SecurityWorldMarket

21/05/2018

Saudi Arabian physical security market set to bounce back

New Delhi, India

According to 6wresearch, the Saudi Arabia Physical Security Systems market is projected to reach $312 million by 2024. Although, during 2014-17, the physical security system market recorded negative growth, the analysts predict that post 2017 the market is expected to bounce back due to recovery of oil prices.

Also, increasing security concerns as well as surge in terrorist threats enforced government to pass a law for compulsory installation of security systems in the residential and commercial sectors, which would propel the demand for physical security systems in the country.

According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6wresearch, "The video surveillance segment accounted for the majority of the market share owing to increasing deployment of IP video surveillance systems as per government regulation in the residential and commercial sectors, followed by access control systems and license plate recognition systems."

"Additionally, under Vision 2030, the Saudi Arabia government passed a plan to invest in the infrastructural development projects and to allow FDI in the commercial and retail sectors, which would result in major expansion of the infrastructure. To protect and keep these under vigilance, video surveillance systems would be largely deployed," Samuel further added.

According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6wresearch, "In Saudi Arabia, the Central region held the major share of the physical security system market, backed by rising infrastructural development projects, especially in the commercial and residential verticals."

"Further, the government and transportation vertical accounted for the highest revenue share followed by commercial offices, retail, and others. Over the next six years, the hospitality & healthcare and education verticals are forecast to grow at a higher CAGR," Shefali concluded.

Some of the major companies in the Saudi Arabia physical security system market include- Avigilon, Axis Communications, Bosch Security, Hikvision, Hanwha Techwin, Honeywell Security, and Smith Detection.

The "Saudi Arabia Physical Security System Market (2018-2024)" provides an in-depth analysis with 82 figures and 11 tables covered in more than 116 pages. The report estimates and forecast the overall Saudi Arabia physical security system market by revenue, by types, by regions, and by verticals. The report also offer insights on competitive landscape, market share by companies, company benchmarking, company profiles as well as market drivers and restraints.


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