Security - Uganda | Statista Market Forecast

Revenue in the Security market is projected to reach US$12.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.41%, resulting in a projected market volume of US$27.7m by 2029.
In the Security market, the number of active households is expected to amount to 894.9k users by 2029.
Household penetration will be 6.0% in 2024 and is expected to hit 8.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$21.43.

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 Uganda has been experiencing significant growth in recent years, driven by increasing demand for security services and products. Customer preferences in the Security market in Uganda are largely influenced by the need for enhanced personal and property safety.

With rising crime rates and security concerns, individuals and businesses are seeking reliable and effective security solutions. This includes a wide range of products and services such as surveillance systems, alarm systems, access control systems, and security personnel. Trends in the market indicate a shift towards more advanced and integrated security solutions.

There is a growing demand for smart security systems that can be monitored and controlled remotely. This includes the use of mobile applications and cloud-based platforms to manage security devices and receive real-time notifications. Additionally, there is an increasing focus on cybersecurity as businesses recognize the importance of protecting their digital assets.

Local special circumstances in Uganda contribute to the development of the Security market. The country has experienced a steady economic growth, leading to an increase in disposable income and the ability to invest in security measures. Furthermore, the government has implemented various initiatives to improve security and attract foreign investment, creating a favorable environment for the security industry to thrive.

Underlying macroeconomic factors also play a role in the growth of the Security market in Uganda. The country's population is growing rapidly, leading to an increased demand for security services and products. Additionally, urbanization and the expansion of commercial activities create a need for comprehensive security solutions to protect people and assets.

Overall, the Security market in Uganda is experiencing growth due to the increasing demand for security solutions driven by rising crime rates and security concerns. Customer preferences are shifting towards advanced and integrated security systems, while local special circumstances and underlying macroeconomic factors contribute to the development of the market.

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.