Security - Gambia | Statista Market Forecast

Revenue in the Security market is projected to reach US$242.9k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.06%, resulting in a projected market volume of US$490.0k by 2029.
In the Security market, the number of active households is expected to amount to 145.8k users by 2029.
Household penetration will be 28.4% in 2024 and is expected to hit 32.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.91.

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 Gambia has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, rising awareness about personal safety, and the need for enhanced security measures in both residential and commercial spaces.

Customer preferences: Customers in Gambia are increasingly seeking security solutions that provide comprehensive protection against a wide range of threats, including theft, burglary, and vandalism. They are looking for advanced security systems that are easy to install, user-friendly, and offer round-the-clock monitoring and surveillance capabilities. Additionally, customers are also showing a preference for integrated security solutions that can be accessed remotely through mobile devices.

Trends in the market: One of the key trends in the security market in Gambia is the growing demand for video surveillance systems. With the advancements in technology, video surveillance systems have become more affordable and accessible to a wider range of customers. This has led to an increase in the adoption of CCTV cameras and video management software, both in residential and commercial settings. Another trend in the market is the rising popularity of access control systems. Customers are increasingly looking for solutions that allow them to restrict access to their premises and manage entry and exit points more effectively. This includes the use of biometric systems, such as fingerprint or facial recognition, as well as keycard or keypad-based access control systems.

Local special circumstances: Gambia, like many other countries in the region, faces certain unique security challenges. The country has a high crime rate, particularly in urban areas, which has led to an increased demand for security solutions. Additionally, Gambia is also a popular tourist destination, and ensuring the safety and security of tourists is a top priority for the government and businesses in the hospitality sector. This has further fueled the demand for security systems and services.

Underlying macroeconomic factors: The growth of the security market in Gambia can be attributed to several macroeconomic factors. The country has been experiencing steady economic growth in recent years, which has led to an increase in disposable income and the ability of individuals and businesses to invest in security solutions. Furthermore, the government has been actively promoting foreign investment and entrepreneurship, which has resulted in the establishment of more businesses and the need for enhanced security measures. In conclusion, the security market in Gambia is witnessing significant growth, driven by increasing crime rates, rising awareness about personal safety, and the need for enhanced security measures. Customers are seeking comprehensive security solutions, with a preference for video surveillance systems and access control systems. Unique local circumstances, such as high crime rates and the importance of tourism, further contribute to the demand for security solutions. The underlying macroeconomic factors, including steady economic growth and government support for investment, also play a significant role in the development of the security market in Gambia.

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.