Security - North America

North America

The Security market in North America is projected to witness a substantial growth in revenue, reaching a staggering US$7.6bn by the year 2024.
Furthermore, it is expected to exhibit a promising compound annual growth rate (CAGR 2024-2028) of 9.53%, resulting in a projected market volume of US$11.0bn by 2028.
Looking specifically at the North American market, the number of active households in the Security market is anticipated to reach 101.4m users by 2028.
This signifies a significant growth in household penetration, which is projected to increase from 24.4% in 2024 to 52.0% by 2028.
In terms of revenue generated per installed Smart_Home, the current average stands at US$167.50.
This figure provides insight into the lucrative nature of the Security market within the North American market.
When considering a global perspective, it becomes evident that in the United States is the leading contributor to revenue in the Security market.
In 2024 alone, in the United States is projected to generate an impressive US$6,883.0m in revenue.
These numbers and projections demonstrate the immense potential and growth opportunities within the Security market in North America.
With the increasing threat of cyber attacks, the demand for advanced cybersecurity solutions in the United States is on the rise.

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

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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.