Posted On: 2019-12-19
Video surveillance systems acquired the largest revenue share in the overall GCC security and surveillance market - 6wresearch
GCC security and surveillance market witnessed 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.
According to 6Wresearch, GCC security and surveillance market revenues are projected to grow at a CAGR of 6.2% during 2019-25. This growth is primarily due to improving economic performance across the region as a result of increasing oil prices, increasing FDI and government spending, growing tourism, increased IT spending and rising security concerns.
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".
"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." Alpana further added.
According to Hardik Malik, Research Analyst, 6Wresearch, "UAE acquired majority of the revenue share in the overall GCC security and surveillance market and the same trend is 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, Avigilon Corporation, etc.
"GCC Security and Surveillance Market (2019-2025)" report provides an in-depth analysis with 278 figures and 129 tables covered in 417 pages. The report estimates and forecast the overall GCC security and surveillance market by revenues, volume, types, component types, verticals and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.