The researchers have found that during 2014-16, Saudi Arabia’s video surveillance market registered a decline due to deteriorating economic conditions, primarily in relation to a slump in oil prices. During this period, major government spending was cut, which resulted in a halt for several government projects in the country. However, the analysts predict that over the next six years, the video surveillance market in Saudi Arabia is likely to register positive growth buoyed by increasing infrastructural projects, and upcoming hotel and shopping mall projects, along with the increasing inflow of FDI in the construction sector.

In addition, the Saudi Arabian government has mandated compulsory installation of video surveillance systems in major verticals which should result in increased installations of surveillance cameras over the coming years.

According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6wresearch, “The IP video surveillance segment captured major revenue share of the market; growing demand for high quality secured surveillance cameras and declining prices of IP video surveillance systems resulted in IP video surveillance market growth in the country.”

“Moreover, under Vision 2030, the Saudi Arabian government has passed a plan to invest in infrastructure development and to allow FDI in commercial and retail sectors, which should result in major expansion of the infrastructure. To protect and keep these under vigilance, video surveillance systems would be 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 video surveillance market, backed by a rise in infrastructure 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 and healthcare and education verticals are forecast to grow at a higher CAGR,” Shefali concluded.

Some of the major companies cited as being active in the Saudi Arabian video surveillance market include- Avigilon Corporation, Axis Communications, Bosch Security Systems, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell Security, Panasonic Corporation, and Pelco.

The report, entitled “Saudi Arabia Video Surveillance Market (2017-2023)” provides in-depth analysis and provides forecasts the overall Saudi Arabia Video Surveillance market by revenue, by type, by region, and by vertical. The report also offers insights on competitive landscape, market share by companies, company benchmarking and company profiles, as well as market drivers and restraints.