Infrastructure development in Saudi Arabia is accelerating at a rapid pace on account of government initiatives for economic diversification. However, with infrastructure development, the country is also facing serious threats from the rising terrorism in the Middle East region. The electronic security market in the country is expected to witness significant growth owing to growing security concerns due to terrorist attacks, increasing security & IT spending, surging public & private infrastructures, and the need for advanced security systems.
According to 6Wresearch, Saudi Arabia Electronic Security market is forecast to grow at CAGR of 14.4% during 2015-21. Electronic security systems such as video surveillance, access control, and intrusion detection are installed at all major areas such as airports, metros, malls, manufacturing plants, banks, oil & gas, commercial offices and residential apartments to provide a more secure and safer environment.
According to "Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch," Video surveillance systems have captured the majority of the share in Saudi Arabia's electronic security market and is anticipated to grow at a significant pace during the forecast period.
"Additionally, access control, video surveillance, and intrusion detection systems are integrated together to provide enhanced security, reduce possible intrusion, and to improve the level of security." Samuel further added.
According to "Ravi Bhandari, Research Associate, Research and Consulting, 6Wresearch," Video surveillance systems would remain the largest segment in overall electronic security market in Saudi Arabia. IP based video surveillance systems hold the key share in the overall video surveillance market and are forecast to remain the dominant segment during 2015-21.
Access control systems account for the second-largest revenue share in Saudi Arabia's electronic security market. In the overall access control market, card-based access control systems contribute to the majority of the market revenue. However, the share of the card-based access control system is exhibited to decline due to the expected adoption of biometric systems.
Some of the major companies in Saudi Arabia's electronic security market include- Axis Communications, Lenel Systems, Honeywell, Bosch Security Systems, Siemens, Pelco, Samsung Techwin, Tyco, Hikvision, Arecont Vision and Avigilon.
"Saudi Arabia Electronic Security Market (2015-2021)" provides in-depth analysis with 50 figures and 22 tables covered in more than 120 pages. The report estimates and forecasts overall Saudi Arabia electronic security market by revenue, types of electronic security systems and verticals such as banking & financial, government & transportation, commercial offices, retail & logistics, industrial & manufacturing, residential, hospitality & healthcare, and educational institutions. 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 : Open PR