Security - Ethiopia | Statista Market Forecast

Revenue in the Security market is projected to reach US$22.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.08%, resulting in a projected market volume of US$46.0m by 2029.
In the Security market, the number of active households is expected to amount to 1.9m users by 2029.
Household penetration will be 5.9% in 2024 and is expected to hit 6.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$15.43.

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 Ethiopia has been experiencing significant growth in recent years, driven by various factors such as increasing urbanization, rising crime rates, and the need for improved safety and security measures. Customer preferences in the Security market in Ethiopia are shifting towards more advanced and sophisticated security systems.

This includes the adoption of technologies such as video surveillance, access control systems, and alarm systems. Customers are also increasingly looking for integrated security solutions that offer comprehensive protection for their homes, businesses, and public spaces. One of the key trends in the Security market in Ethiopia is the growing demand for video surveillance systems.

This is driven by the need for enhanced monitoring and surveillance capabilities to deter crime and ensure public safety. The government and private businesses are investing in the installation of CCTV cameras in public areas, commercial buildings, and residential communities. This trend is expected to continue as the country continues to urbanize and the need for security becomes even more critical.

Another trend in the Security market in Ethiopia is the increasing adoption of access control systems. This includes technologies such as biometric identification, smart cards, and keyless entry systems. These systems provide enhanced security and convenience, allowing authorized individuals to access restricted areas while keeping unauthorized individuals out.

The demand for access control systems is driven by the need to protect valuable assets, ensure the safety of employees and customers, and prevent unauthorized access to sensitive information. Local special circumstances in Ethiopia also contribute to the development of the Security market. The country has experienced rapid urbanization, with a significant increase in the number of cities and towns.

This has led to a higher concentration of people, businesses, and infrastructure, creating a greater need for security services and solutions. Additionally, Ethiopia has been witnessing an increase in criminal activities, including theft, vandalism, and cybercrime. This has further fueled the demand for security products and services.

Underlying macroeconomic factors also play a role in the development of the Security market in Ethiopia. The country has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. This has allowed individuals and businesses to invest in security solutions to protect their assets and ensure their safety.

Furthermore, the government has recognized the importance of security and has been investing in infrastructure development and law enforcement to improve public safety. In conclusion, the Security market in Ethiopia is experiencing growth and development driven by factors such as urbanization, rising crime rates, and the need for enhanced safety and security measures. Customer preferences are shifting towards more advanced and integrated security solutions, including video surveillance and access control systems.

The local special circumstances of rapid urbanization and increasing criminal activities contribute to the demand for security products and services. The underlying macroeconomic factors of economic growth and government investments also support the development of the Security market in Ethiopia.

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.