Numbers and Expected Growth Rates
It will arrive as regional demand for these solutions soars at a compound annual growth rate of 15 percent from 2018 to 2024. According to analysts 6WResearch, the Middle East market for commercial and cyber security, fire protection, smart home solutions, and drones, worth a combined US$7 billion in 2018, will grow to US$16.4 billion in 2024.
Commercial security, comprising video surveillance, access control, and intrusion detection, holds the lion's share of that figure. Valued at US$2.9 billion in 2018, the regional commercial security market will grow to US$7.4 billion in 2024 according to 6WResearch, driven by increased infrastructure investments and stringent regulatory policies.
The Middle East fire safety systems and equipment market will also increase by eight percent annually, valuing US$3 billion in 2024, from an estimated US$1.9 billion in 2018, while the markets for cyber security (from US$1.4 billion in 2018 to US$2.7 billion in 2024), smart home (US$344 million to US$869 million), and drones (US$507 million to US$2.4 billion), are also in-line for solid double-digit annual growth.
Looking at the industry verticals, retail and banking currently are at the forefront of the regional market according to 6Wresearch, with an 8.6 percent (US$249 million) and 7.5 percent (US$217 million) share respectively.
Meanwhile, the two Gulf nations of Saudi Arabia and the UAE are the largest contributors to the Middle East commercial security market, with Saudi Arabia holding a 31 percent stake (US$899 million), and the UAE 24 percent (US$696 million).
Media Courtesy : GIT Security