Posted On: 2020-04-29
Government and Transportation segment is expected to acquire a major revenue share in the Saudi Arabia Video Surveillance Systems Market - 6Wresearch
Expanding infrastructural projects, upcoming hotel and shopping mall projects coupled with the increasing inflow of FDI in the construction sector are the key factors that are expected to accelerate the sales of video surveillance systems. Furthermore, the Saudi Arabian government had made the installation of surveillance systems compulsory in major verticals to ensure public safety and security resulting in increased installations of surveillance cameras over the coming years.
According to 6Wresearch, Saudi Arabia Video Surveillance Systems Market size is projected to grow at a CAGR of 3.7% during 2020–2026. The video surveillance system market is expected to decline during 2020 due to lockdown imposed by the government to control the coronavirus spread, hampering the manufacturing and sales of video surveillance systems during the initial months of 2020. Though, the economic conditions in relation to increasing oil prices backed by the upcoming government initiatives such as ‘Saudi Vision 2030’ and ‘National Transformation Program’ would positively influence the demand for video surveillance systems, making government and commercial sectors as the major contributors to the video surveillance market growth. Additionally, the upcoming construction projects such as Jabal Omar, Amaala, Ad Diriyah and several others would trigger the demand for surveillance systems during the forecast period.
According to Prateek Gupta, Senior Research Analyst, 6Wresearch, “On the basis of the camera type, IP cameras accounted for a major share in terms of revenue during 2019 in the Saudi Arabia video surveillance systems market owing to increasing demand for high quality secured surveillance cameras, digital zooming capability, lower operational and infrastructure cost, ease of data distribution, easy installation and declining prices of IP video surveillance systems had attributed to the IP video surveillance market growth.”
“IP video surveillance system offers an edge over analog cameras as they are capable of sending their signal over a network, allows greater transfer of information than an analog signal sent to a DVR, contributing to the IP video surveillance market growth.” Prateek further added.
According to Akansha Chopra, Research Associate, 6Wresearch, “On the basis of applications, the commercial segment is expected to dominate in terms of revenue during 2019. The rising incidents of ATM thefts, suspicious ATM withdrawals, and fraudulent activities in banks and financial institutions would drive the need for adequate security measures, which is expected to bolster the deployment of video surveillance systems in the commercial segment.”
Some of the major companies in Saudi Arabia Video Surveillance Systems Market include Johnson Controls International PLC, Robert Bosch Middle East FZE, Axis Communications AB, and others.
“Saudi Arabia Video Surveillance Systems Market (2020-2026)" report provides an in-depth analysis with 48 figures and 13 tables covered in more than 90 pages. The report estimates and forecasts the overall Saudi Arabia Video Surveillance Systems Market by component types and applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.