Security - Tunisia

Tunisia

Revenue in the Security market is projected to reach US$9.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.12%, resulting in a projected market volume of US$21.3m by 2029.
In the Security market, the number of active households is expected to amount to 1.2m users by 2029.
Household penetration will be 23.3% in 2024 and is expected to hit 30.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$9.59.

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Analyst Opinion

The Security market in Tunisia has been experiencing significant growth in recent years.

Customer preferences: Customers in Tunisia are increasingly prioritizing security measures to protect their homes, businesses, and public spaces. This is driven by a growing awareness of the importance of security, as well as a desire to prevent crime and ensure the safety of individuals and assets. Tunisians are particularly interested in advanced security technologies such as video surveillance systems, access control systems, and alarm systems. They value solutions that are reliable, easy to use, and provide real-time monitoring and alerts.

Trends in the market: One of the key trends in the security market in Tunisia is the adoption of smart security solutions. These solutions leverage advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT) to provide more effective and efficient security measures. For example, smart video surveillance systems can automatically detect and analyze suspicious activities, reducing the need for constant human monitoring. Similarly, access control systems can use biometric authentication and mobile credentials to enhance security and convenience. Another trend in the market is the increasing demand for integrated security solutions. Customers in Tunisia are looking for comprehensive security systems that can integrate multiple security components, such as video surveillance, access control, intrusion detection, and fire detection. Integrated solutions offer several benefits, including centralized management, improved coordination between different security measures, and enhanced overall security effectiveness.

Local special circumstances: Tunisia has faced security challenges in recent years, including terrorist attacks and political instability. These incidents have heightened the need for robust security measures and increased the awareness of security among individuals and businesses. The government has also taken steps to improve security infrastructure and promote the use of advanced security technologies. This has created a favorable environment for the growth of the security market in Tunisia.

Underlying macroeconomic factors: The Tunisian economy has been gradually recovering from the impact of the Arab Spring in 2011. Economic growth has been moderate but steady, driven by sectors such as tourism, manufacturing, and services. As the economy expands, businesses and individuals have more resources to invest in security measures. Furthermore, the government's focus on promoting foreign investment and economic development has attracted international companies that bring advanced security technologies and expertise to the market. In conclusion, the security market in Tunisia is experiencing growth due to increasing customer preferences for advanced security solutions, the adoption of smart and integrated security technologies, local security challenges, and the country's recovering economy.

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.