Security - Equatorial Guinea | Statista Market Forecast

Revenue in the Security market is projected to reach US$402.7k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.61%, resulting in a projected market volume of US$831.7k by 2029.
In the Security market, the number of active households is expected to amount to 126.7k users by 2029.
Household penetration will be 24.2% in 2024 and is expected to hit 28.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.80.

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 Equatorial Guinea is experiencing steady growth due to increasing customer preferences for advanced security solutions and the presence of local special circumstances. Customer preferences in the Security market in Equatorial Guinea are shifting towards more advanced and technologically sophisticated security solutions.

With the rise in crime rates and security concerns, customers are seeking out products and services that provide enhanced protection for their homes, businesses, and personal belongings. This includes the adoption of surveillance cameras, alarm systems, access control systems, and other security measures that can provide real-time monitoring and quick response to potential threats. Additionally, customers are also showing a preference for integrated security systems that can be easily managed and controlled from a central location, offering convenience and peace of mind.

One of the key trends in the Security market in Equatorial Guinea is the increasing demand for cybersecurity solutions. As more businesses and individuals become reliant on digital technologies and online platforms, the risk of cyber threats and attacks also increases. This has led to a growing need for robust cybersecurity measures to protect sensitive data and prevent unauthorized access.

Companies specializing in cybersecurity solutions are witnessing a surge in demand as organizations seek to safeguard their digital assets and ensure the privacy and security of their networks. Another trend in the market is the adoption of smart home security systems. With the advancement of Internet of Things (IoT) technology, homeowners are increasingly turning to smart devices that can be connected and controlled through a central hub or mobile application.

These systems allow users to monitor their homes remotely, receive alerts in case of any suspicious activity, and even control various aspects of their home security, such as lighting and door locks. The convenience and flexibility offered by smart home security systems are driving their popularity among customers in Equatorial Guinea. Local special circumstances in Equatorial Guinea also contribute to the development of the Security market.

The country has experienced a significant increase in foreign direct investment and economic growth in recent years. This has led to a rise in the number of businesses and commercial establishments, which in turn has increased the demand for security solutions to protect these assets. Additionally, the government has implemented various initiatives to improve public safety and security, further driving the demand for security products and services.

Underlying macroeconomic factors, such as population growth, urbanization, and increasing disposable income, also play a role in the development of the Security market in Equatorial Guinea. As the population continues to grow and more people move to urban areas, the need for security solutions becomes more pronounced. Furthermore, the rising disposable income allows individuals and businesses to invest in advanced security systems, contributing to the overall growth of the market.

In conclusion, the Security market in Equatorial Guinea is experiencing growth due to increasing customer preferences for advanced security solutions, including cybersecurity and smart home security systems. The presence of local special circumstances, such as economic growth and government initiatives, further contribute to the market development. The underlying macroeconomic factors of population growth, urbanization, and increasing disposable income also play a significant role in driving the demand for security products and services in Equatorial Guinea.

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.