Security - South Korea

South Korea

Revenue in the Security market is projected to reach €1,157.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.49%, resulting in a projected market volume of €1,993.0m by 2029.
In the Security market, the number of active households is expected to amount to 6.0m users by 2029.
Household penetration will be 24.8% in 2024 and is expected to hit 24.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €195.50.

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Analyst Opinion

The Security market in South Korea is experiencing significant growth and development due to several factors. South Korea has a strong demand for security solutions, driven by increasing concerns over public safety and the need to protect assets and infrastructure. Additionally, advancements in technology and the rise of smart cities are also contributing to the growth of the security market in the country.

Customer preferences: Customers in South Korea are increasingly prioritizing security measures to protect their homes, businesses, and public spaces. This has led to a growing demand for security systems such as CCTV cameras, access control systems, and alarm systems. In particular, there is a strong preference for advanced and integrated security solutions that can provide real-time monitoring and quick response capabilities.

Trends in the market: One of the key trends in the security market in South Korea is the adoption of smart security solutions. With the development of smart cities, there is a growing need for intelligent security systems that can integrate with other infrastructure and provide comprehensive security coverage. This includes the use of artificial intelligence and machine learning technologies to enhance video analytics and enable proactive threat detection. Another trend in the market is the increasing use of biometric security systems. Biometric authentication methods such as fingerprint recognition, facial recognition, and iris scanning are becoming more common in various applications, including access control systems and identity verification. This trend is driven by the need for more secure and convenient authentication methods.

Local special circumstances: South Korea has a unique security landscape due to its geopolitical situation. The country is located in a region with ongoing tensions and security threats, which has led to a strong focus on national security. This has resulted in increased investment in defense and security technologies, including advanced surveillance systems and border control measures. Additionally, South Korea has a highly developed IT infrastructure and a tech-savvy population. This provides a favorable environment for the adoption of advanced security technologies and the development of innovative solutions. The government has also been actively promoting the development of the security industry through various initiatives and policies, further driving the growth of the market.

Underlying macroeconomic factors: The security market in South Korea is also influenced by macroeconomic factors. The country has a strong economy and a high level of urbanization, which creates a demand for security solutions to protect valuable assets and ensure public safety. Furthermore, the increasing urban population and the growing number of commercial establishments contribute to the demand for security systems. Moreover, South Korea is known for its strong manufacturing industry, including the production of security equipment and technology. This provides a competitive advantage in terms of cost and quality, making South Korean security products attractive both domestically and internationally. Overall, the security market in South Korea is experiencing significant growth and development due to customer preferences for advanced and integrated security solutions, the adoption of smart security technologies, local special circumstances such as geopolitical tensions and a tech-savvy population, and underlying macroeconomic factors such as a strong economy and a high level of urbanization.

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.