Security - Romania

Romania

Revenue in the Security market is projected to reach €49.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.60%, resulting in a projected market volume of €85.1m by 2029.
In the Security market, the number of active households is expected to amount to 3.7m users by 2029.
Household penetration will be 37.6% in 2024 and is expected to hit 48.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €14.65.

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Analyst Opinion

The Security market in Romania is experiencing significant growth due to increasing customer preferences for advanced security solutions and the emergence of new technologies.

Customer preferences: Customers in Romania are increasingly prioritizing the security of their homes, businesses, and personal belongings. This has led to a growing demand for advanced security systems such as surveillance cameras, alarm systems, and access control solutions. Additionally, there is a rising preference for integrated security solutions that can be remotely monitored and controlled through mobile applications.

Trends in the market: One of the key trends in the Security market in Romania is the adoption of smart home security systems. These systems offer a range of features such as video surveillance, motion detection, and remote monitoring, which provide customers with enhanced security and peace of mind. The increasing availability of affordable smart home security solutions and the growing awareness about their benefits are driving the demand for these products. Another trend in the market is the shift towards cloud-based security solutions. Cloud-based security systems offer several advantages such as scalability, remote access, and real-time monitoring. These solutions eliminate the need for on-site servers and allow customers to access their security systems from anywhere, at any time. The adoption of cloud-based security solutions is expected to increase as more customers recognize the benefits they offer.

Local special circumstances: Romania has a relatively high crime rate compared to other European countries. This has created a sense of insecurity among the population and has led to an increased demand for security solutions. The government has also taken initiatives to improve public safety, which has further contributed to the growth of the Security market in the country.

Underlying macroeconomic factors: The growing economy of Romania is also playing a significant role in the development of the Security market. As the country's economy continues to expand, individuals and businesses are investing more in security measures to protect their assets. Additionally, the increasing disposable income of the population has made advanced security solutions more affordable and accessible. In conclusion, the Security market in Romania is witnessing significant growth due to increasing customer preferences for advanced security solutions, the adoption of new technologies, and the country's economic development. The demand for smart home security systems and cloud-based security solutions is on the rise, driven by the need for enhanced security and convenience. The local special circumstances, such as the relatively high crime rate, and the underlying macroeconomic factors, including the growing economy and increasing disposable income, are also contributing to the growth of the market.

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.