Security - Moldova

Moldova

The Security market in Moldova is set to witness significant growth in the coming years.
According to projections, the revenue in this segment is expected to reach €4.5m by 2024.
Furthermore, it is anticipated that the market volume will experience a compound annual growth rate (CAGR 2024-2028) of 18.05%, resulting in a projected market volume of €8.7m by 2028.
In terms of the number of active households, it is estimated that there will be approximately 83.4k users households engaged in the Security market by 2028.
This indicates a steady increase in household penetration, which is projected to be 3.2% in 2024 and is expected to reach 5.5% by 2028.
Currently, the average revenue per installed Smart_Home stands at €95.06.
This figure represents the revenue generated per Smart_Home installation in Moldova.
It is important to note that this number is subject to change based on market conditions and consumer preferences.
When comparing revenue generated in the Security market on a global scale, in the United States leads the way with a staggering revenue of €6,316.0m in 2024.
This highlights the dominance of the US market in terms of revenue generation in the Security market.
In conclusion, the Security market in Moldova is expected to witness steady growth in the coming years.
With an increasing number of active households and rising household penetration, the market volume is projected to expand significantly.
However, it is important to consider global market trends and the influence of leading countries like in the United States in this industry.
Moldova's security market is experiencing a surge in demand for advanced surveillance systems to combat rising crime rates.

Key regions: Asia, Japan, United Kingdom, Norway, Europe

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Analyst Opinion

The Security segment targets the prevention/detection of burglaries, notifications about hazards such as fire or water leakage, emergency calls and access control. Its development is mainly driven by the replacement of traditional devices with connected ones. Main growth products in this case are smart locks and smart security cameras. Companies from several different industries compete in this market. Next to traditional security companies (e.g. ADT) and tech start-ups (Canary or Alarm.com), media companies and connectivity providers (e.g. AT&T or Comcast) also play an important role due to the high amounts of data that need to be transferred, especially in the video surveillance case. Developments vary strongly with country-specific conditions like burglary rates.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.