Security - Guinea | Statista Market Forecast

Revenue in the Security market is projected to reach US$1.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.40%, resulting in a projected market volume of US$2.3m by 2029.
In the Security market, the number of active households is expected to amount to 421.5k users by 2029.
Household penetration will be 13.3% in 2024 and is expected to hit 16.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.59.

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 Guinea has been developing steadily over the past few years, driven by various factors such as increasing crime rates, rising awareness about personal safety, and government initiatives to improve security infrastructure. Customer preferences in the Security market in Guinea have been shifting towards more advanced and technologically advanced security solutions.

Customers are increasingly looking for security systems that provide not only basic protection but also advanced features such as remote monitoring, video surveillance, and access control. This trend is driven by the need for enhanced security measures in both residential and commercial settings. In addition to technological advancements, customers in Guinea also prioritize affordability and reliability when it comes to security solutions.

They are looking for cost-effective options that offer long-term value and peace of mind. This has led to the emergence of local security companies that provide affordable and reliable security services tailored to the needs of the local market. Trends in the Security market in Guinea also reflect global trends in the industry.

For example, there is a growing demand for smart home security systems that integrate with other smart devices and can be controlled remotely through smartphones. This trend is driven by the increasing adoption of smart home technology and the desire for convenience and connectivity. Local special circumstances in Guinea also play a role in shaping the Security market.

The country has experienced political instability and social unrest in the past, which has heightened the need for robust security measures. This has led to increased investments in security infrastructure, including the installation of surveillance cameras in public places and the deployment of security personnel in key areas. Underlying macroeconomic factors also contribute to the development of the Security market in Guinea.

The country has been experiencing steady economic growth, which has led to an increase in disposable income and purchasing power. As a result, more individuals and businesses are able to invest in security solutions to protect their assets and ensure the safety of their premises. In conclusion, the Security market in Guinea is developing due to increasing crime rates, rising awareness about personal safety, and government initiatives to improve security infrastructure.

Customer preferences are shifting towards more advanced and technologically advanced security solutions, while also prioritizing affordability and reliability. Local special circumstances, such as political instability and social unrest, have further fueled the demand for robust security measures. The underlying macroeconomic factors, including steady economic growth, have also contributed to the development of the Security market in 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.