Security - Cameroon | Statista Market Forecast

Revenue in the Security market is projected to reach US$5.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.28%, resulting in a projected market volume of US$12.1m by 2029.
In the Security market, the number of active households is expected to amount to 1.6m users by 2029.
Household penetration will be 22.3% in 2024 and is expected to hit 24.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.35.

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 Cameroon has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, rising awareness about security, and technological advancements. Customer preferences in the Security market in Cameroon are evolving, with a growing demand for advanced security solutions.

Customers are increasingly seeking comprehensive security systems that integrate various components such as surveillance cameras, access control systems, and alarm systems. This trend is driven by the need for enhanced security measures to protect homes, businesses, and public spaces. Additionally, customers are also looking for user-friendly and easily manageable security solutions that can be accessed remotely through mobile devices.

One of the key trends in the Security market in Cameroon is the adoption of advanced surveillance technologies. This includes the use of high-definition cameras with advanced features such as facial recognition, license plate recognition, and video analytics. These technologies provide better monitoring and detection capabilities, enabling quicker response times and more effective security management.

Another trend is the integration of security systems with smart home automation, allowing customers to control and monitor their security systems through voice commands or mobile applications. Local special circumstances in Cameroon also contribute to the development of the Security market. The country has been facing challenges related to crime, including theft, burglary, and cybercrime.

These factors have led to an increased demand for security solutions to protect individuals, homes, businesses, and public infrastructure. Additionally, the government has been taking initiatives to improve public safety and security, which has further fueled the growth of the Security market. Underlying macroeconomic factors also play a role in the development of the Security market in Cameroon.

The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and a rise in the middle class. This has led to an increased ability and willingness to invest in security solutions. Furthermore, the rapid urbanization and infrastructure development in Cameroon have created a need for robust security systems to protect these new developments.

In conclusion, the Security market in Cameroon is witnessing significant growth due to increasing customer preferences for advanced security solutions, technological advancements, and the need to address rising crime rates. The adoption of advanced surveillance technologies, integration of security systems with smart home automation, and government initiatives to improve public safety are some of the key trends driving the market. Local special circumstances, such as high crime rates and the need to protect new developments, further contribute to the growth.

The underlying macroeconomic factors, including economic growth and urbanization, also play a role in the development of the Security market in Cameroon.

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.