Security - Lesotho | Statista Market Forecast

Revenue in the Security market is projected to reach US$724.7k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.94%, resulting in a projected market volume of US$1.5m by 2029.
In the Security market, the number of active households is expected to amount to 32.8k users by 2029.
Household penetration will be 4.1% in 2024 and is expected to hit 5.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$31.21.

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 Lesotho has been experiencing significant growth in recent years.

Customer preferences: Customers in Lesotho have shown a strong preference for security solutions that are reliable, efficient, and cost-effective. They value systems that can provide round-the-clock surveillance and protection for their homes and businesses. Additionally, customers are increasingly looking for integrated security solutions that can be easily managed and monitored remotely.

Trends in the market: One major trend in the security market in Lesotho is the increasing adoption of advanced technology. Customers are moving away from traditional security systems and are opting for more sophisticated solutions such as smart surveillance cameras, biometric access control systems, and remote monitoring platforms. This trend is driven by the need for more effective security measures and the desire for convenience and ease of use. Another trend in the market is the growing demand for security services in the commercial sector. With the expansion of businesses and the increasing number of commercial establishments in Lesotho, there is a greater need for comprehensive security solutions to protect these assets. This includes not only physical security measures but also cybersecurity solutions to safeguard against digital threats.

Local special circumstances: Lesotho's geographical location and political stability contribute to the growth of the security market. As a landlocked country surrounded by South Africa, Lesotho faces unique security challenges, including cross-border crime and smuggling. This has led to an increased demand for security solutions that can effectively address these issues. Additionally, Lesotho's stable political environment and growing economy have attracted foreign investments, which further drive the demand for security services to protect these investments.

Underlying macroeconomic factors: The growth of the security market in Lesotho is also influenced by several macroeconomic factors. The country's GDP has been steadily increasing, indicating a growing economy and higher disposable income among the population. This allows individuals and businesses to invest in security solutions to protect their assets. Furthermore, the government's commitment to maintaining law and order and ensuring the safety of its citizens has led to increased spending on security infrastructure and services. In conclusion, the security market in Lesotho is experiencing significant growth due to customer preferences for reliable and cost-effective security solutions, the adoption of advanced technology, the increasing demand for security services in the commercial sector, the country's unique security challenges, and the underlying macroeconomic factors such as the growing economy and government spending.

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.