Security - Ethiopia

Ethiopia

The Security market in Ethiopia is poised to experience significant growth in the coming years.
According to projections, the revenue in this market segment is expected to reach US$22.8m in 2024.
This represents a promising outlook for the industry.
Furthermore, the Security market is anticipated to exhibit a compound annual growth rate (CAGR) of 16.06% from 2024 to 2028.
This steady growth is expected to drive the market to a projected volume of US$41.3m by 2028.
In terms of market penetration, the number of active households in the Security market is projected to reach 532.2k users by 2028.
This indicates a growing interest and adoption of security solutions among Ethiopian households.
Additionally, household penetration is expected to increase from 1.1% in 2024 to 1.9% by 2028.
This suggests that an increasing number of households in Ethiopia are recognizing the importance of investing in security measures.
The average revenue per installed Smart_Home is currently estimated at US$79.27, highlighting the value that consumers place on security solutions in Ethiopia.
When comparing the Security market globally, it is worth noting that in the United States generates the highest revenue.
In 2024, the market in the United States is projected to generate a revenue of US$6,883.0m, indicating its dominance in the global market.
Overall, the Security market in Ethiopia is expected to witness robust growth in the coming years, driven by increasing household penetration and a rising demand for security solutions.
Ethiopia's security market is experiencing a surge in demand for advanced surveillance systems due to increasing urbanization and the need for enhanced public safety.

Key regions: Asia, Japan, United Kingdom, Norway, Europe

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Analyst Opinion

The Security segment targets the prevention/detection of burglaries, notifications about hazards such as fire or water leakage, emergency calls and access control. Its development is mainly driven by the replacement of traditional devices with connected ones. Main growth products in this case are smart locks and smart security cameras. Companies from several different industries compete in this market. Next to traditional security companies (e.g. ADT) and tech start-ups (Canary or Alarm.com), media companies and connectivity providers (e.g. AT&T or Comcast) also play an important role due to the high amounts of data that need to be transferred, especially in the video surveillance case. Developments vary strongly with country-specific conditions like burglary rates.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.