Security - Africa | Statista Market Forecast

Revenue in the Security market is projected to reach US$406.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.50%, resulting in a projected market volume of US$765.3m by 2029.
In the Security market, the number of active households is expected to amount to 71.1m users by 2029.
Household penetration will be 21.0% in 2024 and is expected to hit 24.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.03.

Definition:

The Security market includes the sale of devices for networked access control and management for buildings and premises. This includes surveillance products (e.g., security cameras, motion sensors, programmable and remote control door locks) as well as equipment for risk monitoring (connected smoke detectors and humidity sensors).
Remote surveillance and emergency services from specialized security firms that are not related to smart home are not included.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include TP-LINK, Ring, Google, LG, Xiaomi, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for burglar prevention and other security issues
Motion sensors, door locks, security cameras (with or without face recognition)
Surveillance gadgets with connection to a broader smart home (e.g., eufyCam S330, Bosch Smart Home - Starter Set Alarm (Gen. 2))
Hazard prevention devices like water, smoke or gas sensors (e.g., TESLA Smart Intelligent Gas Sensor)

Classical security devices without smart home connection
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Security market in Africa is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all play a role in shaping this industry.

Customer preferences in the Security market in Africa are heavily influenced by the need for safety and protection. With rising crime rates and security concerns, individuals and businesses are increasingly investing in security solutions. This includes both physical security measures, such as surveillance cameras and alarm systems, as well as digital security solutions, such as cybersecurity software.

Customers are also seeking integrated security solutions that provide comprehensive protection. Trends in the market further drive the development of the Security market in Africa. One key trend is the adoption of advanced technology in security systems.

This includes the use of artificial intelligence, machine learning, and data analytics to enhance the effectiveness and efficiency of security solutions. Biometric technology, such as fingerprint and facial recognition, is also gaining prominence. Additionally, there is a growing demand for cloud-based security solutions, which offer scalability, flexibility, and remote access.

Local special circumstances also contribute to the growth of the Security market in Africa. The region is characterized by political instability, social unrest, and high crime rates in certain areas. These factors create a strong demand for security services and products.

Governments and businesses are investing in security infrastructure to protect critical assets and ensure public safety. Furthermore, the growing urbanization and industrialization in Africa lead to an increased need for security measures in cities and industrial areas. Underlying macroeconomic factors also play a significant role in the development of the Security market in Africa.

The region is experiencing economic growth and an expanding middle class, which drives the demand for security solutions. Additionally, foreign direct investment and international business activities in Africa contribute to the need for robust security systems. The rise of e-commerce and digital banking also increases the demand for cybersecurity solutions to protect sensitive information and transactions.

In conclusion, the Security market in Africa is developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The need for safety and protection, the adoption of advanced technology, political and social factors, and economic growth all contribute to the growth and development of this industry. As the region continues to evolve, the Security market in Africa is expected to further expand and innovate to meet the increasing demand for security solutions.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.