The GCC Video Surveillance market is anticipated to experience robust growth in the forecast period on account of boost in government spending toward the infrastructural development under various initiatives such as Qatar National Vision 2030, Saudi Vision 2030, and Dubai Vision 2021. Apart from this, being the host to international events in the region such as FIFA World Cup 2020, growth in the public sector, rising crime rate, and escalating IT spending are expected to create more avenues for the application of video surveillance systems. Moreover, rising foreign direct investment and construction of smart cities, medical cities, hotels, and offices are predicted to further boost the demand for video surveillance market in the years to come.
According to MarkNtel Advisors’ research report “GCC Video Surveillance Market Analysis, 2020”, the GCC Video Surveillance market is anticipated to grow at a CAGR of around 6% during 2020-25. Based on Component, IP camera segment is gaining popularity at a rapid rate. The growing need of safety in high-risk areas, rising inclination of large-scale organizations toward the deployment of IP cameras, and extensive construction activities under Dubai Smart City Initiative and Vision 2021 are expected to fuel the demand for video surveillance in the forthcoming period.
“GCC Video Surveillance Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Video Surveillance providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
UAE Acquired the Majority Share
UAE is acquired the majority share in the market in 2019. The advancement is attributed to rising growth in the construction market, increasing government spending on commercial and residential sectors, and launch of various construction projects for hotels and shopping malls. Apart from this, factors such as being the host of Expo 2021, introduction of strict government regulations about compulsory installation of video surveillance systems in public areas, and escalating inflow of FDI in the construction and retail sectors are some of the key factors toward the growth of Video Surveillance Market in the forthcoming period as stated in MarkNtel Advisors’ research report “GCC Video Surveillance Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the GCC Video Surveillance market are Axis Communications, Bosch Security Systems, Canon, Hangzhou Hikvision, Hanwha Techwin, Honeywell, Pelco, Huawei Technologies, Flir Systems, CP Plus, Cisco Systems, Zhejiang Dahua Technology, and Panasonic Corporation.
Key questions answered in the study: