Security - Burundi | Statista Market Forecast

Revenue in the Security market is projected to reach US$919.9k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.04%, resulting in a projected market volume of US$1.6m by 2029.
In the Security market, the number of active households is expected to amount to 449.3k users by 2029.
Household penetration will be 14.8% in 2024 and is expected to hit 15.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.36.

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 Burundi is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this growth.

Customer preferences in the Security market in Burundi are shifting towards more advanced and comprehensive security solutions. With the increasing awareness of security threats and the need for protection, customers are seeking out products and services that provide effective surveillance, access control, and alarm systems. They are also looking for solutions that are easy to use and integrate into their existing infrastructure.

This preference for advanced security solutions is driving the demand for innovative products and services in the market. Trends in the market indicate a growing demand for integrated security systems in Burundi. Customers are increasingly opting for solutions that combine multiple security features such as video surveillance, access control, and intrusion detection.

This trend is driven by the need for a holistic approach to security, where different aspects of security can be monitored and managed from a single platform. Integrated security systems not only provide enhanced security but also offer cost savings and operational efficiencies. Local special circumstances also contribute to the development of the Security market in Burundi.

The country has experienced political instability and social unrest in the past, which has led to an increased focus on security. The government and private organizations are investing in security measures to ensure the safety of their citizens and assets. This has created a favorable environment for the growth of the Security market, with opportunities for both local and international players.

Underlying macroeconomic factors further support the development of the Security market in Burundi. The country has been experiencing steady economic growth, which has led to an increase in disposable income and purchasing power. As a result, individuals and businesses are willing to invest in security solutions to protect their assets.

Additionally, the government's focus on infrastructure development and urbanization has created a demand for security systems in residential and commercial buildings. In conclusion, the Security market in Burundi is developing due to customer preferences for advanced security solutions, the trend towards integrated security systems, local special circumstances such as political instability, and underlying macroeconomic factors such as economic growth and infrastructure development. This presents opportunities for companies in the security industry to expand their presence in the market and cater to the growing demand for security solutions in Burundi.

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.