Security - New Zealand

New Zealand

Revenue in the Security market is projected to reach US$27.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.29%, resulting in a projected market volume of US$41.3m by 2028.
In the Security market, the number of active households is expected to amount to 891.5k users by 2028.
Household penetration will be 17.3% in 2024 and is expected to hit 41.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$80.05.

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Analyst Opinion

The Security market in New Zealand is experiencing significant growth and development in recent years.

Customer preferences: Customers in New Zealand are increasingly prioritizing the security of their homes, businesses, and personal belongings. This is driven by a growing awareness of security threats and a desire for peace of mind. As a result, there is a high demand for security products and services in the country.

Trends in the market: One of the key trends in the security market in New Zealand is the adoption of smart security solutions. These solutions leverage advanced technologies such as artificial intelligence, machine learning, and internet of things (IoT) to provide enhanced security features. Customers are opting for smart security systems that can be remotely monitored and controlled through mobile applications. This trend is driven by the convenience and flexibility offered by smart security solutions, as well as the increasing availability and affordability of these technologies. Another trend in the market is the integration of security systems with other smart home devices. Customers are looking for comprehensive solutions that can not only provide security but also offer automation and control of other aspects of their homes. This includes features such as smart locks, video doorbells, and voice-controlled assistants. The integration of security systems with these devices allows for a seamless user experience and greater convenience.

Local special circumstances: New Zealand has a relatively low crime rate compared to many other countries. However, there are certain unique security challenges that the country faces. For example, the country is prone to natural disasters such as earthquakes and floods. This has led to a greater emphasis on security measures that can withstand and mitigate the impact of such events. Customers in New Zealand are therefore more likely to invest in security systems that have built-in resilience and can provide early warning and response capabilities.

Underlying macroeconomic factors: The growing security market in New Zealand can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to higher disposable incomes and increased consumer spending. This has allowed individuals and businesses to invest in security products and services. Additionally, the rapid advancement of technology has made security solutions more accessible and affordable. The decreasing cost of sensors, cameras, and other security devices has made it easier for customers to adopt these technologies. Furthermore, the increasing connectivity and internet penetration in New Zealand have created a favorable environment for the adoption of smart security solutions. In conclusion, the security market in New Zealand is witnessing significant growth and development driven by customer preferences for enhanced security, the adoption of smart security solutions, integration with other smart home devices, unique local circumstances, and underlying macroeconomic factors such as economic growth and technological advancements.

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.