Security - Taiwan

Taiwan

Revenue in the Security market is projected to reach US$86.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.05%, resulting in a projected market volume of US$113.1m by 2028.
In the Security market, the number of active households is expected to amount to 2.0m users by 2028.
Household penetration will be 11.5% in 2024 and is expected to hit 21.1% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$82.35.

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Analyst Opinion

The Security market in Taiwan is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Taiwan have a strong preference for security solutions that are reliable, efficient, and technologically advanced. They are willing to invest in high-quality security systems to protect their homes, businesses, and personal belongings. Additionally, customers in Taiwan are increasingly concerned about cybersecurity and are looking for solutions that can safeguard their digital assets.

Trends in the market: One of the key trends in the security market in Taiwan is the increasing adoption of smart security systems. These systems use advanced technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to provide enhanced security and convenience. For example, smart surveillance cameras can analyze video footage in real-time and alert users to any suspicious activities. Similarly, smart locks can be controlled remotely using a smartphone, allowing users to grant access to their homes or offices from anywhere. Another trend in the market is the growing demand for cybersecurity solutions. With the increasing reliance on digital technologies, businesses and individuals in Taiwan are becoming more vulnerable to cyber threats. As a result, there is a growing need for robust cybersecurity solutions that can protect against hacking, data breaches, and other cyber attacks. Companies in Taiwan are investing in advanced cybersecurity systems to safeguard their sensitive information and ensure the continuity of their operations.

Local special circumstances: Taiwan is located in a geopolitically sensitive region, which makes security a top priority for both the government and businesses. The country faces potential threats from neighboring countries and is also vulnerable to cyber attacks. As a result, there is a strong focus on enhancing national security and investing in advanced security technologies. The government has implemented various initiatives to promote the development of the security industry, including providing funding and support to local companies.

Underlying macroeconomic factors: The strong economic growth in Taiwan is also driving the demand for security solutions. As the country's economy continues to expand, businesses are investing in security systems to protect their assets and ensure the safety of their employees. Additionally, the increasing affluence of the population has led to a rise in the number of high-end residential properties, which require advanced security measures. In conclusion, the Security market in Taiwan is witnessing significant growth and development due to customer preferences for reliable and technologically advanced security solutions. The increasing adoption of smart security systems and the growing demand for cybersecurity solutions are key trends in the market. The local special circumstances, such as the geopolitical situation and the focus on national security, further contribute to the growth of the security market in Taiwan. Finally, the strong macroeconomic factors, including the country's economic growth and increasing affluence, are driving the demand for security solutions.

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.