Security - Central Africa | Statista Market Forecast

Revenue in the Security market is projected to reach US$18.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.91%, resulting in a projected market volume of US$39.6m by 2029.
In the Security market, the number of active households is expected to amount to 3.8m users by 2029.
Household penetration will be 15.5% in 2024 and is expected to hit 17.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$6.03.

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 Central Africa is experiencing significant growth due to a variety of factors. Customer preferences for increased safety and security, along with the region's unique circumstances, are driving this trend.

Customer preferences in Central Africa are shifting towards a greater emphasis on security. With rising crime rates and political instability in some countries, individuals and businesses are seeking ways to protect themselves and their assets. This has led to an increased demand for security services, including surveillance systems, alarm systems, and security personnel.

Additionally, the growing middle class in the region is becoming more aware of the importance of personal safety, further driving the demand for security solutions. Trends in the market indicate a shift towards more advanced and integrated security systems. Customers are looking for comprehensive solutions that combine various security measures to provide maximum protection.

This includes the integration of surveillance cameras with alarm systems and access control systems. The use of advanced technology, such as facial recognition and biometric authentication, is also becoming more prevalent in the region. These trends are driven by the need for more effective and efficient security measures in the face of evolving threats.

Local special circumstances in Central Africa contribute to the development of the security market. The region has faced various challenges, including political instability, terrorism, and organized crime. These factors have created a heightened sense of insecurity among the population, leading to increased demand for security solutions.

Additionally, the presence of valuable natural resources, such as oil and minerals, attracts both domestic and international investors who require robust security measures to protect their assets. Underlying macroeconomic factors also play a role in the growth of the security market in Central Africa. Economic growth in the region has led to an increase in disposable income, allowing individuals and businesses to invest in security solutions.

Furthermore, government initiatives to improve security infrastructure and combat crime contribute to the overall development of the market. The growing urbanization and population expansion in Central Africa also create a greater need for security services, as cities become more crowded and crime rates rise. Overall, the Security market in Central Africa is experiencing significant growth driven by customer preferences for increased safety, the adoption of advanced and integrated security systems, local special circumstances, and underlying macroeconomic factors.

As the region continues to face security challenges and the demand for security solutions increases, the market is expected to further expand in the coming years.

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.