Security - Niger

Niger

Revenue in the Security market is projected to reach US$1.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 15.67%, resulting in a projected market volume of US$3.0m by 2028.
In the Security market, the number of active households is expected to amount to 87.5k users by 2028.
Household penetration will be 1.0% in 2024 and is expected to hit 1.7% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$39.37.

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Analyst Opinion

The Security market in Niger has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, political instability, and the need for improved security measures. Customer preferences in the Security market in Niger have shifted towards more advanced and sophisticated security solutions.

This includes the demand for state-of-the-art surveillance systems, access control systems, and alarm systems. Customers are also increasingly looking for integrated security solutions that can provide comprehensive protection for their homes, businesses, and public spaces. One of the key trends in the Security market in Niger is the adoption of technology-driven security solutions.

This includes the use of artificial intelligence (AI) and machine learning algorithms to analyze and detect potential security threats in real-time. Additionally, the market is witnessing a rise in the use of biometric systems for identity verification and access control. These technological advancements are aimed at enhancing the effectiveness and efficiency of security systems in the country.

Another trend in the market is the growing demand for private security services. With the increasing crime rates and political instability in Niger, individuals and businesses are seeking the services of private security companies to ensure their safety and protect their assets. This trend is expected to continue as the need for personal and property security remains high.

Local special circumstances in Niger, such as its geographical location and porous borders, contribute to the development of the Security market. The country shares borders with several countries that are facing security challenges, which increases the risk of cross-border criminal activities. This has led to a greater emphasis on border security and the need for advanced surveillance and monitoring systems.

Underlying macroeconomic factors also play a role in the development of the Security market in Niger. The country's economic growth and increasing urbanization have led to a rise in the number of high-value assets and properties that need to be protected. Additionally, the government's focus on improving security infrastructure and law enforcement capabilities has created opportunities for security solution providers.

In conclusion, the Security market in Niger is experiencing growth due to increasing customer preferences for advanced security solutions, the adoption of technology-driven security systems, the demand for private security services, local special circumstances, and underlying macroeconomic factors. As the country continues to face security challenges, the market is expected to expand further in the coming years.

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.