Security - Austria

Austria

Revenue in the Security market is projected to reach US$113.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.62%, resulting in a projected market volume of US$169.2m by 2028.
In the Security market, the number of active households is expected to amount to 1.6m users by 2028.
Household penetration will be 14.2% in 2024 and is expected to hit 37.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$191.40.

Market

Region

Region comparison

Currency

Analyst Opinion

The Security market in Austria is experiencing steady growth due to increasing customer preferences for advanced security solutions. Customers in Austria are increasingly concerned about the safety and protection of their homes, businesses, and personal belongings, which has led to a growing demand for security products and services.

Customer preferences: Customers in Austria are increasingly opting for advanced security solutions that offer a high level of protection and convenience. This includes the adoption of smart home security systems, which allow users to remotely monitor and control their security devices through their smartphones or other connected devices. Additionally, there is a growing preference for integrated security solutions that combine multiple features such as video surveillance, access control, and alarm systems into a single platform.

Trends in the market: One of the key trends in the security market in Austria is the integration of artificial intelligence (AI) and machine learning (ML) technologies into security systems. AI-powered video analytics, for example, can automatically detect and analyze suspicious activities, reducing the need for human monitoring and improving the overall effectiveness of security systems. ML algorithms can also be used to analyze data from various sources, such as sensors and cameras, to detect patterns and anomalies that may indicate potential security threats. Another trend in the market is the increasing adoption of cloud-based security solutions. Cloud-based security systems offer several advantages, including remote access, scalability, and cost-effectiveness. By storing data and running applications in the cloud, customers can access their security systems from anywhere, at any time, and easily scale up or down their security infrastructure as needed. This trend is particularly beneficial for small and medium-sized businesses that may not have the resources to invest in on-premises security infrastructure.

Local special circumstances: Austria has a relatively low crime rate compared to some other countries, but there is still a need for security solutions to protect against theft, vandalism, and other security threats. The country's strong economy and high standard of living contribute to the demand for advanced security systems, as individuals and businesses seek to safeguard their assets and maintain a sense of security.

Underlying macroeconomic factors: The growth of the security market in Austria is also influenced by macroeconomic factors such as population growth, urbanization, and technological advancements. As the population continues to grow and more people move to urban areas, the demand for security solutions is expected to increase. Technological advancements, such as the Internet of Things (IoT) and the increasing availability of high-speed internet, also contribute to the growth of the security market by enabling the development of innovative and connected security solutions. In conclusion, the security market in Austria is experiencing steady growth due to increasing customer preferences for advanced security solutions. Customers are opting for integrated and smart security systems that offer convenience and a high level of protection. The integration of AI and ML technologies, as well as the adoption of cloud-based security solutions, are key trends in the market. The country's low crime rate, strong economy, and technological advancements also contribute to the growth of the security market in Austria.

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.