Market Definition
Video surveillance is a system that consists of various components including cameras which are available in a wide range of styles and features, and they are a common component in a security system. In addition, video surveillance is mainly used for various security purposes like remote video monitoring, facility protection, monitor operations, vandalism deterrence, traffic monitoring, parking lots, and many others.
Market Insights
The GCC Video Surveillance Market is projected to grow at a CAGR of around 6% during the forecast period, i.e., 2023-28. The growth of the market is attributed to rising concerns of customers regarding safety, a boost in the construction sector, and an increase in IT spending. Moreover, mandatory installation of video surveillance systems in countries such as Saudi Arabia and the UAE, a rise in crime rate, escalating FDI and government spending, and growing tourism are some of the factors leading to the growth of the market in the forecast period.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 6% |
| Country Covered | Saudi Arabia, The UAE, Qatar, Kuwait, Bahrain, Oman |
| Key Companies Profiled | Axis Communication, Bosch Security Systems, Canon, Hangzhou Hikvision, Hanwha Techwin, Honeywell, Pelco, Huawei Technologies, Flir Systems, CP Plus, Cisco Systems, Zhejiang Dahua Technology, Panasonic Corporation, Others |
| Unit Denominations | USD Million/Billion |
Furthermore, with the rapid urbanization and increasing population density in the nations like the UAE, Saudi Arabia, Qatar, etc., public safety and security have become major concerns for governments, law enforcement agencies, and citizens. The use of video surveillance in public places such as airports, train stations, and shopping malls has become increasingly common, and there is a growing demand for solutions that could monitor and secure these areas.
Thus, the increasing concerns about public safety and security are driving the adoption of video surveillance solutions in the region, and it is expected to lead the market growth during the upcoming years as well. Along with this, the country capitalized the video surveillance technologies to curb the COVID-19 impact where the government of the country like the UAE installed surveillance cameras in the emirates to raise the detection rates of COVID-19.
Moreover, the growth in construction activities, both residential and commercial, has also contributed to the demand for the video surveillance market in the GCC region during 2018-2022. The increase in construction projects has generated a requirement for video surveillance solutions that can secure and monitor these facilities. Thus, the growth in construction activities in the different economic sectors is driving the adoption of video surveillance solutions in the overall region.
