GCC video surveillance market registered a healthy growth during 2017-18 on the back of rising oil prices that led to increased spending on infrastructural development activities in the countries. Growing number of construction projects and strengthening tourism and hospitality industry coupled with the government regulations for compulsory installation of video surveillance cameras in public areas, commercial offices and hotels would further spur the deployment of video surveillance systems in the GCC region.
According to 6Wresearch, GCC video surveillance market is expected to grow at a CAGR of 5.7% during 2019-25. One of the major reasons for this growth is growing security concerns among the public and private enterprises due to increasing crime index in the region.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, in the GCC market, analog video surveillance cameras are gradually becoming obsolete and are being overtaken by IP based technology systems due to their superiority in terms of higher remote accessibility and video analytics support. Further, government regulations that promote installation of high-resolution surveillance cameras in public areas also led to an increase in the demand for IP video surveillance systems in the GCC region.
Moreover, the government & transportation vertical held dominant share in the overall GCC video surveillance market revenues owing to strict regulations in the government sector such as the guidelines issued by the Royal Oman Police that calls for installation of video surveillance cameras at all public places such as airports, metro stations, railway stations and retail outlets along with the SIRA regulations for the specifications of the cameras.
According to Gurbani Kaur, Research Associate, Research and Consulting, 6Wresearch, "Saudi Arabia and the United Arab Emirates collectively accounts for majority of the market revenues in the GCC video surveillance market and would continue to remain key countries in this market as well due to number of projects that are coming up in these countries under the government initiatives such as Saudi Vision 2030 and Dubai Vision 2021.
Further, Qatar and Kuwait also contributed significantly towards the growth in the GCC video surveillance market as extensive transportation network expansion programs and infrastructural projects are coming up in Qatar under the Qatar Vision 2030, which would boost the demand for video surveillance systems in the country. Moreover, Kuwait National Development Plan, branded as "New Kuwait”, launched by the government to diversify the country’s economy and transform it into a regional financial and cultural hub would also drive the demand for video surveillance systems in Kuwait during the forecast period,” Gurbani concluded.
Some of the key players in the GCC video surveillance market includes: Axis Communications, Avigilon Corporation, Hanwha Techwin, Robert Bosch, Dahua Technology, Hikvision, Honeywell, Pelco and CP Plus.
"GCC Video Surveillance Market (2019-2025)" provides an in-depth analysis with 288 figures and 65 tables covered in more than 385 pages. The report estimates and forecast the overall GCC Video Surveillance market by revenues, types, applications, and countries that include Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. The report also offer insights on market ranking by companies, company profiles, market drivers, restraints, and recommendations.