Security - Rwanda | Statista Market Forecast

Revenue in the Security market is projected to reach US$3.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.97%, resulting in a projected market volume of US$6.9m by 2029.
In the Security market, the number of active households is expected to amount to 394.3k users by 2029.
Household penetration will be 9.2% in 2024 and is expected to hit 12.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$12.02.

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 Rwanda is experiencing significant growth and development in recent years.

Customer preferences: Customers in Rwanda are increasingly prioritizing their safety and security, leading to a growing demand for security products and services. This is driven by a number of factors, including a rise in crime rates and a growing awareness of the importance of security measures. As a result, customers are seeking advanced security solutions that can effectively protect their homes, businesses, and public spaces.

Trends in the market: One of the key trends in the security market in Rwanda is the adoption of technology-driven security solutions. This includes the use of surveillance cameras, access control systems, and alarm systems that are connected to a central monitoring station. These technologies provide real-time monitoring and quick response to security threats, enhancing overall safety and security. Another trend in the market is the increasing focus on cybersecurity. With the growing reliance on digital technologies and the internet, there is a greater need to protect sensitive information and prevent cyber attacks. This has led to a rise in demand for cybersecurity solutions, such as firewalls, antivirus software, and encryption tools.

Local special circumstances: Rwanda has made significant progress in terms of economic development and political stability in recent years. This has attracted foreign investments and led to the establishment of multinational companies in the country. As a result, there is a growing need for security services to protect these investments and ensure the safety of employees and assets.

Underlying macroeconomic factors: The security market in Rwanda is also influenced by macroeconomic factors such as GDP growth, population growth, and urbanization. As the economy grows and the population increases, there is a higher demand for security products and services. Additionally, the rapid urbanization in Rwanda has led to the development of new residential and commercial areas, creating opportunities for security companies to provide their services. In conclusion, the security market in Rwanda is experiencing significant growth and development due to customer preferences for safety and security, the adoption of technology-driven solutions, the focus on cybersecurity, the need to protect foreign investments, and underlying macroeconomic factors such as GDP growth and urbanization.

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.