Over the last few years, the GCC region registered healthy growth in the video surveillance market. The region recorded positive installation of video surveillance systems owing to growing security concerns, rise in government spending and burgeoning IT infrastructure. Within video surveillance market, the IP video surveillance segment posted highest growth. A proliferation of IP-based network cameras led to a rise in demand for storage systems. Rising need for data storage, security concerns due to upcoming global events (such as World Expo in Dubai, FIFA World Cup in Qatar) as well as technological & innovation advancements in storage solutions are expected to fuel the growth of video surveillance storage systems in the GCC region.
According to 6Wresearch, GCC Video Surveillance Storage market is expected to grow at a CAGR of over 8.5% during 2017-2023. The GCC Video Surveillance Storage market consist of both international and domestic players. The international players accounted for majority of the market share. In GCC, video surveillance storage market, enterprises & data centers, government & transportation and retail are the major revenue contributing verticals in the overall market. Within these verticals, the demand for video surveillance storage systems is predominantly arising from upcoming/ expansion of airports, metro rail projects, stadiums, shopping centers, hypermarkets, supermarkets and modern retail outlets.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "On-Premise deployment segment contributed major share in GCC video surveillance storage market, followed by Cloud and Hybrid deployment techniques. Increasing number of foreign and local tourists, buoyed the construction of new hotels across the region has resulted with an increase in deployment of video surveillance systems in the hospitality sector.
"Moreover, strict implementation of government norms regarding video surveillance data storage for a specific period of time in all GCC countries have further led to an increase in demand for storage systems in GCC." Samuel further added.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Saudi Arabia and UAE are the key revenue generating countries, however, Qatar is expected to post higher growth during the forecast period on the back of growing security measures and surge in the installation of video surveillance systems, attributed to preparation of FIFA World Cup in 2022.
"Additionally, Storage Area Network (SAN) segment is forecast to register higher growth over the next six years, attributed to growing demand for data centers for the storage of large number of data and efficient storage method coupled with large data capacity." concluded Shefali
"GCC Video Surveillance Storage Market (2017-2023)" provides in-depth analysis with 130 figures and 34 tables covered in over 230- pages. The report estimates and forecast the overall GCC Video Surveillance Storage market by revenue, product device, deployment, countries and by verticals such as residential, retail, enterprises & data centers and government & transportation. The study highlights the key potential areas and provides insights on competitive landscape, company profiles, market drivers and restraints.