The regional market for physical and perimeter security is expected to grow 13.5 per cent CAGR between 2018 and 2024, by when it is estimated to be worth $23 billion, said research firm 6Wresearch in a white paper.
Increased government spending on safety and security measures and surging tourism and hospitality sectors are the main engines of the expansion, with UAE, Saudi Arabia and Bahrain expected to be the key marketplaces to watch.
The white paper indicated a growing appetite for real time analytic cameras across the region as well as a preference for thermal imaging cameras for the industrial sector, especially in the crucial oil and gas sector.
The white paper was prepared for the upcoming edition of Intersec, a security equipment trade fair in Dubai, UAE.
Taking place in early 2019, the event will see a star-studded line-up of leading safety, security and fire protection manufacturers and solution providers.
"As the Middle East continues its development as one of the world's most influential markets for safety, security and fire protection, the nature of the market too is rapidly transforming, "said Andreas Rex, the show director for Intersec's organiser, Messe Frankfurt Middle East.
"With greater exposure to the global marketplace and the increased awareness of the complex threats they face in their work and personal environments, the Middle East consumer of safety and security products and solutions are increasingly on the lookout for cutting-edge solutions to combat increasingly sophisticated threat factors. Intersec 2019 will present a smorgasbord of the latest innovations in safety and security safeguards for the benefit of the regional trade buyers," he added.
Media Courtesy : Trade Arabia