Security - Tanzania | Statista Market Forecast

Revenue in the Security market is projected to reach US$15.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.69%, resulting in a projected market volume of US$32.4m by 2029.
In the Security market, the number of active households is expected to amount to 2.3m users by 2029.
Household penetration will be 13.1% in 2024 and is expected to hit 15.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$8.71.

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 Tanzania has been experiencing significant growth in recent years. Customer preferences have shifted towards more advanced security solutions, leading to a surge in demand for security products and services.

This trend can be attributed to several factors, including an increase in crime rates, the growing importance of security in various sectors, and advancements in technology. Customer preferences in the Tanzanian Security market have evolved due to the rising crime rates in the country. With an increase in theft, vandalism, and other criminal activities, individuals and businesses are placing a higher priority on security measures to protect their assets.

This has led to a greater demand for security products such as surveillance cameras, alarm systems, and access control systems. Furthermore, the growing importance of security in various sectors has also contributed to the development of the Security market in Tanzania. Industries such as banking, retail, hospitality, and transportation are recognizing the need for robust security systems to ensure the safety of their employees, customers, and assets.

As a result, these sectors are investing in advanced security solutions to mitigate risks and prevent security breaches. Advancements in technology have played a crucial role in shaping the Security market in Tanzania. The availability of more sophisticated security systems, including biometric authentication, facial recognition, and artificial intelligence, has provided customers with a wider range of options to choose from.

These advanced technologies offer enhanced security features, improved accuracy, and real-time monitoring capabilities, making them highly desirable in the market. In addition to customer preferences, several local special circumstances have contributed to the growth of the Security market in Tanzania. The country's rapid urbanization and population growth have created a need for increased security measures in urban areas.

Additionally, Tanzania's strategic location as a regional hub for trade and investment has attracted international businesses, leading to a higher demand for security services to protect foreign investments. Underlying macroeconomic factors have also played a significant role in the development of the Security market in Tanzania. The country's stable economic growth and increasing disposable income have allowed individuals and businesses to allocate more resources towards security measures.

Additionally, government initiatives to improve security infrastructure and regulations have further stimulated market growth. Overall, the Security market in Tanzania is experiencing significant growth due to evolving customer preferences, local special circumstances, and underlying macroeconomic factors. As the demand for security products and services continues to rise, it is expected that the market will further expand in the coming years.

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.