Security - Benin | Statista Market Forecast

Revenue in the Security market is projected to reach US$2.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.05%, resulting in a projected market volume of US$4.8m by 2029.
In the Security market, the number of active households is expected to amount to 664.3k users by 2029.
Household penetration will be 19.0% in 2024 and is expected to hit 22.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.89.

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 Benin is experiencing significant growth and development, driven by various factors such as increasing crime rates, technological advancements, and government initiatives.

Customer preferences: In Benin, customers are increasingly prioritizing their safety and security, leading to a growing demand for security products and services. This includes both residential and commercial customers, who are seeking solutions to protect their properties, assets, and loved ones. With the rise in criminal activities such as theft, burglary, and vandalism, customers are looking for reliable and effective security measures to ensure their peace of mind.

Trends in the market: One of the key trends in the security market in Benin is the adoption of advanced technology. Customers are embracing innovative security solutions such as surveillance cameras, access control systems, and alarm systems to enhance their security measures. These technologies provide real-time monitoring, remote access, and instant alerts, enabling customers to take immediate action in case of any security breach. Another trend in the market is the increasing demand for security services. Many customers prefer to outsource their security needs to professional security companies that offer trained security personnel, patrol services, and alarm response. This trend is driven by the need for round-the-clock security coverage and the expertise of security professionals in handling different security situations.

Local special circumstances: Benin, like many other countries in the region, faces certain unique security challenges. The country shares borders with several neighboring countries, which can pose security risks such as cross-border crimes and illegal activities. This has led to a greater emphasis on border security and the need for advanced surveillance systems to monitor and control these areas. Furthermore, Benin has a growing tourism industry, attracting both domestic and international visitors. This has created a need for enhanced security measures in tourist destinations, hotels, and other hospitality establishments. Security solutions such as CCTV cameras, access control systems, and trained security personnel are being implemented to ensure the safety of tourists and protect the reputation of the tourism industry.

Underlying macroeconomic factors: The development of the security market in Benin is also influenced by underlying macroeconomic factors. As the country experiences economic growth and an increase in disposable income, individuals and businesses are willing to invest in security products and services. This favorable economic environment provides a conducive market for security companies to expand their operations and cater to the growing demand. Additionally, government initiatives and regulations play a significant role in shaping the security market. The government of Benin has recognized the importance of security and has implemented policies to improve public safety. This includes the establishment of security agencies, investment in infrastructure, and the promotion of public-private partnerships in the security sector. These initiatives create opportunities for security companies to collaborate with the government and provide their expertise in ensuring the safety and security of the country. In conclusion, the security market in Benin is experiencing growth and development due to increasing customer preferences for safety and security, adoption of advanced technology, unique local circumstances, and favorable macroeconomic factors. As the market continues to evolve, security companies have the opportunity to meet the growing demand and contribute to the overall security landscape of the country.

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.