Security - Angola | Statista Market Forecast

Revenue in the Security market is projected to reach US$9.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.56%, resulting in a projected market volume of US$21.0m by 2029.
In the Security market, the number of active households is expected to amount to 1.7m users by 2029.
Household penetration will be 16.0% in 2024 and is expected to hit 17.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.22.

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 Angola has experienced significant growth in recent years, driven by various factors such as increasing crime rates, rising awareness about security, and the country's economic development.

Customer preferences: Angolan customers are increasingly prioritizing their personal and property security, leading to a growing demand for security products and services. This includes both physical security solutions such as surveillance cameras, access control systems, and alarm systems, as well as digital security solutions like cybersecurity and data protection. Customers are also seeking integrated security solutions that can provide comprehensive protection across different areas, including residential, commercial, and industrial sectors.

Trends in the market: One of the key trends in the security market in Angola is the adoption of advanced technologies. Customers are increasingly looking for innovative security solutions that can provide real-time monitoring, remote access, and intelligent analytics. This includes the use of artificial intelligence (AI) and machine learning (ML) algorithms to enhance the effectiveness of security systems. Additionally, there is a growing demand for cloud-based security solutions that offer scalability, flexibility, and cost-efficiency. Another trend is the integration of security systems with other smart home or building automation technologies. Customers are seeking seamless connectivity between security devices and other smart devices, such as lighting, heating, and entertainment systems. This integration allows for centralized control and monitoring, enhancing convenience and efficiency.

Local special circumstances: Angola has experienced an increase in crime rates in recent years, which has contributed to the growing demand for security products and services. This includes both petty crimes such as theft and burglary, as well as more serious crimes like armed robbery and kidnapping. The high crime rates have created a sense of insecurity among the population, leading to a greater willingness to invest in security measures.

Underlying macroeconomic factors: Angola's economic development has also played a role in the growth of the security market. The country has experienced significant economic growth in recent years, driven by sectors such as oil and gas, construction, and telecommunications. This has resulted in an increase in disposable income and urbanization, creating a larger customer base for security products and services. Additionally, the government has been investing in infrastructure development, including the construction of residential and commercial buildings, which has further fueled the demand for security solutions. In conclusion, the security market in Angola is witnessing significant growth due to increasing customer preferences for personal and property security, the adoption of advanced technologies, integration with other smart devices, rising crime rates, and the country's economic development. These factors are driving the demand for security products and services, leading to a thriving market in Angola.

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.