Security - Morocco | Statista Market Forecast

Revenue in the Security market is projected to reach US$20.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.42%, resulting in a projected market volume of US$34.4m by 2029.
In the Security market, the number of active households is expected to amount to 4.2m users by 2029.
Household penetration will be 41.6% in 2024 and is expected to hit 52.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.41.

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 Morocco has been experiencing significant growth in recent years, driven by increasing customer preferences for advanced security solutions.

Customer preferences: Customers in Morocco are increasingly seeking advanced security solutions to protect their homes, businesses, and assets. This is primarily driven by rising concerns about security threats, such as theft, vandalism, and cyber attacks. As a result, there is a growing demand for integrated security systems that combine surveillance cameras, access control systems, and alarm systems. Customers are also looking for smart security solutions that can be remotely monitored and controlled through mobile applications.

Trends in the market: One of the key trends in the security market in Morocco is the adoption of video surveillance systems. These systems are being widely used in various sectors, including retail, banking, transportation, and government. The increasing affordability of high-resolution cameras and the advancements in video analytics technology have contributed to the popularity of video surveillance systems. Additionally, there is a growing trend towards the integration of video surveillance with other security systems, such as access control and alarm systems, to provide a comprehensive security solution. Another emerging trend in the security market is the adoption of biometric technologies. Biometric systems, such as fingerprint scanners and facial recognition systems, are being used for access control in high-security areas, such as airports, government buildings, and financial institutions. The use of biometric technologies provides a higher level of security and eliminates the need for traditional access control methods, such as keys or access cards.

Local special circumstances: Morocco's strategic location as a gateway between Europe and Africa has made it vulnerable to security threats, such as terrorism, smuggling, and illegal immigration. This has led to increased investments in security infrastructure by the government and private sector. The government has implemented various security initiatives, such as the installation of surveillance cameras in public areas and the strengthening of border security. These initiatives have created a favorable environment for the growth of the security market in Morocco.

Underlying macroeconomic factors: Morocco's growing economy and increasing urbanization have contributed to the growth of the security market. The country has witnessed rapid urbanization in recent years, leading to the construction of new residential and commercial buildings. This has created a demand for security systems to protect these properties. Additionally, the government's efforts to attract foreign investment and promote tourism have also contributed to the growth of the security market, as businesses and tourists require reliable security solutions. In conclusion, the security market in Morocco is experiencing significant growth due to increasing customer preferences for advanced security solutions. The adoption of video surveillance systems and biometric technologies are among the key trends in the market. The country's strategic location and the government's initiatives to enhance security have created a favorable environment for the growth of the security market. The growing economy and urbanization in Morocco are also driving the demand for security systems.

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.