Security - Gabon | Statista Market Forecast

Revenue in the Security market is projected to reach US$960.6k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.63%, resulting in a projected market volume of US$2.2m by 2029.
In the Security market, the number of active households is expected to amount to 215.4k users by 2029.
Household penetration will be 30.4% in 2024 and is expected to hit 35.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.09.

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 Gabon is experiencing significant growth due to various factors such as increasing crime rates, rising awareness about security, and the need for advanced security solutions.

Customer preferences: Customers in Gabon are increasingly prioritizing their safety and security, leading to a growing demand for security products and services. With the rise in crime rates, including theft, burglary, and cybercrime, individuals and businesses are seeking effective security measures to protect their assets and ensure the safety of their premises.

Trends in the market: One of the key trends in the security market in Gabon is the adoption of advanced technologies such as surveillance cameras, access control systems, and alarm systems. These technologies provide real-time monitoring and enable quick response in case of any security breach. Additionally, there is a growing demand for cybersecurity solutions to protect against cyber threats and data breaches. Another trend in the market is the integration of security systems with smart home automation. This allows users to control and monitor their security systems remotely through their smartphones or other devices. The convenience and flexibility offered by these integrated systems are driving their popularity among residential customers.

Local special circumstances: Gabon is a country with a diverse landscape, including urban areas, rural regions, and dense forests. This presents unique security challenges that require tailored solutions. For example, in urban areas, there is a higher demand for surveillance cameras and access control systems to monitor public spaces and prevent crime. In rural areas, on the other hand, there is a need for security solutions that can withstand harsh weather conditions and provide reliable protection in remote locations.

Underlying macroeconomic factors: The growth of the security market in Gabon is also influenced by macroeconomic factors such as the country's GDP growth and government initiatives. As the economy grows, individuals and businesses have more disposable income to invest in security solutions. Additionally, the government's focus on improving security infrastructure and reducing crime rates is driving the demand for security products and services. In conclusion, the security market in Gabon is witnessing significant growth due to increasing customer preferences for safety and security, the adoption of advanced technologies, and local special circumstances. The integration of security systems with smart home automation and the demand for cybersecurity solutions are notable trends in the market. The underlying macroeconomic factors, including GDP growth and government initiatives, further contribute to the development of the security market in Gabon.

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.