Saudi Arabia is increasingly diversifying its economy to reduce it’s over dependence on oil by investing in multiple sectors. Infrastructure development in Saudi Arabia is accelerating at a rapid pace especially in the areas of hospitality, government & transportation, retail, commercial buildings, BFSI, education, etc. With the rise of these infrastructures, need for advanced security solutions have surged, which have created the demand for video surveillance systems in the country. Video surveillance market in the KSA is the largest amongst all GCC countries and is expected to witness significant growth due to growing security concerns.
According to 6Wresearch, Saudi Arabia’s video surveillance market is forecast to grow at CAGR of 16.08% during 2015-21, owing to increasing IT spending, growing security spending, rapid infrastructure development, rise in hospitality & retail sectors and increasing SME market. Saudi Arabia is investing heavily on infrastructure projects such as construction of metros, airports, commercial complexes and new supermarkets and malls, resulting in increase in installation of video surveillance systems.
According to “Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch,” Saudi Arabia has planned to develop 6 new economic cities by investing more than $100 billion in the coming years, which would stimulate the growth of video surveillance market in the country.
“Upcoming Haramain High Speed Rail project also known as the Makkah-Madinah high speed railway and Riyadh Metro project would further boost the demand for video surveillance systems during forecast period,” Samuel further added.
According to “Ravi Bhandari, Research Associate, Research and Consulting, 6Wresearch,” In the Saudi Arabia video surveillance market, IP based video surveillance systems has captured majority of share, owing to added benefit over analog systems such as remote accessibility, remote monitoring, and supporting video analytics.
Additionally, video analytic software is expected to exhibit high growth rate with increase in adoption of IP based video surveillance systems in the country, Ravi concluded.
Some of the major companies in Saudi Arabia’s video surveillance market include- Axis Communications, Bosch Security Systems, Pelco, Honeywell, Samsung Techwin, Panasonic, Hikvision, Arecont Vision, and Avigilon.
“Saudi Arabia Video Surveillance Market (2015-2021)” provides in-depth analysis with 81 figures and 21 tables covered in more than 120 pages. The report estimates and forecast overall Saudi Arabia video surveillance market by revenue, types, components of video surveillance systems and verticals such as banking & financial, government & transportation, commercial offices, retail & logistics, industrial & manufacturing, residential, hospitality & healthcare and educational institutions and regions. The report also gives the insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.