Security - Senegal | Statista Market Forecast

Revenue in the Security market is projected to reach US$3.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.19%, resulting in a projected market volume of US$8.2m by 2029.
In the Security market, the number of active households is expected to amount to 1.4m users by 2029.
Household penetration will be 41.8% in 2024 and is expected to hit 48.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.17.

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 Senegal has been experiencing significant growth in recent years, driven by various factors such as increasing crime rates, rising awareness about security, and the government's efforts to improve public safety. Customer preferences in the Security market in Senegal have been shifting towards more advanced and integrated security solutions.

This includes the adoption of technologies such as video surveillance systems, access control systems, and alarm systems. Customers are increasingly looking for solutions that provide real-time monitoring and remote access, allowing them to have better control over their security measures. Additionally, there is a growing demand for security services such as manned guarding and security consulting, as businesses and individuals seek professional assistance to ensure their safety.

One of the key trends in the Security market in Senegal is the increasing adoption of smart security solutions. This includes the use of Artificial Intelligence (AI) and Internet of Things (IoT) technologies to enhance security systems. For example, AI-powered video analytics can help in detecting and identifying potential threats, while IoT-enabled devices can provide real-time data and alerts.

These advancements in technology are not only improving the effectiveness of security measures but also making them more cost-efficient and scalable. Another trend in the market is the integration of security systems with other smart home or building automation systems. This allows for a seamless control and monitoring of various aspects such as lighting, temperature, and energy management, in addition to security.

The integration of these systems not only provides convenience to customers but also enables them to have a holistic approach to security and overall management of their premises. Local special circumstances in Senegal also contribute to the development of the Security market. The country has been facing challenges related to crime and terrorism, which has created a sense of urgency among individuals and businesses to invest in security measures.

Additionally, the government has been actively promoting the importance of security and has implemented various initiatives to enhance public safety. This has further encouraged the adoption of security solutions in the country. Underlying macroeconomic factors such as economic growth and urbanization also play a role in the development of the Security market in Senegal.

As the economy grows and more people move to urban areas, the demand for security services and solutions naturally increases. Furthermore, the rising middle class in Senegal has led to an increase in disposable income, allowing individuals to invest in security measures for their homes and businesses. In conclusion, the Security market in Senegal is experiencing growth due to increasing crime rates, rising awareness about security, and government initiatives.

Customer preferences are shifting towards more advanced and integrated security solutions, with a focus on smart technologies and the integration of security systems with other automation systems. Local special circumstances, such as security challenges and government support, contribute to the development of the market. Underlying macroeconomic factors such as economic growth and urbanization also drive the demand for security services and solutions in Senegal.

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.