Security - Belgium

Belgium

Revenue in the Security market is projected to reach US$73.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.70%, resulting in a projected market volume of US$98.9m by 2028.
In the Security market, the number of active households is expected to amount to 1.1m users by 2028.
Household penetration will be 11.7% in 2024 and is expected to hit 20.7% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$125.20.

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Analyst Opinion

The Security market in Belgium has witnessed significant growth in recent years, driven by increasing concerns about safety and security.

Customer preferences: Customers in Belgium are increasingly prioritizing the safety and security of their homes, businesses, and public spaces. This has led to a growing demand for security solutions such as surveillance systems, access control systems, and alarm systems. Additionally, there is a rising interest in advanced technologies such as biometric authentication and video analytics, which enhance the effectiveness of security systems.

Trends in the market: One of the key trends in the security market in Belgium is the adoption of integrated security solutions. Customers are looking for comprehensive security systems that can monitor and protect their premises from various threats. Integrated solutions that combine video surveillance, access control, and alarm systems are gaining popularity as they offer a more holistic approach to security. Another trend in the market is the increasing use of cloud-based security solutions. Cloud-based security systems provide several benefits such as remote access, scalability, and cost-effectiveness. With the advancements in cloud technology and the growing need for flexibility and mobility, more customers in Belgium are opting for cloud-based security solutions. Furthermore, there is a growing focus on cybersecurity in Belgium. As the threat landscape evolves, businesses and organizations are investing in robust cybersecurity measures to protect their sensitive data and systems. This includes the implementation of advanced firewalls, intrusion detection systems, and security information and event management (SIEM) solutions.

Local special circumstances: Belgium is home to several international organizations and institutions, including the European Union and NATO. The presence of these organizations has led to an increased demand for high-level security solutions. The need to protect critical infrastructure, sensitive information, and diplomatic personnel has created a niche market for specialized security services in Belgium. Additionally, Belgium has a high population density and a large number of urban areas. This presents unique security challenges, such as the need for effective crowd management and surveillance in public spaces. As a result, there is a growing demand for solutions that can address these specific requirements.

Underlying macroeconomic factors: The growth of the security market in Belgium is also influenced by macroeconomic factors. The country has a stable economy and a high standard of living, which allows individuals and businesses to invest in security solutions. Moreover, the government in Belgium has implemented regulations and initiatives to enhance security measures, further driving the market growth. In conclusion, the security market in Belgium is experiencing significant growth due to increasing customer preferences for safety and security, the adoption of integrated and cloud-based security solutions, the focus on cybersecurity, local special circumstances, and favorable macroeconomic factors. As the demand for security solutions continues to rise, the market is expected to witness further expansion in the coming years.

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.