Security - G7

The Security market in the country in G7 is projected to achieve a revenue of US$11.6bn in 2024.
This represents a significant growth potential for the market.
It is expected that the revenue will continue to rise at a compound annual growth rate (CAGR 2024-2028) of 10.44%, reaching a projected market volume of US$17.3bn by 2028.
Looking at the household penetration in the Security market, it is estimated that the number of active households will reach 179.9m users by 2028.
This indicates a growing demand for security systems among households.
The household penetration rate is predicted to increase from 21.3% in 2024 to 52.2% by 2028, highlighting the increasing importance of security measures in G7 countries.
In terms of revenue per installed Smart_Home, the average is currently expected to be US$161.60.
This indicates the potential for generating revenue from each Smart_Home installation in the Security market.
When comparing revenue generated in the Security market globally, it is evident that in the United States takes the lead.
In 2024, in the United States is projected to generate US$6,883.0m in revenue, solidifying its position as the primary contributor to the market's revenue.
These numbers demonstrate the significant growth and revenue potential within the Security market in the G7 countries, with in the United States leading the way.
In the United States, the trend in the security market is an increased demand for cybersecurity solutions due to the rising number of cyber threats.

Key regions: Asia, Japan, United Kingdom, Norway, Europe

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Region comparison

Currency

Analyst Opinion

The Security segment targets the prevention/detection of burglaries, notifications about hazards such as fire or water leakage, emergency calls and access control. Its development is mainly driven by the replacement of traditional devices with connected ones. Main growth products in this case are smart locks and smart security cameras. Companies from several different industries compete in this market. Next to traditional security companies (e.g. ADT) and tech start-ups (Canary or Alarm.com), media companies and connectivity providers (e.g. AT&T or Comcast) also play an important role due to the high amounts of data that need to be transferred, especially in the video surveillance case. Developments vary strongly with country-specific conditions like burglary rates.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.