Security - Belarus

Belarus

Revenue in the Security market is projected to reach €13.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.40%, resulting in a projected market volume of €30.3m by 2029.
In the Security market, the number of active households is expected to amount to 1.1m users by 2029.
Household penetration will be 32.1% in 2024 and is expected to hit 41.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €14.47.

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Analyst Opinion

The Security market in Belarus has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions and the emergence of local players in the market. Customer preferences in the Security market in Belarus have shifted towards more sophisticated and integrated security systems.

This can be attributed to the rising awareness of the importance of security measures in both residential and commercial settings. Customers are now looking for comprehensive solutions that combine surveillance cameras, access control systems, and alarm systems, among others. Additionally, there is a growing demand for smart security solutions that can be remotely monitored and controlled through mobile devices.

These customer preferences align with global trends in the Security market, where the adoption of advanced technologies is becoming increasingly common. The market in Belarus is also witnessing the emergence of local players who are offering competitive security solutions. These local companies have been able to establish a strong presence in the market by providing customized solutions that cater to the specific needs of Belarusian customers.

This has created a healthy competition in the market, driving innovation and pushing larger international players to adapt their offerings to the local market. As a result, customers in Belarus now have a wider range of options to choose from, further driving the growth of the Security market. In addition to customer preferences and the presence of local players, there are certain local special circumstances that contribute to the development of the Security market in Belarus.

One such circumstance is the increasing focus on cybersecurity. With the growing reliance on digital technologies, the need for robust cybersecurity measures has become paramount. This has led to an increased demand for security solutions that can protect against cyber threats, such as data breaches and hacking attempts.

Companies in Belarus are investing in advanced cybersecurity systems to safeguard their sensitive information, thereby fueling the growth of the Security market. Underlying macroeconomic factors also play a role in the development of the Security market in Belarus. The country has been experiencing steady economic growth, which has resulted in increased disposable income among the population.

This has led to higher spending on security solutions, as individuals and businesses prioritize the protection of their assets. Additionally, the government's focus on infrastructure development has also contributed to the growth of the Security market, as new buildings and facilities require advanced security systems. Overall, the Security market in Belarus is developing in response to changing customer preferences, the emergence of local players, local special circumstances such as the focus on cybersecurity, and underlying macroeconomic factors such as economic growth and infrastructure development.

As the market continues to evolve, it is expected that the demand for advanced security solutions will continue to rise, driving further growth in the industry.

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.