The security and surveillance market revenue for the GCC is projected to grow at a CAGR of 6.2 per cent over the next five years primarily due to improving economic performance across the region, said a report.
This growth is primarily due to increasing oil prices, increasing FDI and government spending, growing tourism, increased IT spending and rising security concerns, stated 6Wresearch in its new report titled "GCC Security and Surveillance Market (2019-2025)."
The GCC security and surveillance market witnessed solid growth during 2017-18 as a result of improved implementation of government norms for mandatory installation of video surveillance systems with regulations that mandates the retention of footage ranging from 90 days to 180 days in countries such as Saudi Arabia and UAE.
Increased consumer awareness regarding security in public places as well as in the residential sector, along with boom in the construction sector of the region are some of the key factors contributing significantly to the growth of GCC security and surveillance market, stated the report by 6Wresearch.
According to Alpana Tyagi, Research Analyst, 6Wresearch: "The video surveillance systems captured the highest revenue share in the overall GCC security and surveillance market as video surveillance systems act as second eye to the law enforcement agencies."
"Also, video surveillance systems have a universal application in the overall security and surveillance market across domains," noted Tyagi.
"Amongst all the verticals, government and transportation held major revenue share in 2018 and is expected to maintain its dominance during the forecast period on account of government initiatives to strengthen defense and infrastructure sectors in the region." she added.
Her colleague Hardik Malik said: "The UAE had acquired majority of the revenue share in the overall GCC security and surveillance market and the same trend was expected to continue during the forecast period."
Some of the key players in GCC security and surveillance market include- Hikvision, Honeywell, Johnson Controls, Bosch, Axis Communications and Avigilon Corporation, he added.
Media Courtesy : Albawaba