Security - Western Africa

Western Africa

Revenue in the Security market is projected to reach US$72.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.90%, resulting in a projected market volume of US$139.3m by 2029.
In the Security market, the number of active households is expected to amount to 18.4m users by 2029.
Household penetration will be 20.4% in 2024 and is expected to hit 19.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.21.

Market

Region

Region comparison

Currency

Analyst Opinion

The Security market in Western Africa is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Western Africa are increasingly prioritizing their personal safety and the security of their assets. This is driven by rising crime rates, political instability, and the threat of terrorism in the region. As a result, there is a growing demand for security solutions, including surveillance systems, access control systems, and security personnel.

Trends in the market: One of the key trends in the security market in Western Africa is the adoption of advanced technology. Customers are increasingly looking for innovative security solutions that can provide real-time monitoring, remote access, and intelligent analytics. This includes the use of artificial intelligence and machine learning algorithms to detect and prevent security threats. Another trend in the market is the integration of security systems. Customers are seeking comprehensive security solutions that can integrate different components such as video surveillance, access control, and alarm systems. This allows for better coordination and communication between different security measures, enhancing overall effectiveness.

Local special circumstances: The security market in Western Africa is influenced by the unique challenges and circumstances of the region. Political instability, social unrest, and high crime rates create a heightened need for security measures. Additionally, the threat of terrorism in certain countries further drives the demand for advanced security solutions.

Underlying macroeconomic factors: The development of the security market in Western Africa is also influenced by underlying macroeconomic factors. Economic growth in the region has led to an increase in disposable income, allowing individuals and businesses to invest in security solutions. Additionally, urbanization and population growth have resulted in a greater need for security in cities and urban areas. In conclusion, the security market in Western Africa is experiencing growth and development due to increasing customer preferences for personal safety and asset security. The adoption of advanced technology and the integration of security systems are key trends in the market. The unique challenges and circumstances of the region, such as political instability and the threat of terrorism, further drive the demand for security solutions. Underlying macroeconomic factors, including economic growth and urbanization, also contribute to the development of the market.

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.