Security - Malawi | Statista Market Forecast

Revenue in the Security market is projected to reach US$2.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.72%, resulting in a projected market volume of US$5.0m by 2029.
In the Security market, the number of active households is expected to amount to 531.5k users by 2029.
Household penetration will be 9.4% in 2024 and is expected to hit 11.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$6.16.

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 Malawi is witnessing significant growth due to increasing customer preferences for enhanced safety and security measures.

Customer preferences: Customers in Malawi are increasingly prioritizing the safety and security of their homes, businesses, and public spaces. This is driven by rising crime rates and the need for protection against theft, burglary, and vandalism. As a result, there is a growing demand for security solutions such as surveillance systems, access control systems, and alarm systems. Customers are also seeking professional security services to ensure round-the-clock monitoring and rapid response to any security incidents.

Trends in the market: One of the key trends in the security market in Malawi is the adoption of advanced technology. Customers are increasingly opting for smart security solutions that integrate various devices and systems, allowing them to monitor and control their security remotely. This includes features such as mobile app access, real-time notifications, and video analytics. Additionally, there is a growing trend towards the use of biometric systems for access control, as they offer higher security and convenience compared to traditional methods such as keys or cards. Another trend in the market is the increasing focus on cybersecurity. With the rise of digitalization and connectivity, there is a growing need to protect not just physical assets but also digital information. Customers are seeking comprehensive security solutions that address both physical and cyber threats. This includes measures such as network security, data encryption, and secure remote access.

Local special circumstances: Malawi, like many other countries in the region, faces unique security challenges. Political instability, social unrest, and economic inequality contribute to a higher risk of crime and security incidents. This has led to a greater demand for security solutions and services to mitigate these risks. Additionally, the country's geographical location and porous borders make it susceptible to cross-border crimes such as smuggling and illegal immigration, further driving the need for enhanced security measures.

Underlying macroeconomic factors: The security market in Malawi is also influenced by macroeconomic factors. Economic growth and increasing disposable incomes contribute to higher spending on security solutions. As the economy improves, individuals and businesses are willing to invest in security to protect their assets and ensure business continuity. Furthermore, government initiatives to improve security infrastructure and law enforcement capabilities also drive the market. Public-private partnerships and collaborations between security companies and government agencies create opportunities for growth and development in the sector. In conclusion, the security market in Malawi is experiencing growth driven by customer preferences for enhanced safety and security measures. The adoption of advanced technology, focus on cybersecurity, unique local circumstances, and underlying macroeconomic factors all contribute to the development of the market. As the demand for security solutions continues to rise, there are opportunities for both local and international companies to provide innovative and comprehensive security offerings in Malawi.

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.