Security - Norway

Norway

The Security market in Norway is expected to see a significant increase in revenue, with projections indicating that it will reach US$141.9m in 2024.
Furthermore, the market is anticipated to exhibit a compound annual growth rate (CAGR) of 5.82% from 2024 to 2028, resulting in a projected market volume of US$177.9m by 2028.
In terms of active households in the Security market, it is estimated that the number will reach 2.6m users by 2028.
This indicates a positive trend in household participation and highlights the increasing demand for security solutions in Norway.
The household penetration rate is another crucial aspect to consider.
In 2024, the household penetration rate is projected to be 36.4%, indicating that approximately 36.4% of households in Norway will have security systems installed.
However, by 2028, this rate is expected to increase significantly to 95.9%, indicating that approximately 95.9% of households will have adopted security solutions.
Currently, the average revenue per installed Smart_Home in Norway is expected to be US$151.20.
This figure represents the amount of revenue generated per home that has implemented a smart security system.
When comparing in Norway to other countries globally, it is worth noting that in the United States leads in terms of revenue generation in the Security market.
In 2024, in the United States is projected to generate a staggering US$6,883.0m in revenue, highlighting its dominance in the market.
These figures demonstrate the growth potential and increasing importance of the Security market in Norway.
With rising revenue, expanding market volume, and a growing number of active households, the security industry is set to play a significant role in the country's overall economic landscape.
Norway's security market is experiencing a surge in demand for advanced cybersecurity solutions to protect critical infrastructure and combat cyber threats.

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

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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.