Security - Mauritius

Mauritius

Revenue in the Security market is projected to reach US$1,744.0k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.25%, resulting in a projected market volume of US$3,702.0k by 2029.
In the Security market, the number of active households is expected to amount to 74.2k users by 2029.
Household penetration will be 19.5% in 2024 and is expected to hit 25.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$28.99.

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Analyst Opinion

The Security market in Mauritius is experiencing significant growth and development in recent years.

Customer preferences: Customers in Mauritius are increasingly prioritizing the safety and security of their homes, businesses, and personal belongings. This has led to a growing demand for security systems and services, including surveillance cameras, alarm systems, access control systems, and security guards. Customers are also seeking more advanced and integrated security solutions that can provide real-time monitoring and remote access capabilities.

Trends in the market: One of the key trends in the security market in Mauritius is the adoption of smart security systems. These systems leverage advanced technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) to enhance the effectiveness and efficiency of security measures. For example, smart surveillance cameras can automatically detect and alert authorities to suspicious activities, while smart access control systems can provide seamless and secure entry to authorized individuals. Another trend in the market is the increasing use of cloud-based security solutions. Cloud-based security systems offer several advantages, including scalability, flexibility, and remote accessibility. They allow users to store and access security data and footage from anywhere, at any time, using any device. This is particularly beneficial for businesses and organizations that have multiple locations or remote operations.

Local special circumstances: Mauritius is a popular tourist destination, attracting millions of visitors each year. The tourism industry plays a significant role in the country's economy, and the safety and security of tourists are of utmost importance. As a result, hotels, resorts, and other tourism-related businesses have a strong demand for security systems and services to ensure the safety and well-being of their guests.

Underlying macroeconomic factors: The security market in Mauritius is also influenced by several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has contributed to the rising demand for security systems and services among individuals and businesses. Furthermore, the government of Mauritius has implemented various initiatives and policies to enhance the country's security infrastructure. This includes the establishment of the National Security Agency (NSA) and the implementation of the National Cybersecurity Strategy. These measures aim to strengthen the overall security framework in Mauritius and create a conducive environment for the growth of the security market. In conclusion, the security market in Mauritius is witnessing significant growth and development driven by customer preferences for enhanced safety and security, the adoption of smart and cloud-based security solutions, the importance of security in the tourism industry, and underlying macroeconomic factors such as economic growth and government initiatives.

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.