Security - Denmark

Denmark

Revenue in the Security market is projected to reach €128.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.05%, resulting in a projected market volume of €188.7m by 2029.
In the Security market, the number of active households is expected to amount to 857.3k users by 2029.
Household penetration will be 25.2% in 2024 and is expected to hit 25.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €155.50.

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Analyst Opinion

The Security market in Denmark has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions.

Customer preferences: Customers in Denmark have shown a growing preference for advanced security solutions that offer comprehensive protection for their homes, businesses, and personal belongings. This shift in customer preferences can be attributed to several factors. Firstly, the rising awareness about the importance of security and the increasing number of security threats have made customers more conscious about their safety. Secondly, the advancements in technology have made it possible to develop more sophisticated security systems that are capable of detecting and preventing various types of threats. Finally, the convenience and ease of use offered by modern security solutions have also contributed to their growing popularity among customers in Denmark.

Trends in the market: One of the key trends in the security market in Denmark is the increasing adoption of smart security solutions. These solutions leverage the power of artificial intelligence and the Internet of Things (IoT) to provide enhanced security features. For example, smart security cameras can automatically detect and track suspicious activities, while smart locks can be remotely controlled and monitored using smartphones. This trend is driven by the growing demand for convenience and the desire to have real-time access to security information. Another trend in the market is the integration of security systems with other smart home devices. Customers in Denmark are increasingly looking for security solutions that can be seamlessly integrated with their existing smart home devices, such as voice assistants and smart thermostats. This integration allows them to control and monitor their security systems using a single interface, enhancing the overall user experience.

Local special circumstances: Denmark is known for its high standard of living and strong focus on sustainability. These factors have influenced the security market in the country as well. Customers in Denmark are not only looking for security solutions that provide protection but also prioritize energy efficiency and environmental sustainability. Therefore, security companies in Denmark are increasingly focusing on developing eco-friendly security systems that consume less energy and have a minimal impact on the environment.

Underlying macroeconomic factors: The growth of the security market in Denmark is also influenced by underlying macroeconomic factors. The country has a stable economy and a high level of disposable income, which enables customers to invest in advanced security solutions. Additionally, the government's emphasis on public safety and security has created a favorable environment for the growth of the security market. The government has implemented various initiatives to promote the adoption of security systems, such as offering tax incentives and subsidies for the installation of security equipment. In conclusion, the security market in Denmark is experiencing growth due to increasing customer preferences for advanced security solutions. The adoption of smart security solutions and the integration of security systems with other smart home devices are key trends in the market. The emphasis on sustainability and the stable macroeconomic conditions in Denmark are also contributing to the growth of the security market in the country.

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.