a strong preference for advanced security systems and solutions. They are increasingly seeking out innovative technologies that can provide comprehensive protection for their homes, businesses, and personal belongings. This includes a growing demand for smart security systems that can be controlled remotely through mobile devices, as well as integrated solutions that combine multiple security features such as video surveillance, access control, and alarm systems.

Trends in the market: One of the key trends in the security market in the United Kingdom is the adoption of cloud-based security solutions. This allows customers to access their security systems and data from anywhere, providing them with greater flexibility and convenience. Cloud-based solutions also offer scalability, allowing customers to easily expand their security systems as their needs evolve. Additionally, the increasing popularity of Internet of Things (IoT) devices has led to the integration of security systems with other smart home devices, further enhancing the overall security and convenience for customers. Another important trend in the market is the focus on cybersecurity. With the rise of cyber threats and data breaches, customers are becoming more aware of the importance of protecting their digital assets. This has led to an increased demand for cybersecurity solutions that can safeguard sensitive information and prevent unauthorized access. Companies in the security market are investing in advanced cybersecurity technologies to meet this growing demand.

Local special circumstances: The United Kingdom has a strong regulatory framework for security systems, which has contributed to the growth of the market. The government has implemented strict regulations and standards to ensure the quality and reliability of security products and services. This has helped to build trust among customers and encourage the adoption of security systems.

Underlying macroeconomic factors: The growth of the security market in the United Kingdom can also be attributed to favorable macroeconomic factors. The country has a stable economy and a high standard of living, which has increased the affordability and willingness of customers to invest in security systems. Additionally, the increasing urbanization and population growth in major cities have created a greater need for security solutions to address the growing security concerns. In conclusion, the security market in the United Kingdom is experiencing significant growth due to customer preferences for advanced security systems, the adoption of cloud-based and cybersecurity solutions, the strong regulatory framework, and favorable macroeconomic factors. This trend is expected to continue in the coming years as customers continue to prioritize the protection of their homes, businesses, and personal belongings.

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.