Posted On: 2017-08-01
Burgeoning construction market, increasing government spending, infrastructural development, surging FDI in retail, along with government regulation for compulsory installation of surveillance systems in public areas are few key factors that have led to the growth of video surveillance market in the UAE. Additionally, growing tourism industry in the country has resulted in increased construction projects in various sectors, primarily, hospitality and government & transportation, which further fueled the growth of video surveillance market in UAE.
According to 6Wresearch, UAE Video Surveillance market is projected to reach $194 million by 2023. In 2016, the video surveillance market registered marginal growth in terms of demand owing to falling government spending. The government spending was majorly affected on account of declining oil prices; however, the market is anticipated to bounce back with the recovery of oil prices post 2017; although, due to government regulation for compulsory installation of video surveillance systems throughout UAE, the market would register growth over the next six 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 definition cameras coupled with declining prices resulted in an increase in adoption of IP video surveillance systems in the country."
"Additionally, for upcoming World Expo 2020, more than $200 billion are expected to be spent for the expansion of existing and construction of new public and private infrastructures. In 2020, around 25 million visitors are expected in the country for the World Expo. To provide high security and monitor the activities, large number of security cameras would be deployed at various locations," Samuel further added.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Government and transportation vertical accounted for highest revenue share followed by commercial offices, retail verticals and others. UAE exhibiting significant infrastructural development activities in the commercial sector. Additionally, increasing construction projects pertaining to residential vertical would further stimulate the growth of the market during the forecast period."
"Moreover, the Northern region,accounted for majority of the revenue share in UAE’s video surveillance market attributed to key construction projects in the commercial, hospitality, and retail verticals," Shefali concluded.
The major companies in the UAE video surveillance market include- Avigilon Corporation, Axis Communication, Bosch Security System, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell Security, Panasonic Corporation and Pelco.
"UAE Video Surveillance Market (2017-2023)" provides in-depth analysis with 54 figures and 13 tables covered in more than 115 pages. The report estimates and forecast the overall UAE Video Surveillance market by revenue, types, regions and verticals. The report also gives insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.