Bahrain is continuously registering positive demand for physical security systems from all major verticals, predominantly government & transportation, retail and BFSI; wherein, video surveillance segment recorded majority of deployment. Although, Bahrain has witnessed significant penetration of video surveillance systems and nearing maturity stage, however, owing to transition from analog, the IP video surveillance systems recorded healthy growth in 2017.
According to 6Wresearch, Bahrain Video Surveillance market is forecast to record 8% CAGR during 2018-24. Apart from demand registering from government & transportation, retail and BFSI verticals; industrial, residential, and education verticals are likely to post higher growth over the next six years buoyed by growing awareness, upcoming industrial projects, and growing trend of mobile streaming. Video feeds through mobile is largely recorded in the education vertical, further pushing the overall sales for IP video surveillance systems.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Education vertical is likely to post highest growth over the next six years. Although, educational institution vertical primarily rely on analog video surveillance, however, the trend is encouragingly shifting towards IP video surveillance systems. Public schools and Universities are largely deploying IP video surveillance systems."
"Additionally, several parents from both public and private schools are considering for mobile video streaming and inbuilt sound systems," Samuel concluded.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "In BFSI vertical, banks in Bahrain are taking various initiatives to introduce state-of-art mobile, eLink, and video streamed services for the consumers."
"Furthermore, Bahrain is likely to introduce the first dedicated FinTech Hub in the Middle East and Africa region; first country to present an onshore FinTech regulatory sandbox. The facility would provide next generation technology coupled with global network to build a collaborative environment to push the growth of FinTech in the country," Shefali added.
Some of the major companies in Bahrain video surveillance market include- Avigilon Corporation, Axis Communication AB, Bosch Security Systems, Inc., and Hangzhou Hikvision Digital Technology Co. Ltd.
"Bahrain Video Surveillance Market (2018-2024)" provides in-depth analysis with 47 figures and 9 tables covered in 85+ pages. The report estimates and forecast the overall Bahrain video surveillance market by type, components, verticals, and regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
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