Security - Togo | Statista Market Forecast

Revenue in the Security market is projected to reach US$1.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.20%, resulting in a projected market volume of US$2.8m by 2029.
In the Security market, the number of active households is expected to amount to 533.8k users by 2029.
Household penetration will be 22.7% in 2024 and is expected to hit 26.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.19.

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 Togo is experiencing significant growth and development. Customer preferences are shifting towards more advanced and sophisticated security solutions. There is a growing demand for high-tech surveillance systems, access control systems, and alarm systems. This trend is driven by the increasing concern for personal safety and the need for better protection of assets.

Trends in the market: One of the key trends in the Security market in Togo is the adoption of advanced surveillance systems. Customers are increasingly looking for CCTV cameras with high-resolution capabilities and advanced features such as facial recognition and license plate recognition. This trend is driven by the need for better monitoring and surveillance in public spaces, commercial areas, and residential complexes. The use of advanced surveillance systems not only helps in preventing crime but also provides valuable evidence for investigation purposes. Another trend in the Security market in Togo is the demand for access control systems. With the increasing number of commercial buildings, government offices, and residential complexes, there is a growing need for secure access control solutions. Customers are looking for systems that can provide secure and convenient access to authorized individuals while keeping unauthorized individuals out. This trend is driven by the need for better security and the desire to protect valuable assets.

Local special circumstances: Togo is experiencing rapid urbanization, with more people moving to cities in search of better opportunities. This urbanization trend has led to an increase in crime rates, making security a top priority for individuals and businesses. The need for better security solutions is further amplified by the presence of valuable natural resources and the growth of the banking and financial sector. These local special circumstances create a favorable environment for the growth of the Security market in Togo.

Underlying macroeconomic factors: The Security market in Togo is also influenced by underlying macroeconomic factors. The country's stable economic growth and increasing disposable income have contributed to the growth of the market. As people have more purchasing power, they are willing to invest in security solutions to protect their homes, businesses, and assets. Additionally, the government's focus on infrastructure development and the promotion of foreign investment have attracted international security companies to enter the market, further fueling its growth. In conclusion, the Security market in Togo is experiencing significant growth and development. Customer preferences are shifting towards more advanced and sophisticated security solutions, driven by the increasing concern for personal safety and the need for better protection of assets. The adoption of advanced surveillance systems and access control systems are key trends in the market. The local special circumstances, such as rapid urbanization and the presence of valuable resources, create a favorable environment for the growth of the market. Underlying macroeconomic factors, including stable economic growth and increasing disposable income, further contribute to the market's expansion.

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.