Infrastructure development in Saudi Arabia is accelerating at a rapid pace on account of government initiatives for economic diversification. However, with infrastructure development, country is also facing serious threats from the rising terrorism in the Middle East region. 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 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 more secure and safer environment.
According to "Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch," Video surveillance systems have captured majority of the share in Saudi Arabia's electronic security market and is anticipated to grow at 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 holds the key share in overall video surveillance market and is forecast to remain dominant segment during 2015-21.
Access control systems accounts for second largest revenue share in Saudi Arabia's electronic security market. In the overall access control market, card based access control systems contributes majority of the market revenue. However, share of card based access control system is exhibited to decline due to 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 forecast 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 the insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.
Media Courtesy : Open PR