Security - Lithuania

Lithuania

Revenue in the Security market is projected to reach US$7.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.30%, resulting in a projected market volume of US$10.7m by 2028.
In the Security market, the number of active households is expected to amount to 182.2k users by 2028.
Household penetration will be 7.5% in 2024 and is expected to hit 13.2% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$70.56.

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Analyst Opinion

The Security market in Lithuania has been experiencing significant growth in recent years.

Customer preferences: Customers in Lithuania have shown a strong preference for security solutions that offer advanced features and capabilities. They are increasingly looking for solutions that can provide real-time monitoring, remote access, and integration with other smart home devices. With the rising adoption of smart home technology, customers are also seeking security solutions that can be easily integrated into their existing smart home ecosystems. In addition, customers are becoming more conscious about the importance of data privacy and are looking for security solutions that offer robust encryption and protection against cyber threats.

Trends in the market: One of the key trends in the security market in Lithuania is the increasing adoption of video surveillance systems. This can be attributed to the growing concerns about safety and security, both at homes and in public spaces. Video surveillance systems provide a visual deterrent to potential criminals and also help in the identification and prosecution of offenders. Moreover, advancements in technology have made video surveillance systems more affordable and accessible to a wider range of customers. Another trend in the market is the growing demand for access control systems. With the increasing number of businesses and organizations in Lithuania, there is a need for effective access control solutions to ensure the security of premises and restrict unauthorized entry. Access control systems not only provide physical security but also help in managing and monitoring employee access, thereby enhancing overall security and safety.

Local special circumstances: Lithuania has witnessed a rise in cybercrime activities in recent years, which has led to an increased focus on cybersecurity solutions. This has created a demand for security solutions that can protect against cyber threats such as hacking, data breaches, and malware attacks. As a result, there has been a growing emphasis on the development and adoption of cybersecurity solutions in the country.

Underlying macroeconomic factors: The growth of the security market in Lithuania can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to increased disposable income and consumer spending. This has allowed individuals and businesses to invest in security solutions to protect their assets and ensure the safety of their premises. Moreover, the government has also been supportive of initiatives aimed at enhancing security, which has further fueled the growth of the security market in the country. In conclusion, the security market in Lithuania is witnessing significant growth due to customer preferences for advanced security solutions, the adoption of video surveillance and access control systems, the focus on cybersecurity, and favorable macroeconomic factors. As the country continues to develop and modernize, the demand for security solutions is expected to further increase.

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.