Market Definition
Electronic security comprises any electronic system that can perform security operations like surveillance, alarm, access control, or intrusion control in a facility to keep employees & enterprises safe from physical threats. These systems are utilized extensively within corporate spaces, commercial places, shopping centers, hotels, airports, and railway stations, among other public places.
Market Insights
The Saudi Arabia Electronic Security Market is expected to grow at around 10.2% CAGR during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the ever-increasing need for technologically advanced security solutions in the country in order to effectively tackle the rising number of threats from adversaries, illegal migration, & smuggling, coupled with the growing awareness among several end-users about the importance of high-end security across facilities, and the rising availability of security systems at low prices.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 10.2% |
| Region Covered | Central,East,West,South |
| Key Companies Profiled | Axis Communications FZE, Hikvision FZE, Honeywell Security, Dahua Technology Middle East FZE, Sony Gulf FZE Limited, Avigilon Corporation, Pelco by Schneider Electric, Hanwha Techwin, IDIS Middle East, FLIR Systems, Middle East FZE, Others (AEcom Group, VIVOTEK Inc., etc. |
| Unit Denominations | USD Million/Billion |
Besides, various ongoing smart city development projects due to increasing urbanization are also augmenting the installations of video surveillance, access control, and other security systems for efficient & accurate monitoring of places. Technological innovations and increased government focus on infrastructure developments are resulting in the ever-evolving demand for electronic security equipment across the country. Additionally, digitalization trends across industries and increasing integration of the Blockchain, Internet of Things (IoT), and Artificial Intelligence technologies in security operations are further aiding in the market expansion.
Airports, railways, roads, ports, & land border checkpoints, the most prominent security concern owing to their critical importance to tourism, trade, & commerce, are other major driving forces for the market. Their affinity with other sectors like manufacturing, transportation, and energy production is creating lucrative prospects for the leading companies in the Saudi Arabia Electronic Security Market to bring innovations in their product offerings and improve the country's security measures over the coming years.
