Security - Burkina Faso | Statista Market Forecast

Revenue in the Security market is projected to reach US$2.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.69%, resulting in a projected market volume of US$5.7m by 2029.
In the Security market, the number of active households is expected to amount to 391.2k users by 2029.
Household penetration will be 6.5% in 2024 and is expected to hit 8.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$10.56.

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 Burkina Faso has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Burkina Faso have played a crucial role in shaping the development of the Security market.

With increasing concerns about personal safety and property protection, individuals and businesses are seeking reliable security solutions. This has led to a growing demand for security services, including surveillance systems, alarm systems, and security personnel. Trends in the market have also contributed to the growth of the Security market in Burkina Faso.

Technological advancements have made security systems more affordable and accessible, allowing a wider range of customers to invest in these solutions. Additionally, the rise of e-commerce and online banking has increased the need for robust cybersecurity measures, further driving the demand for security services. Local special circumstances in Burkina Faso have further fueled the development of the Security market.

The country has faced political instability and security challenges in recent years, leading to an increased focus on security measures. This has prompted both the government and private sector to invest in security infrastructure and services to protect their assets and ensure the safety of their citizens and employees. Underlying macroeconomic factors have also played a role in the growth of the Security market in Burkina Faso.

The country has experienced steady economic growth, which has resulted in an expanding middle class with higher disposable incomes. As a result, individuals and businesses are more willing and able to invest in security solutions to safeguard their assets and ensure peace of mind. In conclusion, the Security market in Burkina Faso is developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

As the demand for security services continues to grow, there is a significant opportunity for companies operating in this market to expand their offerings and capture a larger share of the market.

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.