Security - Sierra Leone

Sierra Leone

Revenue in the Security market is projected to reach US$584.0k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 15.66%, resulting in a projected market volume of US$1,045.0k by 2028.
In the Security market, the number of active households is expected to amount to 23.2k users by 2028.
Household penetration will be 0.8% in 2024 and is expected to hit 1.4% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$49.03.

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Analyst Opinion

The Security market in Sierra Leone has been experiencing significant growth in recent years.

Customer preferences: Customers in Sierra Leone have shown a growing demand for security products and services. This can be attributed to several factors, including an increase in crime rates and a greater awareness of the importance of security. Customers are increasingly looking for comprehensive security solutions that can protect their homes, businesses, and assets. They are also seeking innovative technologies that can enhance their security measures, such as surveillance systems and access control systems.

Trends in the market: One of the key trends in the security market in Sierra Leone is the adoption of modern security technologies. With advancements in technology, customers are now able to access a wide range of security products and services that were previously unavailable. This includes the use of biometric systems, such as fingerprint and facial recognition, as well as smart security systems that can be controlled remotely through mobile devices. Another trend in the market is the increasing popularity of security companies that offer integrated security solutions. These companies provide a range of services, including security consulting, risk assessment, and security personnel.

Local special circumstances: Sierra Leone has faced various security challenges in the past, including civil unrest and political instability. These circumstances have contributed to a greater emphasis on security measures in the country. Additionally, the country has experienced economic growth in recent years, leading to an increase in the number of businesses and affluent individuals who are willing to invest in security solutions. The government has also taken steps to improve security in the country, including the establishment of a national security agency and the implementation of security reforms.

Underlying macroeconomic factors: The growth of the security market in Sierra Leone is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth, which has resulted in an increase in disposable income and a rise in the middle class. This has created a larger customer base that is able to afford security products and services. Furthermore, the country has witnessed an influx of foreign investment, particularly in sectors such as mining and infrastructure. This has led to an increase in the number of expatriates and foreign companies operating in Sierra Leone, who have a greater need for security services. In conclusion, the security market in Sierra Leone is developing rapidly due to customer preferences for comprehensive security solutions and the adoption of modern security technologies. The local special circumstances, such as previous security challenges and economic growth, have also contributed to the growth of the market. Additionally, underlying macroeconomic factors, including economic growth and foreign investment, have further fueled the demand for security products and services in the country.

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.