The Security market in Zambia has been experiencing significant growth in recent years.
Customer preferences: Customers in Zambia are increasingly prioritizing the security of their homes and businesses. This is driven by a rising awareness of the importance of security measures in protecting their property and loved ones. As a result, there is a growing demand for security systems and services, including alarm systems, CCTV cameras, access control systems, and security guards. Customers are also seeking out innovative and technologically advanced security solutions that provide them with greater peace of mind.
Trends in the market: One of the key trends in the security market in Zambia is the adoption of smart security solutions. With the advancement of technology, customers are looking for security systems that can be integrated with their smartphones and other devices, allowing them to monitor and control their security systems remotely. This trend is driven by the convenience and flexibility that smart security solutions offer, as well as the increasing affordability of these technologies. Another trend in the market is the increasing use of artificial intelligence (AI) in security systems. AI-powered security solutions can analyze data in real-time, identify potential threats, and take appropriate action to prevent security breaches. This trend is driven by the need for more effective and efficient security solutions, as well as the growing availability of AI technologies.
Local special circumstances: Zambia is experiencing rapid urbanization, with an increasing number of people moving to cities in search of better opportunities. This has led to a higher demand for security services, as urban areas are often associated with higher crime rates. Additionally, the country has seen a rise in economic activities, including the establishment of businesses and industries, which has further fueled the demand for security solutions.
Underlying macroeconomic factors: The security market in Zambia is also influenced by macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income levels. This has allowed individuals and businesses to allocate more funds towards security measures. Additionally, the government has been investing in infrastructure development, which has created opportunities for security companies to provide their services in new construction projects. In conclusion, the security market in Zambia is witnessing significant growth due to the increasing customer preferences for security solutions, the adoption of smart and AI-powered security systems, the local special circumstances of urbanization and economic activities, and the underlying macroeconomic factors such as economic growth and infrastructure development. This trend is expected to continue in the coming years as the importance of security continues to be prioritized by individuals and businesses in Zambia.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
