Security - Namibia

Namibia

Revenue in the Security market is projected to reach US$1.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 17.55%, resulting in a projected market volume of US$2.3m by 2028.
In the Security market, the number of active households is expected to amount to 22.3k users by 2028.
Household penetration will be 2.0% in 2024 and is expected to hit 3.5% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$99.39.

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Analyst Opinion

The Security market in Namibia has been experiencing steady growth in recent years, driven by increasing customer preferences for advanced security solutions and the rising need for protection against various threats. Namibians are increasingly seeking security services that provide comprehensive coverage and advanced technology to safeguard their homes, businesses, and public spaces.

Customer preferences: Namibian customers are increasingly opting for integrated security solutions that combine multiple security systems, such as surveillance cameras, access control systems, and alarm systems. This preference for integrated solutions is driven by the need for a holistic approach to security, where different systems work together to provide a higher level of protection. Additionally, customers are demanding advanced technology such as biometric access control systems and smart surveillance cameras that can be remotely monitored and controlled.

Trends in the market: One of the key trends in the security market in Namibia is the adoption of cloud-based security solutions. Cloud-based security systems offer several advantages, including remote access, scalability, and cost-effectiveness. As a result, more security companies in Namibia are offering cloud-based solutions to meet the growing demand from customers. Another trend in the market is the increasing focus on cybersecurity. With the rise of digitalization and the reliance on technology in various sectors, the need for robust cybersecurity measures has become crucial. Security companies are now offering cybersecurity services to protect businesses and individuals from cyber threats such as hacking, data breaches, and ransomware attacks.

Local special circumstances: Namibia has a relatively low crime rate compared to some other African countries, but there is still a need for security services due to the presence of organized crime, theft, and burglaries. The tourism industry in Namibia also contributes to the demand for security services, as tourists expect a safe and secure environment during their stay.

Underlying macroeconomic factors: Namibia's stable political environment and growing economy have contributed to the development of the security market. The country has seen an increase in foreign direct investment, which has led to the growth of various industries, including construction, hospitality, and retail. This growth has created a higher demand for security services to protect assets and ensure the safety of employees and customers. In conclusion, the security market in Namibia is developing in response to customer preferences for integrated security solutions, advanced technology, and cloud-based security systems. The increasing focus on cybersecurity and the need to protect against various threats also drive the market. The local special circumstances, such as the presence of organized crime and the importance of security in the tourism industry, further contribute to the demand for security services. The stable political environment and growing economy of Namibia provide a favorable backdrop for the development of the security market.

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.