During 2014-17, Saudi Arabia physical security systems market registered a decline owing to deteriorating economic conditions, primarily due to slump in oil prices. During this period, major government spending was cut down, resulting in halt in several government projects in the country. Moreover, in 2017, change in the government taxation policy for import of goods resulted in an increase in ASP of the imported products which further led to decline in demand for the security systems.
According to 6Wresearch, Saudi Arabia Physical Security Systems market is projected to reach $312 million by 2024. Although, during 2014-17, the physical security system market recorded negative growth; however, post 2017 the market is expected to bounce back due to recovery of oil prices. Also, increasing security concerns as well as surge in terrorist threats enforced government to pass a law for compulsory installation of security systems in the residential and commercial sectors, which would propel the demand for physical security systems in the country.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Video surveillance segment accounted for majority of the market share owing to increasing deployment of IP video surveillance systems as per government regulation in the residential and commercial sectors, followed by access control systems and license plate recognition systems."
"Additionally, under Vision 2030, Saudi Arabia government passed a plan to invest in the infrastructural development projects and to allow FDI in the commercial and retail sectors, which would result in major expansion of infrastructure. To protect and keep these under vigilance, video surveillance systems would be largely deployed," Samuel further added.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "In Saudi Arabia, the Central region held major share of the physical security system market, backed by rising infrastructural development projects, especially in the commercial and residential verticals."
"Further, government and transportation vertical accounted for highest revenue share followed by commercial offices, retail, and others. Over the next six years, hospitality & healthcare and education verticals are forecast to grow at a higher CAGR," Shefali concluded.
Some of the major companies in Saudi Arabia physical security system market include- Avigilon Corporation, Axis Communication, Bosch Security System, Hangzhou Hikvision Digital Technology Co. Ltd, Hanwha Techwin, Honeywell Security, and Smith Detection.
"Saudi Arabia Physical Security System Market (2018-2024)" provides in-depth analysis with 82 figures and 11 tables covered in more than 116 pages. The report estimates and forecast the overall Saudi Arabia physical security system market by revenue, by types, by regions, and by verticals. The report also offer insights on competitive landscape, market share by companies, companies benchmarking, company profiles as well as market drivers and restraints.