Security - Portugal

Portugal

Revenue in the Security market is projected to reach US$27.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.88%, resulting in a projected market volume of US$47.7m by 2029.
In the Security market, the number of active households is expected to amount to 1.4m users by 2029.
Household penetration will be 29.7% in 2024 and is expected to hit 30.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$19.85.

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Analyst Opinion

The Security market in Portugal has been experiencing steady growth in recent years.

Customer preferences: Customers in Portugal have shown a strong preference for security solutions that offer advanced features and technologies. They are increasingly looking for solutions that provide not only physical security, but also digital security. This is driven by the growing awareness of cyber threats and the need to protect sensitive data. Customers are also seeking security solutions that are easy to use and integrate with other systems, as well as those that offer remote monitoring and control capabilities. Additionally, there is a growing demand for security solutions that are environmentally friendly and energy efficient.

Trends in the market: One of the key trends in the Security market in Portugal is the adoption of smart security systems. These systems use advanced technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to enhance security measures. Smart security systems offer features such as facial recognition, video analytics, and real-time alerts, which provide a higher level of security and convenience for customers. Another trend in the market is the integration of security systems with other smart home devices. This allows customers to control and monitor their security systems through their smartphones or other connected devices.

Local special circumstances: Portugal has a high rate of property crime, which has led to an increased demand for security solutions. Customers are looking for ways to protect their homes and businesses from burglaries and vandalism. Additionally, Portugal has a large tourism industry, which requires robust security measures to ensure the safety of tourists and their belongings. This has created opportunities for security companies to provide solutions tailored to the needs of the tourism sector.

Underlying macroeconomic factors: The growth of the Security market in Portugal can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased the disposable income of consumers. This has allowed them to invest in security solutions to protect their assets. Furthermore, the government has implemented initiatives to promote the use of technology and innovation in various sectors, including security. This has created a favorable environment for security companies to develop and offer advanced solutions to the market. In conclusion, the Security market in Portugal is growing due to customer preferences for advanced security solutions, the adoption of smart security systems, the need to combat property crime, and the favorable macroeconomic factors. As the market continues to evolve, it is expected that there will be further advancements in security technologies and an increasing focus on digital security.

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.