Security - Ghana

Ghana

Revenue in the Security market is projected to reach US$12.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.72%, resulting in a projected market volume of US$26.7m by 2029.
In the Security market, the number of active households is expected to amount to 5.0m users by 2029.
Household penetration will be 46.9% in 2024 and is expected to hit 44.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.58.

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Analyst Opinion

The Security market in Ghana is experiencing significant growth due to various factors such as increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Security market in Ghana are shifting towards more advanced security solutions.

With the rise in crime rates and security concerns, individuals and businesses are increasingly seeking robust security measures to protect their properties and assets. This includes the adoption of advanced surveillance systems, access control systems, and alarm systems. Additionally, there is a growing demand for security services such as manned guarding and private security firms.

Trends in the Security market in Ghana are also contributing to its development. One of the key trends is the integration of technology in security systems. This includes the use of artificial intelligence (AI) and machine learning algorithms to enhance the effectiveness of surveillance systems and improve response times.

Another trend is the adoption of cloud-based security solutions, which provide remote access and management capabilities. Furthermore, there is a growing focus on cybersecurity, as organizations recognize the importance of protecting their digital assets from cyber threats. Local special circumstances in Ghana are playing a role in the development of the Security market.

The country has experienced significant economic growth in recent years, leading to an increase in wealth and investment. This has resulted in a greater need for security measures to protect these assets. Additionally, Ghana has a relatively high crime rate, which further drives the demand for security solutions.

Underlying macroeconomic factors are also contributing to the growth of the Security market in Ghana. The country has a stable political environment and a growing middle class, which has increased purchasing power and the ability to invest in security solutions. Furthermore, the government of Ghana has recognized the importance of security and has implemented policies and regulations to ensure the safety of its citizens and promote the growth of the security industry.

In conclusion, the Security market in Ghana is developing due to increasing customer preferences for advanced security solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for security measures is driven by rising crime rates, the need to protect assets, and the recognition of the importance of security in a growing economy. The integration of technology, the adoption of cloud-based solutions, and the focus on cybersecurity are shaping the market's development.

With a stable political environment and a growing middle class, Ghana provides a favorable environment for the growth of the Security market.

Methodology

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.