During 2014-16, Saudi Arabia’s video surveillance market registered a decline owing to deteriorating economic conditions, primarily due to slump in oil prices. During this period, major government spending were cut down, resulting into halt in several government projects in the country. Over the next six years, the video surveillance market in Saudi Arabia is likely to register positive growth buoyed by increasing infrastructural projects, upcoming hotels & shopping malls, along with increasing inflow of FDI in the construction sector.
According to 6Wresearch, Saudi Arabia Video Surveillance market is expected to reach $163 million by 2023. Although, during 2014-16, the video surveillance market recorded negative growth, due to slump in oil prices; however, post 2017, the market is expected due to recovery of oil prices. Saudi Arabia government has mandated compulsory installation of video surveillance systems in major verticals would result in increased installation of surveillance cameras over the coming years.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "IP video surveillance segment captured major revenue share of the market; growing demand for high quality secured surveillance cameras and declining prices of IP video surveillance systems resulted in IP video surveillance market growth in the country."
"Moreover, under Vision 2030, Saudi Arabia government has passed a plan to invest in the infrastructural development and to allow FDI in commercial and retail sectors, would result in major expansion of infrastructure. To protect and keep these under vigilance, video surveillance systems would be deployed," Samuel further added.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "In Saudi Arabia, central region held major share of the video surveillance 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 video surveillance market include- Avigilon Corporation, Axis Communication, Bosch Security System, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell Security, Panasonic Corporation, and Pelco.
"Saudi Arabia Video Surveillance Market (2017-2023)" provides in-depth analysis with 51 figures and 13 tables covered in more than 111 pages. The report estimates and forecast the overall Saudi Arabia Video Surveillance 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.