Surging spending on Information Technology (IT), growing security concerns, need to restrict unwanted access, penetration of biometric technology based access control systems and rise in construction activities are spurring the growth of Kuwait's access control market, said a report.
The construction of three new cities is anticipated to further fuel the demand for various security systems such as access control systems, stated the report by consulting group 6Wresearch.
The report, entitled "Kuwait's Access Control Market (2015-2021)" provides in-depth analysis with 69 figures and 21 tables covered in over 110 pages.
The report estimates and forecast overall Kuwait's access control market by revenue, by types and technology of access control systems and verticals such as banking and financial, government and transportation, commercial offices, retail and logistics, industrial and manufacturing, residential, hospitality and healthcare and educational institutions.
In Kuwait's electronic security market, access control segment is witnessing significant demand from commercial sector, where card based access control systems held majority of the market share. Biometrics on the contrary is exhibiting tremendous growth rate over card readers based access control systems, it stated.
According to 6Wresearch, Kuwait's access control systems market is forecast to grow at a CAGR of more than seven per cent over the next six years.
Being one of the key contributing nations in GCC region, Kuwait is witnessing expansion in public and private infrastructures. In Kuwait, deployment of network based electronic systems is rising, including IP video surveillance, IP technology based access control and perimeter intrusion detection systems.
Prijo Samuel, a senior research analyst at 6Wresearch, said: "Kuwait is likely to spend nearly $90-100 billion on the upcoming Silk City (Madinat Al-Hareer) project; subsequently triggering the growth for IP technology based electronic security systems."
"Apart from Silk City project, Kuwait is also constructing other two major cities- Sabah Al Ahmad and Al Khiran Pearly City; cumulatively expected to spend around $30-40 billion in the coming years," he noted.
Akash Shukla, a research associate, Research and Consulting, 6Wresearch, said though, fingerprint biometrics access control systems dominated the overall demand from biometrics segment, Kuwait's access control systems market was expected to generate higher growth for multimodal biometrics, as result of higher reliability coupled with declining prices.
In the Kuwaiti access control market, majority of the demand lies in Al-Kuwayt governorate region, followed by Al-Farwaniya and others.
"Market for other access control systems, primarily keypad readers and electronic door locks is declining due to shifting of the market towards contactless card and biometric technology access control systems," remarked Akash.
The major companies in Kuwait's access control market include- Bosch Security Systems, Honeywell, and Lenel Systems., the report added.-TradeArabia News Service
Media Source: Trade Arabia