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.
Market Dynamics
Key Driver: Increasing Commercial Sector Development to Fuel the Market Growth
The governments in the UAE, Qatar, Saudi Arabia, Kuwait, etc., have been primarily focusing on the development of the commercial sector of the country intending to shift the base of its economy to the non-oil-based sector. The diversification plans are aimed at developing the non-oil economy sectors such as hospitality, retail, etc., to fulfill the needs of the population of their countries and to assure sustainable development even after the exhaustion of oil reserves. Therefore, the governments are investing and encouraging public-private partnerships for development in the sectors such as residential, commercial, and industrial.
Hence, ongoing construction projects such as Ain Dubai, The Royal Atlantis, Al Jahra, Riyadh, Doha, etc., have generated the demand for video surveillance cameras. Henceforth, with the upscaling of infrastructure projects, the sales of video surveillance components and solutions have been significantly rising in the region.
Possible Restraint: Cybersecurity Risk to Hinder the Market Growth
Cybersecurity risk associated with overall video surveillance systems is hampering the growth of the UAE Video Surveillance market. Hacking tools have now become easier to use, enabling hackers to take advantage during various occasions such as mega events such as new year celebrations and another holiday season. Some of the vulnerabilities which have been negatively impacting the growth of the video surveillance market are weak, reused, or infrequently changed passwords leading to the occurrence of cyber breaches in various public and private institutions like residential apartments, commercial spaces, etc.
Market Segmentation
Based on End Users:
Based on end users, the commercial segment acquired a significant market share in the GCC video surveillance market in the historical years. This is due to the rising demand for video surveillance in banks and financial institutions due to the increasing number of fraudulent transactions & data theft, rise in the number of ATM thefts, and surge in crime rate, especially in the retail sector. Moreover, the escalating government spending toward the commercial sector and laid strict government initiatives regarding the compulsory installation of video cameras are projected to drive the growth of the market.
Moreover, the infrastructure segment is growing at a rapid pace. This is due to the rising inflow of FDI, upcoming construction projects such as shopping malls, airports, and metros, along with the rising deployment of video surveillance in public areas to ensure safety and reduce the crime rate. Therefore, these factors are anticipated to drive the growth of the Video Surveillance market in the GCC region in the near future.
Based on Component:
Among all the components, the Camera held a considerable share in the GCC Video Surveillance market during 2018-2022. The adoption of IP cameras in the GCC region has been driven by the increasing demand for high-definition video surveillance, as well as the need for more flexible and cost-effective surveillance solutions. IP cameras can be easily integrated with other surveillance technologies, such as video analytics and facial recognition, to provide enhanced security and intelligence capabilities. Therefore, owing to the several advantages that they offer over analog cameras, such as higher image quality, remote access, and easy scalability, their adoption is predicted to rise in the coming years.
Regional Projection
Geographically, the GCC Video Surveillance Market expands across:
Among all the nations, the UAE is expected to acquire a significant share of the GCC Video Surveillance market in the forecast years. The mandatory norms by the government of the UAE to implement video surveillance in a different types of buildings such as residential, commercial, etc., have been accelerating the demand for video surveillance in the UAE. The security concerns in the building premises insisted the government develop rules and regulations for the implementation of video surveillance.
For instance, in 2020, the government of Dubai released preventive systems manual for laws released for video surveillance in 2016 and 2018 which included mandate technical specifications for video surveillance systems. Thus, laws related to video surveillance by the government would likely result in the significant deployment of video surveillance in hotels, gold & jewelry shops, airports, banks, clubs, residencies, etc.
Do You Require Further Assistance?
Frequently Asked Questions
A. The GCC Video Surveillance Market is anticipated to grow at a CAGR of around 6% during 2023-28.
A. The prominent factors contributing to the growth of the GCC Video Surveillance Market during 2023-28 are the mandate norms by the GCC nation's governments to install video surveillance systems buildings like residential, commercial, etc. In line with this, the growing commercial sector development would also drive the GCC Video Surveillance Market in the forecast years.
A. The top players in the GCC Video Surveillance Market are 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, and Others.
A. Commercial is the leading end-user in the GCC Video Surveillance Market.
A. The UAE would present growth prospects in the GCC Video Surveillance Market during 2023-28.
A. Infrastructure, Commercial, Residential, Industrial, Institutional are the industry’s potential end-users.
A. Cybersecurity are the possible restraint affecting the growth of the GCC Video Surveillance Market.
