Middle East commercial security market to rise to $16.4bn by 2024
Posted On: 17-02-2020
The countdown has begun for the 21st edition of the world's leading security, safety, and fire protection trade show in Dubai, with global suppliers zooming in on a Middle East market that is estimated to more than double in value over the next six years.
More than 1,300 exhibitors from 59 countries, including 18 of the world's top 20 commercial security providers, are set to participate at Intersec 2019, which takes place from 20-22 January at the Dubai International Convention and Exhibition Centre.
The annual three-day event, organized by Messe Frankfurt Middle East, covers the seven sections of Commercial Security; Fire & Rescue; Perimeter & Physical Security; Safety & Health; Homeland Security & Policing; Information Security; and Smart Home & Building Automation.
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 cybersecurity, fire protection, smart home solutions, and drones, worth a combined $7 billion in 2018, will grow to $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 $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 $1.9 billion in 2018, while the markets for cybersecurity (from $1.4 billion in 2018 to $2.7 billion in 2024), smart home ($344 million to $869 million), and drones ($507 million to $2.4 billion), are also in-line for solid double-digit annual growth.
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