Surging the construction market, increasing government spending, infrastructural development, rising FDI in the retail and construction market coupled with government regulation for compulsory installation of the surveillance systems in public areas are few factors that have led to the growth of video surveillance systems in GCC region. Additionally, the growing tourism industry in the region has resulted in increased construction projects in various sectors primarily, hospitality and government & transportation, and retail.
According to 6Wresearch, GCC Video Surveillance Market is expected to grow at a CAGR of about 10% during 2017-23. Though governments have mandated the compulsory installation of video surveillance systems throughout various GCC countries, the market registered a decline in demand in the last two years. This was predominantly due to falling oil prices which impacted overall government spending towards various infrastructure projects. However, the market is all set to bounce back majorly post 2017 with expected improvement in oil prices along with the projected flow of investments primarily for upcoming international events such as World Expo 2020 in UAE and FIFA World Cup 2022 in Qatar.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, Ã¢Â€ÂœIP video surveillance segment captured major revenue share of the market. Growing demand for high-quality cameras, increasing IT infrastructure, the need for remote monitoring, and declining prices of IP video surveillance systems have led to its market growth in the region.
"Further, the GCC market is one of the potential markets for video surveillance software on account of the increasing adoption of IP video surveillance systems in government & transportation vertical. In the video surveillance software market, video management software accounted for the largest market demand" Samuel further added.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, Government, and transportation accounted for the highest revenue share followed by commercial offices, retail verticals, and others. GCC is witnessing significant infrastructure development activities in the commercial sector. Additionally, increasing construction projects pertaining to residential verticals would further stimulate the growth of the market in the forecast period.
"Saudi Arabia and UAE accounted for the majority of the revenue share in the GCC video surveillance market; however, Qatar market is anticipated to register significant growth rate due to FIFA World Cup 2022," Shefali concluded.
The major companies in the GCC video surveillance market include- Avigilon Corporation, Axis Communication, Bosch Security System, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell Security, Panasonic Corporation, and Pelco.
"GCC Video Surveillance Market (2017-2023)" provides in-depth analysis with 207 figures and 35 tables covered in more than 280 pages. The report estimates and forecasts the overall GCC Video Surveillance market by revenue, by types, by countries, and by verticals. The report also gives insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers, and restraints.
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Media Courtesy : Industry Today