Security - Ghana

  • Ghana
  • The Security market in Ghana is expected to experience significant growth in the coming years.
  • By 2024, revenue in this segment is projected to reach US$12.3m.
  • This growth is anticipated to continue, with an annual growth rate of 17.77% between 2024 and 2028.
  • As a result, the market volume is projected to reach US$23.7m by 2028.
  • In terms of household participation, the number of active households in the Security market is expected to reach 276.1k users by 2028.
  • This indicates a growing interest and adoption of security measures among Ghanaian households.
  • The household penetration rate is predicted to increase from 1.8% in 2024 to 2.9% by 2028.
  • Currently, the average revenue per installed Smart_Home in Ghana is estimated to be US$82.12.
  • This metric provides insight into the amount of revenue generated per Smart_Home installation, indicating the potential profitability of the security market in Ghana.
  • When comparing global markets, it is noteworthy that in the United States generates the highest revenue in the Security market.
  • In 2024, in the United States is projected to generate US$6,883.0m in revenue.
  • This highlights the significant market size and potential for growth in the United States.
  • In conclusion, the Security market in Ghana is expected to experience substantial revenue growth and increased household participation in the coming years.
  • While the global market, particularly in the United States, remains a dominant player in this segment, in Ghana shows promising potential in this market segment.
  • The demand for advanced security systems in Ghana is rapidly increasing due to rising concerns over crime and terrorism.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Smart Homes
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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