Security - Portugal

Portugal

The Security market in Portugal is anticipated to witness a significant boost in revenue, with projections indicating that it will reach US$27.2m by 2024.
This promising trend is expected to continue, with an estimated annual growth rate of 12.56% (CAGR 2024-2028).
As a result, the market volume is projected to expand to US$43.7m by 2028.
In terms of market penetration, the Security market is expected to attract a growing number of active households in Portugal, reaching approximately 787.2k users by 2028.
This represents a substantial increase from the baseline figure.
Household penetration is forecasted to rise from 6.4% in 2024 to 17.9% by 2028, indicating a growing adoption of security solutions among households in Portugal.
When it comes to the average revenue per installed Smart_Home, the current estimation stands at US$99.37.
This figure represents the average amount of revenue generated per installed Smart_Home in Portugal.
A global comparison reveals that in the United States is the leading market in terms of revenue generation in the Security market.
In 2024 alone, in the United States is expected to generate an impressive revenue of US$6,883.0m.
This demonstrates in the United States' dominant position in the global Security market.
Overall, the Security market in Portugal shows promising signs of growth, both in terms of revenue and market penetration.
With an increasing number of households adopting security solutions and a positive revenue outlook, the Security market in Portugal is poised for a prosperous future.
Portugal's security market is experiencing a surge in demand for cybersecurity solutions due to an increase in 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.