The demand for video surveillance has significantly propelled from the last few years in the Saudi Arabia region. The growing security concerns, significant rise in the crime rate, reviving construction sector, and increasing spending by the government on infrastructural development under initiatives such as National Transformation Program and Saudi Vision 2030 are projected to fuel the demand for video surveillance in the forecast period. Besides these, the escalating IT spending due to the rising demand for wireless and spy cameras, burgeoning adoption of IP cameras for public safety and security, and extensive foreign direct investment are anticipated to create lucrative opportunities for the growth of the market in the forthcoming period.
According to MarkNtel Advisors’ research report titled “Saudi Arabia Video Surveillance Market Analysis, 2020”, the Saudi Arabia Video Surveillance market is anticipated to grow at a CAGR of around 3.5% during 2021-26F. Based on Component, Camera segment dominated the Saudi Arabia video surveillance market in 2019. Analog camera is gaining popularity at a rapid rate. However, IP camera is projected to attain the highest CAGR by 2025 due to increasing IT infrastructure, rise in the number of large-scale organizations, and growing public security and of safety in high-risk areas. Hence, this is expected to drive the growth of the segment in the near future.
“Saudi Arabia 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 country. 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.
Commercial and Infrastructure Segment Acquired the Majority Share
Based on End User, Commercial and Infrastructure segment the majority share in the market in 2019. The growth is attributed to surging investment in the transportation sector such as of the initiation of the Makkah-Madinah high speed railway and the Riyadh Metro project, thus increasing the need for advanced security solutions and mandatory installation of the surveillance cameras for all businesses by the government in order to protect against theft-related crimes. Apart from these, rising government inclination to increase the number of Islamic pilgrimages to Mecca, increasing integration of video surveillance in hospitality sector, and burgeoning trend of mobile surveillance across various industry verticals, expats, and working professionals are some of the key factors toward the growth of Video Surveillance Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Saudi Arabia Video Surveillance Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Saudi Arabia Video Surveillance market are Johnson Controls International PLC, Robert Bosch Middle East FZE, Axis Communications AB, Avigilon Corporation, Honeywell International Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Nedap FZE, Pelco Inc., SAS Systems Engineering, HanwhaTechwin Middle East FZE etc.
Key questions answered in the study: