Security - Uganda

Uganda

Revenue in the Security market is projected to reach €11.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.23%, resulting in a projected market volume of €25.2m by 2029.
In the Security market, the number of active households is expected to amount to 894.9k users by 2029.
Household penetration will be 6.0% in 2024 and is expected to hit 8.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €19.66.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Security market in Uganda has been experiencing significant growth in recent years, driven by increasing demand for security services and products. Customer preferences in the Security market in Uganda are largely influenced by the need for enhanced personal and property safety.

With rising crime rates and security concerns, individuals and businesses are seeking reliable and effective security solutions. This includes a wide range of products and services such as surveillance systems, alarm systems, access control systems, and security personnel. Trends in the market indicate a shift towards more advanced and integrated security solutions.

There is a growing demand for smart security systems that can be monitored and controlled remotely. This includes the use of mobile applications and cloud-based platforms to manage security devices and receive real-time notifications. Additionally, there is an increasing focus on cybersecurity as businesses recognize the importance of protecting their digital assets.

Local special circumstances in Uganda contribute to the development of the Security market. The country has experienced a steady economic growth, leading to an increase in disposable income and the ability to invest in security measures. Furthermore, the government has implemented various initiatives to improve security and attract foreign investment, creating a favorable environment for the security industry to thrive.

Underlying macroeconomic factors also play a role in the growth of the Security market in Uganda. The country's population is growing rapidly, leading to an increased demand for security services and products. Additionally, urbanization and the expansion of commercial activities create a need for comprehensive security solutions to protect people and assets.

Overall, the Security market in Uganda is experiencing growth due to the increasing demand for security solutions driven by rising crime rates and security concerns. Customer preferences are shifting towards advanced and integrated security systems, while local special circumstances and underlying macroeconomic factors contribute to the development of the market.

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.