While most industries in South Africa are currently facing economic and financial strain, the security technology market is poised for growth.
Speaking at Securex 2024, Elvey Group sales and marketing director Tasha Smith said the current market value is R5.84-billion, driven by video surveillance which is growing at 9.3% per year. She said there is greater value in the commercial sector, but the residential sector has most of the business focus.
“There is big confidence in the growth of the security sector in South Africa.”
Tasha Smith
It is anticipated that the growth will continue, reaching over R8.8-billion by 2028.
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