Security - Zimbabwe | Statista Market Forecast

Revenue in the Security market is projected to reach US$4.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.00%, resulting in a projected market volume of US$9.4m by 2029.
In the Security market, the number of active households is expected to amount to 652.9k users by 2029.
Household penetration will be 13.2% in 2024 and is expected to hit 16.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$9.10.

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 Zimbabwe has been experiencing significant growth in recent years.

Customer preferences: Customers in Zimbabwe are increasingly prioritizing the security of their homes, businesses, and personal belongings. This can be attributed to the rising crime rates and the need for individuals and organizations to protect themselves from potential threats. As a result, there has been a growing demand for security systems and services, including surveillance cameras, alarm systems, and security personnel.

Trends in the market: One of the key trends in the security market in Zimbabwe is the adoption of advanced technology. Customers are now opting for smart security solutions that provide them with real-time monitoring and control capabilities. This includes the use of mobile apps to remotely access and manage security systems, as well as the integration of artificial intelligence and machine learning algorithms to enhance the effectiveness of security measures. Another trend in the market is the increasing popularity of integrated security solutions. Customers are looking for comprehensive security systems that can address multiple needs, such as access control, video surveillance, and fire detection. This trend is driven by the desire for convenience and efficiency, as well as the need to minimize costs and streamline operations.

Local special circumstances: Zimbabwe has faced various challenges in recent years, including economic instability and political uncertainty. These factors have contributed to a sense of insecurity among the population, leading to an increased demand for security solutions. Additionally, the country has a high crime rate, particularly in urban areas, which further drives the need for effective security measures.

Underlying macroeconomic factors: The security market in Zimbabwe is influenced by several macroeconomic factors. Firstly, the country has been experiencing rapid urbanization, with more people moving to cities in search of better opportunities. This has resulted in an increased demand for security services in urban areas, where crime rates are generally higher. Secondly, the growing middle class in Zimbabwe has contributed to the expansion of the security market. As individuals and households become wealthier, they are more willing to invest in security measures to protect their assets and ensure the safety of their loved ones. Furthermore, the government of Zimbabwe has recognized the importance of security in attracting foreign investment and promoting economic development. This has led to increased spending on security infrastructure and the implementation of policies and regulations to support the growth of the security market. In conclusion, the security market in Zimbabwe is experiencing significant growth due to increasing customer preferences for security solutions, the adoption of advanced technology, and the demand for integrated security systems. The local special circumstances, including high crime rates and economic instability, further drive the need for security measures. The underlying macroeconomic factors, such as rapid urbanization and a growing middle class, also contribute to the expansion 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.