SecurityWorldMarket

19/05/2022

MEA video surveillance market begins recovery after Covid

New Delhi, India

According to 6wresearch, the Middle East and Africa video surveillance market size is projected to grow at a CAGR of 4.1% during 2022-2028. The market is in the growth stage of industry life cycle owing to rising need for homeland security solutions, increasing security needs, expansion of public infrastructure, increasing IT spending, and surging awareness among people to deploy CCTV cameras.

The Middle East and Africa video surveillance market witnessed rapid growth during 2018-19 owing to various government initiatives and infrastructural projects along with rising crime, terrorism, communal violence, and growing government, commercial, and IT infrastructure in the countries. However, the researchers have now taken into account that due to the outbreak of Covid-19 major construction projects came to a halt, which negatively impacted the demand for surveillance solutions in 2020. Also, most of the projects were delayed on account of lockdown imposition, thus the major companies were facing short-term operational issues due to supply chain constraints and lack of site access. However, the resumption of the construction activities and the rising installation of cameras in public places are anticipated to upsurge the demand for video surveillance in forecast years.

According to Ananya Consul, Research Analyst, 6wresearch, “Within the components segment, video surveillance cameras held the majority share in the Middle East and Africa video surveillance market and it is expected to maintain its dominance during the forecast period as well, on account of the growing construction market, and upcoming new hotels and shopping malls, coupled with growing government regulations for compulsory installation of video surveillance systems in public areas, as well as an increasing inflow of FDI in construction and retail sectors.”

According to Vasudha Kaushik, Research Associate, 6wresearch, “IP cameras garnered the maximum revenue share in the Middle East and Africa video surveillance camera market in 2021 on account of shifting preferences towards IP cameras due to additional advantages they offer over their analogue counterparts  - such as IP cameras do not require equipment like encoders and decoders and offer all sort of analytics such as detection of smoke & people count. However, analogue has garnered majority volume share in most of the countries owing to their lesser cost. Also, analogue camera uses DVR for recording which is easier to set up and the installation is a bit more straightforward.”

Some of the major companies in the Middle East and Africa video surveillance market and named in the report include Axis Communication, Bosch group, Avigilon corporation, Pelco, Hanwha, Hangzhou Hikvision Digital Technology, Honeywell Security, Panasonic Corporations, Zhejiang Dahua Technology Co. Ltd, and Cisco Systems Inc.


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