Security - Chad | Statista Market Forecast

Revenue in the Security market is projected to reach US$1.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.95%, resulting in a projected market volume of US$2.5m by 2029.
In the Security market, the number of active households is expected to amount to 126.0k users by 2029.
Household penetration will be 2.6% in 2024 and is expected to hit 3.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$16.05.

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 Chad has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, political instability, and the need for enhanced security measures. Customer preferences in the Security market in Chad have been shifting towards more advanced and technologically sophisticated security solutions.

This is primarily due to the growing awareness among customers about the importance of effective security measures and the need for reliable and efficient security systems. Customers in Chad are increasingly looking for solutions that can provide real-time monitoring, remote access, and integration with other security systems. They are also seeking solutions that are easy to use and maintain, as well as cost-effective.

Trends in the Security market in Chad indicate a growing demand for surveillance systems, access control systems, and alarm systems. Surveillance systems, including CCTV cameras and video analytics, are gaining popularity as they provide a visual deterrent and help in monitoring and recording activities in public places, residential areas, and commercial establishments. Access control systems, such as biometric readers and smart card systems, are becoming more prevalent as they offer enhanced security by restricting access to authorized individuals.

Alarm systems, including intrusion detection systems and fire alarm systems, are also in high demand as they provide early warning and prompt response to potential threats. Local special circumstances in Chad contribute to the development of the Security market. The country has been facing security challenges due to the presence of armed groups, terrorism, and cross-border conflicts.

These factors have led to an increased focus on security and a greater need for advanced security solutions. Additionally, the government of Chad has been actively investing in infrastructure development, including the installation of security systems in public places, government buildings, and critical infrastructure. This has created a favorable environment for the growth of the Security market in Chad.

Underlying macroeconomic factors also play a role in the development of the Security market in Chad. The country has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. This, in turn, has contributed to the demand for security products and services.

Furthermore, the government's efforts to improve the business environment and attract foreign investment have created opportunities for security companies to expand their operations in Chad. In conclusion, the Security market in Chad is witnessing significant growth due to increasing crime rates, political instability, and the need for enhanced security measures. Customer preferences are shifting towards advanced and technologically sophisticated security solutions, while trends in the market indicate a growing demand for surveillance systems, access control systems, and alarm systems.

Local special circumstances, such as security challenges and government investments in infrastructure, contribute to the development of the market. Underlying macroeconomic factors, including economic growth and government initiatives, also play a role in the growth of the Security market in Chad.

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.