Security - Vietnam

Vietnam

Revenue in the Security market is projected to reach €44.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.25%, resulting in a projected market volume of €70.8m by 2028.
In the Security market, the number of active households is expected to amount to 4.2m users by 2028.
Household penetration will be 8.7% in 2024 and is expected to hit 16.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to €21.74.

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Analyst Opinion

The Security market in Vietnam has been experiencing significant growth in recent years, driven by customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Vietnam are increasingly prioritizing security solutions to protect their homes, businesses, and personal belongings. The rising crime rates and security concerns have led to a growing demand for security systems, including surveillance cameras, access control systems, and alarm systems. Customers are also seeking integrated security solutions that provide real-time monitoring and remote access capabilities.

Trends in the market: One of the key trends in the security market in Vietnam is the adoption of smart security solutions. With the advancement of technology, customers are looking for security systems that can be easily integrated with other smart devices in their homes or businesses. This includes features such as mobile app control, voice command integration, and smart automation. Another trend in the market is the shift towards cloud-based security solutions. Cloud-based security systems offer several advantages, including remote monitoring, data storage, and scalability. This trend is driven by the increasing availability of high-speed internet and the need for flexible and cost-effective security solutions.

Local special circumstances: Vietnam is experiencing rapid urbanization and economic growth, which has led to an increase in infrastructure development and construction activities. As a result, there is a growing need for security solutions to protect these new buildings, residential complexes, and commercial establishments. This creates a favorable environment for the security market to thrive.

Underlying macroeconomic factors: The Vietnamese economy has been growing steadily, with a rising middle-class population and increasing disposable incomes. This has contributed to the growth of the security market, as individuals and businesses have more financial resources to invest in security solutions. Additionally, the government's focus on improving public safety and security has led to increased spending on security infrastructure and technology. In conclusion, the Security market in Vietnam is experiencing significant growth due to customer preferences for advanced security solutions, emerging trends such as smart and cloud-based security systems, local special circumstances including rapid urbanization and economic growth, and underlying macroeconomic factors such as rising disposable incomes and government initiatives. This growth is expected to continue as the demand for security solutions continues to rise in Vietnam.

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.